Blar i NHH Brage på emneord "costly state verification"

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    • Optimal contracts under imperfect enforcement revisited 

      Hvide, Hans K. (Discussion paper, Working paper, 2005-08)
      We consider a financing game with costly enforcement based on Townsend (1979), but where monitoring is non-contractible and allowed to be stochastic. Debt is the optimal contract. Moreover, the debt contract induces creditor ...

    • Strategic defaults and priority violations under costly state verification 

      Hvide, Hans K.; Leite, Tore (Discussion paper, Working paper, 2002-06)
      We reformulate the classic CSV model of financial contracting from Townsend (1979) and Gale & Hellwig (1985) to tackle criticisms raised against it, such as lack of subgame-perfectness at the repayment stage and its inability ...