Blockchain technology produced a new business model; one that enables companies to profit through creating and releasing open-source code. The decentralisation of business orgs creates new corporate ...

In this paper, we study the principal-agent problem. It is well known that in continuous-time, it is possible to prove the existence of an equilibrium (u*, S*) in a considerably general setting, and ...

This paper studies a principal–agent model in which the information on future firm performance is ambiguous and the agent is averse to ambiguity. We show that if firm risk is ambiguous, while stocks ...