VIENNA JOINT ECONOMICS SEMINAR	INVITATION
The University of Vienna and the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar Thursday, April 6, 2017 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, VGSE seminar room , 3rd floor 1:15 pm Nemanja Antic Kellogg School, Northwestern U Communication among Shareholders This paper provides a model of information transmission among shareholders in an investment venture. An expert shareholder chooses how much information to communicate about the return on investment to a controlling shareholder who controls the investment strategy. Relative to the cheap-talk literature there are two key innovations in our model: first, that the shareholdings drive the incentive to communicate; second, that these shareholdings are determined endogenously. We embed this new model into two settings. In the first setting, equity ownership is determined by investors buying shares on a competitive equity market. We provide conditions under which share-trading delivers perfect communication and full risk-sharing. The second setting is a principal-agent relationship where the equity is granted as compensation by a principal (board) to an agent (CEO). Within this setting, the model highlights a novel trade-off between incentivizing export provision and promoting information transmission. Furthermore, the principal-agent setting delivers insights into the effects of prudential regulation. Paper jointly with Nicola Persico We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 232 e-Mail: economics@ihs.ac.at http://www.ihs.ac.at		LINKS DIRECTIONS TO UNIVERSITY OF VIENNA on Google maps VIENNA JOINT ECONOMICS SEMINAR on Google calendar ECONOMICS SEMINARS IN VIENNA on Google calendar Institute for Advanced Studies @IHS_Vienna
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