We examine the role of security design when lenders make inefficient accept or reject decisions after screening projects. Lenders may be either “too conservative,” in which case they reject positive-NPV projects, or “too aggressive,” in which case they accept negative-NPV projects. In the first case, the uniquely optimal security is debt. In the second case, it is levered equity. In equilibrium...

Promoting equity in health is not an easy task. Current trends in the global economy, in the environment and in the scientific and technological development are all conducive to increasing disparities in exposure to risk factors for ill health as well as in access to health services. Indeed, available data point to increasing inequalities in health outcomes among countries and within countries ...

UK commentators have noted for some time that the structure of the UK housing market may be detrimental to labour market flexibility. The early 1990s experience of negative housing equity which affected over 20% of home buyers may have “locked” home owners into property, reducing mobility and worsening further the flexibility of the labour market. The present paper uses UK household longitudina...

Equity in healthcare in British Columbia is defined as the provision of services based on need rather than ability to pay and a separation of contributions to financing from the use of services. Physician and hospital services in Canada are financed mainly through general tax revenues, and there is a perception that this financing is progressive. This paper uses Gini coefficients, concentration...

Private equity differs from other asset classes, requiring a whole new approach and perspective. But with the right guidance, you can quickly become familiar with everything private equity has to offer. If you want to understand private equity from some of the leading practitioners and academics in this fi eld, then Private Equity— part of the Robert W. Kolb Series in Finance—is the book for you.

In the UK, homeownership has become increasingly important as a financial asset used for welfare needs, particularly during old age. It has been suggested that other European countries will follow the example of the UK. Traditionally, homeownership has been regarded positively because of the low housing expenses associated with outright ownership and the financial benefit of having a nest-egg t...

Research on individual concerns about procedural fairness has focussed on two aspects so far. First, on whether the mechanism determining an allocation matters when judging fairness, and second, on whether players’ intentions do so. This paper inquires to what extent procedural fairness can be defined in terms of reciprocity, that is, to which extent the fairness of a procedure may be expressed...

I show that firms may optimally sell blocks of their own equity to other firms in anticipation of future corporate control activity. In the model, a target and one potential acquirer, who may also be an alliance partner, can negotiate before synergy values are learned. I find that equity implements an optimal mechanism, allowing the partners to extract surplus from outside bidders who may arriv...

This research is a partial test of Park et al.’s (2008) model to assess the impact of flow and brand equity in 3D virtual worlds. It draws on flow theory as its main theoretical foundation to understand and empirically assess the impact of flow on brand equity and behavioral intention in 3D virtual worlds. The findings suggest that the balance of skills and challenges in 3D virtual worlds influ...

The effectiveness of employment equity (EE) policies has been hindered by negative reactions to these policies. We draw on the self-enhancement literature to expand self-interest accounts of reactions to EE policies to explain inconsistent findings showing that both nonbeneficiaries and beneficiaries react negatively to EE policies. Across four studies, we found that self-image threat influence...