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optimal level of regulation and regulatory reform seem to be an undisputed objective . however, in the context of financial regulation there are differences and disagreements over the optimal level of disclosure of information and capital adequacy standards. in this paper, instead of offering a substantive solution , we argue for a competitive process through which the optimal level of disclosu...

We study the optimal incentive scheme for a project with two stages in which a risk-neutral agent, protected by limited liability, can divert resources for private benefit. Staged financing, pervasive in both venture capital and funding research, arises as a feature of the optimal contract. The nature of progress (i.e., successful completion of the first stage) plays an important role. When pro...

toll like receptors (tlrs) recognize pathogens and generate an immediate defense response by inducing the production of pro-inflammatory cytokines, which rapidly destroy or limit the pathogens. in their bridging role, tlr downstream signals link innate and adaptive immunity, particularly by mediating dc maturation and activation of pathogen specific t lymphocytes. these pathways lead to the act...