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    • Options can induce risk taking for arbitrary preferences 

      Braido, Luís Henrique Bertolino; Ferreira, Daniel
      2006-04
      It is widely believed that call options induce risk-taking behavior. However, Ross (2004) challenges this intuition by demonstrating the impossibility of inducing managers with arbitrary preferences to always act as if ...
    • Unbundling ownership and control 

      Ferreira, Daniel; Ornelas, Emanuel; Turner, John L.
      2015-05
      We study control contests under asymmetric information. Using a mechanism design approach, we fully characterize the optimal control contest mechanism. The optimal mechanism requires increasing the number of shares owned ...