It is well accepted that aligning managerial incentives with those of stock holders enhances shareholder value. In theory models, such alignment is usually modeled as giving managers a stake in the realized cash flows of the firm’s projects. However, such a stake, which entails a manager holding on to her equity position until all cash flow uncertainty is resolved, can lead a risk averse manage...

While firm growth critically depends on financing ability and access to external capital, the operations management literature seldom considers the effects of financial constraints on the firms’ operational decisions. Another critical assumption in traditional operations models is that corporate managers always act in the firm owners’ best interests. Managers are, however, agents of the owners ...

The critical current as a function of magnetic field of superconducting wires is commonly measured using about 60 mm short straight, or U-shaped samples, or about 1 m long samples on helical mandrels (so-called ITER barrels). The ITER barrel is designed for low to medium currents, but is commonly modified for high current wires. This often results in increased complexity, errors from reacted sa...

This article focuses on a specific aspect of liability insurance that arises out of the latent nature of certain insured events. In particular, it is concerned with the fact that in the interval between the original tort and the claim for damages the standard of care applied by the courts may change. This is the problem of retroactive liability. The article begins by briefly reviewing the legal...

The replication control system of non-conjugative bacterial plasmids constitutes a simple and elegant example of a reproductive policing mechanism that moderates competition in the intra-cellular replication pool and establishes a mutually beneficial partnership among plasmids within a bacterial host and between plasmids and their hosts. The emergence of these partnerships is a product of the c...

This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical importance of institutions by focusing on two "quasi-natural experiments" in history, the division of Korea into two parts with very different economic institutions and the colonization of much of the w...

This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical importance of institutions by focusing on two “quasi-natural experiments” in history, the division of Korea into two parts with very different economic institutions and the colonization of much of the w...

How should central banks conduct and communicate their policies to serve the goal of stabilizing the macroeconomy? This thesis – consisting of three self-contained essays on dynamic macroeconomics – is mainly intended as a progress report on exploring the normative aspect of monetary policy. The main result of the first essay is, that in the presence of idiosyncratic risk, the public revelation...

In this paper, by using a new concept of strong convexity, we obtain sufficient conditions for Holder continuity of the solution mapping for a parametric weak vector equilibrium problem in the case where the solution mapping is a general set-valued one. Without strong monotonicity assumptions, the Holder continuity for solution maps to parametric weak vector optimization problems is discussed.

Den stadige teknologiske udvikling skaber løbende nye muligheder for offentlige myndigheders brug af digital teknologi til at understøtte deres opgaveløsning, uden dette nødvendigvis er udtømmende reguleret i forvaltningsretlige retskilder som forvaltningslov og ombudsmandspraksis mv. I denne artikel kombinerer vi en retsvidenskabelig analyse med kvalitativ undersøgelse praksis hos danske myndi...