Bid rigging and the threat of government prosecution

Article Abstract:

Bid rigging, which is considered illegal in most countries, awards the firm that ultimately wins the contract more profits than if the bid were won competitively. A study forwards a simple model of a sealed-bid auction where the corrupt agents face the threat of government retaliation. Generally, such models concentrate on the behavior of noncooperative agents. Bid rigging can only be detected when one of the conspirators squeals, and the existence of a conspiracy must be established by an analysis of the offers extended.

Laws, regulations and rules, Letting of contracts, Competitive bidding, Auctions

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Performance pay as a screening device

Article Abstract:

The quality of managers to be hired is dependent on the type of contracts companies will offer. High quality managers tend to accept contracts that offer lesser degree of dependence of pay on the performance of a company. Such phenomenon exist due to quality managers' confidence that company performance will improve under their management. Low quality managers, meanwhile, have the tendency to decline a performance contingent contract due to lack of confidence on their capabilities to enhance company performance.

Management Skills, Career development, Management techniques, Executive ability, Comparative management

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Does the maturity mix of government borrowing impact municipal bond rates?

Article Abstract:

The relationship between various measures of the maturity mix of Treasury borrowing and changes in Moody's 20-year AA municipal bond yield is investigated. Regression analysis shows a Granger-causal relationship between changes in the maturity structure and total Treasury debt issues and changes in the yield of 20-year AA municipal bonds. The findings suggest that changes in Treasury borrowing will affect the rate of return of municipal securities.

Municipal Bonds, Treasury securities

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