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Letting Go: Managerial Incentives and the Reallocation of Capital

Rampini, Adriano A.; Eisfeldt, Andrea L. - Society for Economic Dynamics - SED - 2004

This paper studies the provision of incentives to reallocate capital when managers are reluctant to relinquish control and have private information about the productivity of assets under their control. We show that when managers get private benefits from running projects substantial bonuses are...

Persistent link: https://www.econbiz.de/10004970357

Corporate Governance Institutions, Investment, and the Macroeconomy

Falato, Antonio - Society for Economic Dynamics - SED - 2004

This paper evaluates quantitatively the macroeconomic implications of corporate governance institutions within a model where the size and distribution of firms and the structure of financial markets are jointly determined. If firms adapt their financing modes to economic conditions, aggregate...

Persistent link: https://www.econbiz.de/10005069570

Housing v. Financial Wealth: a Cross-Country Comparison

Piazzesi, Monika; Schneider, Martin - Society for Economic Dynamics - SED - 2004

This paper compares wealth portfolios across countries. The household sector in the US and Canada owns much more financial wealth, and much less housing wealth, than the household sector in most of Europe. We address this fact using a calibrated two sector growth model with endogenous financial...

Persistent link: https://www.econbiz.de/10005085456

Investment and Asset Prices with Financing Constraints

Yaron, Amir; Gomes, Joao - Society for Economic Dynamics - SED - 2004

This paper investigates the role of financial market frictions on investment and the price of financial asset. We show … investigate the effects of financing constraints on firm level investment behavior. Specifically we derive explicit relations … between investment and Tobinâ€™s q in the presence of financial market imperfections. We show that this relation depends not …

Persistent link: https://www.econbiz.de/10005027254

Financial Frictions, Investment and Tobin's q

Lorenzoni, Guido; Walentin, Karl - Society for Economic Dynamics - SED - 2006

We develop a model of investment with financial constraints and use it to investigate the relation between investment … correlation between q and investment. We calibrate the model and show that, thanks to this effect, the model can generate … realistic correlations between investment, q and cash flow …

Persistent link: https://www.econbiz.de/10005051248

Leasing, Ability to Repossess, and Debt Capacity

Eisfeldt, Andrea; Rampini, Adriano - Society for Economic Dynamics - SED - 2006

constrained firms lease capital, while less credit constrained firms buy capital. Our theory is consistent with the explanation of …

Persistent link: https://www.econbiz.de/10005069226

Credit Market and Macroeconomic Volatility

Mendicino, Caterina - Society for Economic Dynamics - SED - 2006

output and investment …

Persistent link: https://www.econbiz.de/10005069211

Financing Shortfalls and the Value of Aggregate Liquidity

Rampini, Adriano; Eisfeldt, Andrea - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005069452

The Magnitude and Cyclical Behavior of Financial Market Frictions

Levin, Andrew T.; Natalucci, Fabio M. - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10004970333

Risk-Taking Executives, The Value of the Firm and Economic Performance

Covas, Francisco - Society for Economic Dynamics - SED - 2004

This paper develops a new framework that combines agency problems associated with managerial behavior and firm finance in a dynamic macroeconomic model. Agency costs arise because neither the shareholders nor the debt provider can directly control the manager's choice of how much risk to assume,...

Persistent link: https://www.econbiz.de/10005051422

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