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Complementarities and Comparative Statics
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absolute risk aversion agency problem Aghion assume assumption Asymmetric Information bankruptcy law bankruptcy legislation Berglof capital structure CEPO certainty equivalent pay-off Christian PIERDZIOCH combinations of instruments component-wise natural ordering corporate governance costs of monitoring creditor monitoring creditors and owners cross-partial design instrument design variables Economics expectation value expected pay-off Februar Financial firm FOCs free cash flow governance system Hence high liquidation value higher severance payment implicit function theorem institutional environment Jörg DÖPKE lattices manager's certainty equivalent managerial effort marginal costs maximizing minority shareholders modular functions monitoring by creditors monitoring by owners objective function optimal monitoring owner monitoring owners and creditors ownership concentration ownership structure parameter vector problem of debt reforms renegotiation risk premium second period effort second period pay-off share stock market regulation subset supermodular system of corporate Taylor series third period pay-off Topkis total certainty equivalent Transition Economies unit costs variance various governance instruments Zingales