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Lying to Speak the Truth: Selective Manipulation and Improved Information Tra…
We analyze a principal-agent model in which an effort-averse agent can manipulate a publicly observable performance report. The principal cannot observe the agent's cost of effort, her effort choice, and whether she manipulated the report. An optimal contract links compensation to the realized output and the (possibly manipulated) report. Manipulation can be beneficial to the principal because …
- Edisi
- Volume 79, Issue 6, December 2024, Pages 4303-4352
- ISBN/ISSN
- 1540-6261
- Deskripsi Fisik
- ill, chart, table, grafik, 676 hal, 20 cm
- Judul Seri
- -
- No. Panggil
- -
Commodity Financialization and Information Transmission
We provide a model to understand the effects of commodity futures financialization on various market variables. We distinguish between financial speculators and financial hedgers and study their separate and combined effects on the informativeness of futures prices, the futures price bias, the comovement of futures prices with other markets, and the predictiveness of financial trading. We captu…
- Edisi
- Volume 77, Issue 5, October 2022, Pages 2613-2667
- ISBN/ISSN
- 1540-6261
- Deskripsi Fisik
- First published: 14 June 2022
- Judul Seri
- -
- No. Panggil
- -
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