Financial covenants influence firm behavior by state-contingently allocating decision rights. I develop a quantitative model with long-term debt where shareholders cannot commit to not dilute existing lenders new issuances. Lenders intervene on covenant violations but either any restructuring plan ex ante. Counterfactual experiments suggest that financial significantly reduce default probabilit...

Many database applications tolerate a certain amount of data inconsistency to gain increased concurrent processing and to accommodate real-world constraints. This paper describes how inconsistency can be modeled in a database and managed with consistency restoration methods. The correctness criterion for the maintenance of inconsistency is epsilon serializability (ESR). An informal notation to ...

Many database applications tolerate a certain amount of data inconsistency to gain increased concurrent processing and to accommodate real-world constraints. This paper describes how inconsistency can be modeled in a database and managed with consistency restoration methods. The correctness criterion for the maintenance of inconsistency is epsilon serializability (ESR). An informal notation to ...

Epsilon serializability (ESR) is a weaker form of correct-ness designed to provide more concurrency than classic serializability (SR) by allowing, for example, query transactions to view inconsistent data in a controlled fashion, by limiting the inconsistency within the speciied bounds. In this paper, we introduce the notion of hierarchical inconsistency bounds that allows inconsistency to be s...