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Essential Facility Financing and Market Structure

Caillaud, Bernard; Tirole, Jean - C.E.P.R. Discussion Papers - 2001

The Paper analyses the funding of an infrastructure project (high speed train line, platform, tunnel, harbor, regional airport, fibre-to-the-home network, etc.) in a situation in which an incumbent operator has private information about market profitability (demand, cost) and the infrastructure...

Persistent link: https://www.econbiz.de/10005662107

Financing Through Asset Sales

Edmans, Alex; Mann, William - C.E.P.R. Discussion Papers - 2013

Most research on firm financing studies the choice between debt and equity. We model an alternative source -- non … issues equity if the financing need is high. This result is robust to using the cash for an uncertain investment. Second …

Persistent link: https://www.econbiz.de/10011084569

New Issues in Corporate Finance

Mayer, Colin - C.E.P.R. Discussion Papers - 1987

Flow of funds data are used to compare methods of financing the corporate sector in five countries over the period 1970 …-85. Many of the problems associated with previous studies of corporate finance are avoided by defining financing proportions in … compensating deposit requirements on borrowers no longer distort financing patterns when net financing is the focus. Corrections …

Persistent link: https://www.econbiz.de/10005666432

Convertible Securities and Venture Capital Finance

Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1999

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...

Persistent link: https://www.econbiz.de/10005666482

Banks, Finance and Investment in West Germany since 1970

Edwards, Jeremy - C.E.P.R. Discussion Papers - 1991

The paper addresses the following questions. Does bank lending comprise a relatively large amount of finance for investment in Germany, and, if so, is this a consequence of bank representation on companies' supervisory boards (which, it is argued, reduces information asymmetries)? How strong is...

Persistent link: https://www.econbiz.de/10005666762

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

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

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 …

Persistent link: https://www.econbiz.de/10005792444

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

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