mahmoud sami nabi - profit sharing and debt contracts in presence of moral hazard

8/13/2019 Mahmoud Sami Nabi - Profit sharing and debt contracts in presence of moral hazard

1/12

Xrfont Sejrnld jlg Gakt Cfltrjcts

nl Xrasalca fo @frjm Ejzjrg

@je`fug Sj`n LjknJssfcnjta Xrfoassfr fo Acflf`ncs Wulnsnj Xfmytacelnc Sceffm

Salnfr [asajrce Oammfw Nsmj`nc [asajrce jlg Wrjnlnld Nlstntuta

AWENCS & [AMNDNFLS OF[ J OJN[ ACFLF@^

Xjrns, ;3-;7 Bjlujry ;8:7


2/12

;

Futmnla

:. Nltrfguctnfl

;. @frjm ejzjrg jlg tea fptn`jmnty fo gakt cfltrjct

3. Wea prfont sejrnld cfltrjct7. Xfmncy N`pmncjtnfls


3/12

3

..Wea dfjms fo sfcnf-acflf`nc bustncajlg aquntjkma gnstrnkutnfl fo

nlcfà jlg wajmte jra jl nltadrjm pjrt fo tea `frjm penmfsfpey foNsmj` jlg jra kjsag fl nts ulomnlcenld cf``ntàlt tf eu`jlkrfteareffg. Sfurca2 Cejprj, Q. (:>53, p;) @flatjry Xfmncy nl jl Nsmj`ncAcflf`y

Wea raùlarjtnfl fo cjpntjm sefumg ka tea cfultarpjrt fo rnsinlearalt tf trjgajlg nlvastàltjctnvntnas kjsag fl2

Xrfont jlg Mfss Sejrnld weal cjpntjm onljlca nlvastàlt

jctnvntnas. Gnooaralca nl tea prnca fo kuynld jlg tea prnca fo sammnld wealonljlcnld trjgajctnvntnas.

:. Nltrfguctnfl


4/12

7

Cejprj (;885) 2 Nl frgar ofr tea onljlcnjm systa` tf prf`ftabustnca, nt sefumg sjtnsonas jt majst twf cflgntnfls, nl jggntnfl tfkanld strfld jlg stjkma 2

:. Onljlcnar `ust jmsf sejra nl tea rnsi sf js lft tf senot teaaltnra kurgal fo mfssas fl tea altrapralaur.

;. Jl aquntjkma sejras fo kjli malgnld sefumg kacf`ajvjnmjkma tf tea pffr...

Sfurca2 "Nllfvjtnfl jlg Jutealtncnty nl Nsmj`nc Onljlca", pjpar prasaltag nl tea"Andete Ejrvjrg Qlnvarsnty Ofru` fl Nsmj`nc Onljlca2 Nllfvjtnfl jlg Jutealtncnty",Jprnm :>-;8, ;885.

:. Nltrfguctnfl


5/12

1

Cragnt `jriats jra n`paroact jlg ravaluas nlaqujmntnas jraparsnstalt 2 Weafry fo parsnstalt nlaqujmnty (a.d. Kjljrbaa jlg

Law`jl, :>>39 Xniatty, :>>4, Ljkn, ;88>).

:. Nltrfguctnfl

Sfurca2 Djspjrnln at jm. (;8:8).

Dnln cf aooncnalt (mjst jvjnmjkma fks arvjtnfl s nl parnf g :>>1-;881).


6/12

;. @frjm Ejzjrg jlg tea fptn`jmnty fo Gakt Cfltrjct

Weara ns j mjrda mntarjtura sefwnld tejt gakt gf`nljtas prfont

sejrnld (aqunty cfltrjcts) nl prasalca fo nlofr`jtnfl prfkma`sjlg cfstmy `flntfrnld. Ofr axj`pma, nl Wfwlsalg (:>4>) jlgDjma jlg Eammwnd (:>51) gakt ns fptn`jm kacjusa nt `nln`nzas`flntfrnld cfsts.

Qlgar jsy``atrnc nlofr`jtnfl jkfut tea mavam fo aoofrt, jlg nl

tea cjsa fo aqunty cfltrjcts, tea altrapralaur wnmm prfvnga mfwaraoofrt ramjtnvamy tf tea mavam tejt `jxn`nzas tea prfbactspjyfoosnlca ea gfas lft dat oumm kalaont fo tea jggntnfljm pjyfoos gua tfendear aoofrt.

Stndmntz (:>47), Balsal jlg @jcimnld (:>4?), Drfss`jl jlg Ejrt

(:>5;) jrduag tejt nl prasalca fo `frjm ejzjrg teara ns j trjga-foo katwaal tea kalaonts fo rnsi-s`fftenld ulgar aquntycfltrjcts jlg tea nlcaltnva aooacts fo gakt cfltrjcts.

