HIGHLIGHTS
- who: JEL Classification D and colleagues from the School of Economics, Central University of Finance and Economics, Beijing, China have published the article: A theory of National Development Bank: long-term investment and the agency problem, in the Journal: (JOURNAL)
- what: The authors show that the model could provide important practical implications. The authors provide detailed discussions in Sect 2. The authors characterize the optimal contract by applying the standard continuous-time dynamic programming approach in the dynamic contract literature. In the following, the authors focus on how to solve this value function through the . . .
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