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This paper considers a simple hidden action agency problem where the principal has hidden information concerning the agent's utility of cash flow or cash flow, the agent's effort productivity, or the agent's cost of effort. The question is whether the principal should precommit to disclosing...
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notice function of patents. One can think of the mechanisms for providing that market information as “Transparency ….”To address transparency insufficiencies, one need not write on a blank slate. Rather, this article suggests borrowing from the …
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Kenya has been going through a period of political reform from 1991 when section 2A of the constitution that had made Kenya a de jure one party state was repealed. The reform followed a prolonged struggle by citizens both within and without the country. Their call for democracy was one that,...
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In modern democracies, governmental transparency is thought to have great value. When it comes to addressing … disinfectant. Beyond this, many credit transparency with enabling meaningful citizen participation.But even though transparency … appears highly correlated with successful governance in developed democracies, assumptions about administrative transparency …
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The paper empirically explores how more trade transparency affects market liquidity. The analysis takes advantage of a … unique setting in which the Shanghai Stock Exchange offered more trade transparency to market participants subscribing to a … more transparency need not improve market liquidity. Second, the paper finds a particularly strong immediate liquidity …
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