?


7/12

Axpmfra tea fptn`jmnty fo tea Xrfont jlg Mfss Sejrnld cfltrjct fvar

tea gakt cfltrjct nl prasalca fo `frjm ejzjrg (enggal aoofrt fotea altrapralaur) nl j `fra dalarjm cfltaxt tejl tea axnstnldmntarjtura ky cflsngarnld tea ofmmfwnld2

_jrynld tea axtarljm onljlcnjm rasfurcas laagag ky tea jdalt

(altrapralaur) katwaal :% jlg :88%. Nlcfrpfrjtnld jl nlcaltnva `acejlns` tf tea XMS cfltrjct nl

tea cfltaxt fo j twf-parnfg ramjtnflsenp.

Wea fptn`jmnty ns jljmyzag jmfld twf gn`alsnfls2 Jccass tf onljlca (onrst jlg sacflg parnfgs) Acflf`nc jctnvnty (gurnld tea sacflg parnfg)

4

3. Wea prfont sejrnld cfltrjct


8/12

5

Wea altrapralaurs sejra nl tea prfbact pjyfoo ns nlcrajsnld wnte

nts nltarljm oulgs. Wearaofra, ea ns lft flmy cflcarlag ky tea cjse-omfw dalarjtag jt tea alg fo tea onrst-parnfg, kut jmsf kynlcrajsnld ens sejra nl tea sacflg parnfg prfguctnfl cycma. Weaendear tea cjse-omfw dalarjtag nl tea onrst parnfg, tea endear ntssejra gurnld tea sacflg parnfg.

Ta cejrjctarnza tea gakt cfltrjct ofr tea fla-parnfg jlg twf-parnfg efrnzfls. Nl jggntnfl tf tea cmjssncjm nlcaltnva fo tea gaktcfltrjct nl tea cfltaxt fo fla-parnfg (tea prfonts fo tea

altrapralaur jra lfl-gacrajsnld nl tea prfbacts prfonts), jsacflg nlcaltnva ns lacassjry nl tea cfltaxt fo twf-parnfgefrnzfl. Nt cflsnsts nl tea tar`nljtnfl terajt fr tea lflralawjm fotea prfbact onljlcnld gurnld tea sacflg parnfg, wnte j pfsntnvaprfkjknmnty, nl cjsa fo ojnmura gurnld tea onrst parnfg.



9/12

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10/12

:8

Onljlcnjm Jccass jlg acflf`nc aooncnalcy 2 cf`pjrnsfl katwaal XMS jlg Gakt cfltrjcts

:8



11/12

Wea XMS cfltrjct gfas lft gf`nljta tea gakt cfltrjct nl tar`sfo jccass tf onljlca. Wea XMS cfltrjct ns acflf`ncjmmy aooncnaltramjtnvamy tf tea Gakt cfltrjct kacjusa nt pravalts tea mnqungjtnfl

fo prfontjkma prfbacts. Axtalg tea usa fo tea sejrnld cfltrjct ky wngalnld tea onljlcnjm

jccass tf tea altrapralaurs terfude twf pfmncnas fr j `nx fotea`.

Wea onrst pfmncy cflsnsts nl suksngnznld tea cfst fo endear aoofrt.Wea endear aoofrt sefumg ka nltarpratag krfjgmy jlg cfumg raomacttea usa fo j `fgarl tacelfmfdy ky tea altrapralaur wencelacassntjtas jggntnfljm axpalsas jlg majrlnld prfcass. J spacnjmdfvarl`altjm oulg suksngnznld tea ulgartjinld fo tea endearaoofrt ky tea altrapralaurs algfwag wnte mfw nltarljm rasfurcas

(S@As) cfumg ka fla fo tea tffms tf n`pma`alt tens pfmncy. Wea sacflg pfmncy cflsnsts nl n`pfsnld endear tjx fl tea rnsi-oraa

jlg gakt onljlcag fparjtnfls ramjtnvamy tf tea XMS onljlcagfparjtnfl. Wens gnscrn`nljtnfl cfumg ka bustnonag nl tar`s fo teaacflf`nc nlaooncnalcy cfst fo tea gakt cfltrjcts jlg tea mfwar

aooact fo tea rnsi-oraa fparjtnfls fl tea acflf`nc jctnvnty jlg fltea rajmnzjtnfl fo law prfbacts.

::

7. Xfmncy N`pmncjtnfls


12/12

Wejli yfu

`sj`nljknHd`jnm.cf`

mahmoud sami nabi - profit sharing and debt contracts in presence of moral hazard

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