The process of globalisation has been a widely discussed topic over the past two decades, and a great enabler and driving force behind this process has been the airline industry. In addition, deregulation is said to have a great impact on company
We offer a unified framework to analyze the determination of employment, employee effort, wages, profit sharing and capital structure when firms face stochastic revenue shocks. We apply a generalized Nash bargaining solution, which extends the wage bargaining literature by incorporating efficiency wage
We suggest a methodology for valuing corporate securities that allows the straightforward derivation of closed form solutions for complex capital structure scenarios. The tractability of the approach stems from its modularity – we provide a number of intuitive building blocks that are