This paper studies incentives in a dynamic contracting framework of a levered firm. In particular, the manager selects long-term and short-term efforts, while shareholders choose initially optimal leverage and ex-post optimal default policies. There are three results. First, shareholders trade off the benefits of short-termism (current cash flows) against the benefits of higher growth from long...

Entrepreneurs face significant non-diversifiable idiosyncratic business risks. In a dynamic incomplete-markets model of entrepreneurial finance, we show that such risks have important implications for their interdependent consumption/saving, portfolio choice, financing, investment, and endogenous default/cash-out decisions. Even though more risk-averse entrepreneurs default earlier for given de...

After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council’s report. Because of the continuing wide public interest in the future of social security financing, the Council’s detailed findings and recommendations on that subject are published below. The...

Soctal Securtty checks dehvered to beneflclarles m the first week of July 1978 reflected the fourth automattc cost-of-ltvmg tncrease tn cash benefits under leglslatlon enacted tn 1972 and 1973 The 6 5-percent tncrease, which became effectwe to June, apphed to benefits for all persons on the social security benefit rolls at the end of Mdy, except those recetvmg benefits under the “spectal mmm~m ...

This paper seeks to investigate whether improvement in sex ratios translate into better health and nutritional outcomes for the girl child through an in depth study of these indictors in the region of Punjab. In recent years, both the child and overall sex ratios have shown improvement in the state. We analyze whether this improvement has narrowed gender discrimination against the girl child in...

Observational studies suggest that women’s income benefits children’s health and nutritional status, as well as education, more than men’s income, apparently because women are more likely to shift marginal resources to their children. These studies have influenced policies such as conditional cash transfers, which typically target women. However, previous studies have been unable to control for...

The Ministry of Social’s Cash Social Assistance Policy is one the Government’s programs to maintain purchasing power people directly affected by COVID-19 pandemic. purpose this study analyze and evaluate implementation cash social assistance policies during pandemic, factors that hinder successful support research method used was descriptive qualitative. Informants in were bureaucrats, policy i...

INTRODUCTION Governments around the world are seeking to address the increasing prevalence of obesity and hypertension. Our objective was to evaluate the effect of an incentive-based development program (Oportunidades, formerly Progresa) on body mass index (BMI), blood pressure, and self-reported health. METHODS An intervention group of low-income (below the 20th percentile nationally), rural...

Many believe that the welfare state undermines productivity, economic growth and development; that the United States has an unusually small welfare state; and finally that the United States is and always has been a welfare state laggard. This paper shows that all three propositions are false when one includes education along with cash benefits and health care support as part of the welfare stat...

Using a sample of Chinese family firms from 2000 to 2007, we investigate whether the political connection of the family firms will help them to reduce the frictions they face in external financing in a relationship-based economy. We find that political connectedness of family firms could reduce their investment-cash flow sensitivity. More interestingly, this political connectedness effect exist...