The agency problem that arises from the separation of ownership and control (Berle and Means, 1932)has been a major focus of the literature on corporate finance and the theory of the firm over the last twenty years. Various insti- tutional arrangements exist to deal with this agency problem and one that has attracted a lot of attention is the market for corporate control. Manne

The term adverse selection comes originally from insurance applications. An insurance contract may attract high-risk individuals, with the result that the pool of insured customers may be riskier than the population at large Adverse selection is now used generically to describe situations of asymmet ric information, particularly market settings in which some individuals have private information about their characteristics and where the individuals

Chapter 5 Dynamic Contracting 5.1 Incomplete contracts In our earlier treatment of contracting problems, we assumed that the in- centive problem was generated by asymmetric information, either a problem of moral hazard(hidden actions)or adverse selection(hidden information) The incomplete contracts approach eschews asymmetric information because of its intractability and instead focuses on environments in which informa- tion is observable but not verifiable

Chapter 2 The Modigliani-Miller theorem \When capital markets are perfect and complete, corporate decisions are trivial.\ 2.1 Arrow-Debreu model with assets 2.1.1 Primitives

9.1 Critique of existing procedures (i) Auctions. The problem with auctions is that assets sold off piecemeal may be sold at a substantial discount The financing problem. It takes too long to raise money from a large number of investors. A small number of investors may be risk averse and unwilling to pay the expected value of the assets

The principal-agent problem describes a class of interactions between two parties to a contract, an agent and a principal. The legal origin of these terms suggests that the principal engages the agent to act on his(the principal s behalf. In economic applications, the agent is not necessarily an employe

These notes introduce some ideas for modeling markets with adverse selec- tion. This framework was originally intended to deal with markets that cannot be easily accommodated by the standard signaling game e. g, be- cause there is two-sided adverse selection. For present purposes, however, it is enough to deal with the simplest case in which there is adverse selection

The principal-agent problem The principal-agent problem describes a class of interactions between two parties to a contract, an agent and a principal. The legal origin of these terms suggests that the principal engages the agent to act on his(the principals) behalf. In economic applications, the agent is not necessarily an employe of the principal. In fact, which of two individuals is regarded as the agent and which as the principal depends on the nature of the incentive problem

电子商务实验是对已经学习过的电子商务专业知识进行复习、加深和运用。 用实践的形式来巩固知识、理解知识和综合运用知识,把在专业理论课中学习过 的知识点,图解成可以操作的活动和过程,联结成一个知识体系,并再现到实践 中,指导学生完成对知识的认知、验证、应用和创新的活动 电子商务的教学实验在于通过模拟电子商务活动过程和观察实际电子商务 活动来巩固电子商务知识,了解电子商务专业知识的具体应用,体会电子商务专 业知识的作用,同时,电子商务实验也为学生提供了参与电子商务活动的机会, 不仅使学生能够直接感受到电子商务活动规律,促使学生运用电子商务知识完成 电子商务活动,更在于让学生发现电子商务经营模式、系统设计、技术选择、市 场推广等方面存在的问题和潜力,发现现存模式中的问题,提出改进意见。 作为一门课程的电子商务实验具有教学实验性和科学实验性的双重属性

《电子商务概论》测试题(1) 一、说出下列电子商务英文的中文意思 8.ca9. CERNET10. CHINAGBN11. CHINANET12. CIETNET