Bond Exchange Offers or Collective Action Clauses?

Does strengthening Collective Action Clauses ( CACs ) help ?

In a model with both issues of sovereign debtor moral hazard and creditor coordination under incomplete information, we show that the resulting con‡ict between ex ante and interim e¢ ciency limits the welfare impact of strengthening CACs. Conditional on default, we show that an interim e¢ cient CAC threshold exists and improving creditor coordination results in welfare gains. However, when ex a...

Collective strength, collective action.

During the past decade, infection prevention programs have been presented with an unending series of challenges and expectations. The challenges, more often than not, have resulted in additional responsibilities, functions, and workload for infection control professionals (ICPs) and healthcare epidemiologists. These additional responsibilities have not been accompanied by proportional increases...

Action Relations In Rationale Clauses And Means Clauses

Communicat ion among agents collaborating on a task often involves complex ut terances about multiple actions. In this paper, we analyze two part icular multiaction constructions, ut terances with means clauses and utterances with rationale clauses. We present the distinctive features of these constructions, describe their logical form, and define interpretation rules for deriving their meaning...

"Conscience clauses" or "unconscionable clauses": personal beliefs versus professional responsibilities.

Explaining Legislative Leadership Delegation : Simple Collective Action or Conditional Explanations ?