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ofiered by flrms to their managers, managerial efiort, and pro- cess innovation. According to the theory the value of a cost … whether direct proxies of managerial efiort corroborate our flndings per- taining to innovation, which according to the theory …33 Keywords: process innovation, managerial incentives, efficiency, natural experiment Corresponding author …
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While virtually all currency crisismodels recognise that the fate of a currency peg depends on how tenaciously policy makers defend it, they seldom model how this is done. We incorporate themechanics of speculation and the interest rate defence against it in the model ofMorris and Shin (American...
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