Similar Search Results

Dang, Tri Vi - 2014

Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value, reducing the efficiency of trade. This need for opacity...

Persistent link: https://www.econbiz.de/10012458411

The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

Roberts, Michael R. - 2014

Using data from SEC filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health of the contracting parties and...

Persistent link: https://www.econbiz.de/10012458184

Intermediaries in Bargaining : Evidence from Business-to-Business Used-Car Inventory Negotiations

Larsen, Bradley J.; Lu, Hengheng; Zhang, Anthony Lee - National Bureau of Economic Research - 2021

We analyze data on tens of thousands of alternating-offer, business-to-business negotiations in the wholesale used … mediating the negotiations. We find that who intermediates the negotiation matters: high-performing mediators are 22.03% more … negotiations, overcoming some of the inefficiency inherent in incomplete-information settings …

Persistent link: https://www.econbiz.de/10012616607

The changing roles of debt and equity in financing US capital formation

Friedman, Benjamin M. (ed.) - 1982

Persistent link: https://www.econbiz.de/10013480806

The Effect of Capital Structure When Expected Agency Costs are Extreme

Harvey, Campbell R. - 2001

find that the abnormal returns resulting from syndicated term loans (which provide monitoring) are significantly related to …

Persistent link: https://www.econbiz.de/10012470266

Does Firm-specific Information in Stock Prices Guide Capital Allocation?

Durnev, Artyom - 2001

We show that firms in industries in which firm-specific stock price variation is larger use more external financing and allocate capital with greater precision in the sense that their marginal q ratios are closer to one. According to the Efficient Markets Hypothesis, greater firm-specific stock...

Persistent link: https://www.econbiz.de/10012470636

Persuading with Anecdotes

Haghtalab, Nika; Immorlica, Nicole; Lucier, Brendan; … - National Bureau of Economic Research - 2021

We study a model of social learning and communication using hard anecdotal evidence. There are two Bayesian agents (a sender and a receiver) who wish to communicate. The receiver must take an action whose payoff depends on their personal preferences and an unknown state of the world. The sender...

Persistent link: https://www.econbiz.de/10012510540

Experimental Evidence on Semi-structured Bargaining with Private Information

Comola, Margherita; Fafchamps, Marcel - National Bureau of Economic Research - 2021

We conduct a laboratory experiment to study a decentralized market where goods are differentiated and evaluations are private. We implement different semi-structured bargaining protocols based on deferred acceptance, and we compare their performance to the benchmark scenario of a sealed-bid...

Persistent link: https://www.econbiz.de/10012629485

Cheap Talk, Round Numbers, and the Economics of Negotiation

Backus, Matthew - 2015

Can sellers credibly signal their private information to reduce frictions in negotiations? Guided by a simple cheap … role in negotiations …

Persistent link: https://www.econbiz.de/10012457382

Sequential Bargaining Under Asymmetric Information

Grossman, Sanford J. - 1986

We analyze an infinite stage, alternating offer bargaining game in which the buyer knows the gains from trade but the seller does not. Under weak assumptions the game has a unique candidate Perfect Sequential Equilibrium, and it can be solved by backward induction. Equilibrium involves the...

Persistent link: https://www.econbiz.de/10012477163

1
2
3
4
5
6
7
8
9
10
Next
Last