We study how information disclosure affects financial intermediation when the payoff to the long-term investment is risky. The analysis is based on a business-cycle version of the bank run model wherein a bank provides risk sharing to demand depositors who experience unobservable shocks to their...

We propose a model of strategic delegation in professional labor markets with heterogeneous workers. A big firm, competing with fringe firms, decides whether to exercise its market power to suppress wages. Alternatively, it may choose to delegate hiring to agents (divisions), thereby committing...

A common feature of historical episodes in which integration was successful, as well as episodes where integration was unsuccessful, is the aggravated harassment of the early pathbreakers who put themselves at risk by violating the previous segregated norm. Examples abound including Jackie...