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Is the Regulation of the Transport Sector Always Detrimental to Consumers?
Behrens, Kristian; Gaigné, Carl; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 2007
The aim of this paper is to qualify the claim that regulating a competitive transport sector is always detrimental to consumers. We show indeed that, although transport deregulation is beneficial to consumers as long as the location of economic activity is fixed, this is no longer true when, in...
Persistent link: https://www.econbiz.de/10005791947
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Inside versus Outside Financing and Product Market Competition
Schnitzer, Monika; Wambach, Achim - C.E.P.R. Discussion Papers - 1998
This paper investigates the interaction of firms' financial structure and their competitive behaviour on oligopolistic product markets. We consider risk-averse entrepreneurs who produce with uncertain production costs. To reduce their exposure to risk they can sell stocks to risk-neutral...
Persistent link: https://www.econbiz.de/10005791383
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Who Blows the Whistle on Corporate Fraud?
Dyck, Alexander; Morse, Adair; Zingales, Luigi - C.E.P.R. Discussion Papers - 2007
What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004. We find that fraud detection does not rely on one...
Persistent link: https://www.econbiz.de/10005791779
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On the Role of Bank Competition for Corporate Finance and Corporate Control in Transition Economies
Schnitzer, Monika - C.E.P.R. Discussion Papers - 1998
Banks play a central role in financing and monitoring firms in transition economies. This study examines how bank competition affects the efficiency of credit allocation; monitoring of firms; and the firms' restructuring effort. In our model, banks compete to finance an investment project with...
Persistent link: https://www.econbiz.de/10005792444
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Financial Innovation and Endogenous Growth
Laeven, Luc; Levine, Ross; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2009
We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the implications for economic growth. We start with a Schumpeterian endogenous growth model where entrepreneurs earn monopoly profits by inventing better goods and financiers arise...
Persistent link: https://www.econbiz.de/10008528522
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A Model of Corporate Liquidity
Anderson, Ronald W.; Carverhill, Andrew - C.E.P.R. Discussion Papers - 2005
We study a continuous time model of a levered firm with fixed assets generating a cash flow that fluctuates with business conditions. Since external finance is costly, the firm holds a liquid (cash) reserve to help survive periods of poor business conditions. Holding liquid assets inside the...
Persistent link: https://www.econbiz.de/10005123584
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Market Liquidity, Investor Participation and Managerial Autonomy: Why Do Firms Go Private?
Boot, Arnoud W A; Gopalan, Radhakrishnan; Thakor, Anjan - C.E.P.R. Discussion Papers - 2006
intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public … a firm’s shareholder base. This exposes management to uncertainty regarding the identity of future shareholders and … their extent of intervention in management decisions and in turn curtails managerial incentives. By contrast, because of its …
Persistent link: https://www.econbiz.de/10005123967
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Conditional Allocation of Control Rights in Venture Capital Firms
Gebhardt, Georg; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 2006
When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the...
Persistent link: https://www.econbiz.de/10005124147
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Corporate Finance and the Monetary Transmission Mechanism
Bolton, Patrick; Freixas, Xavier - C.E.P.R. Discussion Papers - 2001
This Paper analyses the transmission mechanisms of monetary policy in a general equilibrium model of securities markets and banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric...
Persistent link: https://www.econbiz.de/10005136682
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Multiple Versus Single Banking Relationships
Detragiache, Enrica; Garella, Paolo; Guiso, Luigi - C.E.P.R. Discussion Papers - 1997
This paper develops a theoretical model in which firms may choose multiple banking relationships to reduce the risk that financing will be denied by ‘relationship banks’ should the latter experience liquidity problems and refuse to roll over lines of credit. The inability to refinance from...
Persistent link: https://www.econbiz.de/10005504283