• 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 ...