The delegation of monetary policy to a supranational central bank creates a conflict of interest between residents of different countries. For example, the country in recession may favor more inflation to boost output, while the country in boom prefers exactly the opposite. This conflict gives...

In a Common Currency Area (CCA) the Common Central Bank sets a uniform rate of inflation across countries, taking into account the area's economic conditions. Suppose that countries in recession favor a more expansionary policy than countries in expansion, a conflict of interest between members...

Recent studies, starting with Hanley Weiss and Hoberg (2010), have used textual analysis to document that voluntary disclosure of information in IPO prospectuses is associated with lower IPO underpricing. We employ an alternative measure and model the issuer's choice of information disclosure,...