Seminar Invitation | Th. 18 October | Sebastian Gryglewicz | Erasmus University Rotterdam

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UNIVERSITY OF PIRAEUS 
SCHOOL OF FINANCE AND STATISTICS 
 DEPARTMENT OF BANKING AND FINANCIAL MANAGEMENT

 

The Department of Banking and Financial Management announces the upcoming seminar with
Prof Sebastian Gryglewicz, Erasmus University Rotterdam

“Delegated Monitoring and Contracting

Seminar Organizers: Assist. Prof. Michail Anthropelos, Prof. George Skiadopoulos

 

Abstract: We study a continuous-time agency model in which a principal invests in a firm run by a manager and monitored by an intermediary. Both the manager and the intermediary are subject to moral hazard. We analyze two different contracting settings that differ by the type of intermediation. In delegated monitoring, the principal can provide the optimal level of incentives to both the intermediary and the manager. In delegated contracting, the principal offers a contract only to the intermediary, who in turn designs a contract for the manager. Optimal incentives are qualitatively different across the two cases. Whereas a strong performance shifts incentives from the manager to the intermediary under delegated monitoring, it increases incentives for both agents under delegated contracting. Agency conflicts at the intermediary level lead to an overprovision of managerial incentives under delegated monitoring and an underprovision of managerial incentives under delegated contracting.

 

Sebastian Gryglewicz is Associate Professor of Finance at the Erasmus School of Economics at Erasmus University Rotterdam. He has a PhD in Economics from Tilburg University (2008). His research interests focus on corporate finance and in particular on investment and financing policies, effects of competition, financial distress, and agency conflicts. His work has been published in the Journal of Financial Economics, the Review of Financial Studies, and Games and Economic Behavior. More information can be found at his personal website at http://personal.eur.nl/gryglewicz/.

 

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Prof. Sebastian Gryglewicz,

Kellogg School of Management, Erasmus University Rotterdam

 

More Information

 

 

 

 

 

Time and Place: October 18, 2018, 16:15, 

University of Piraeus, 80 Karaoli & Dimitriou Str., Piraeus, Room:013

More Upcoming Seminars in 2018: 

November 1, 2018: Agnese Leonello, European Central Bank

November 8, 2018: Jean-Pierre Zigrand, London School of Economics

All Finance Seminars