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We consider a simple model of lending and borrowing combining two informational problems: adverse selection and costly state verification. Our analysis highlights the interaction between these two informational problems. We notably show that the higher the monitoring cost, the less...
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Les budgets font l'objet depuis de nombreuses années de virulentes critiques. Au travers de sept études de cas, cette recherche vise à comprendre les critiques formulées à leur encontre. Deux réponses sont avancées. La première cherche à montrer que les critiques se concentrent sur...
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Differences between domestic financial systems can lead to international trade. A country with relatively developed or decentralized financial systems will export innovative commodities while a country with less developed and centralized financial systems will export traditional commodities....
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Les relations de coopération inter entreprises ont connu un essor important depuis les années 1990. Pourtant, les partenaires et concurrents dans le partage des fruits de leur coopération, peinent à maintenir des relations de long terme. La littérature insiste donc sur la nécessité de...
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In this paper, we extend the framework of Leland’s 94 by examining corporate debt, equity and firm values with jump difffusion processes. We choose two kinds of jumps such as the uniform and double exponential jumps to modelise the distribution of the log jump sizes. By this choice, we are...
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This paper explores the relationship between venture capitalists (VCs)’ financial contracts and the characteristics of these VCs. Analyzing VCs' responses to our questionnaire, we find that VCs’ contractual behaviors differ according to affiliation and experience. VCs working for independent...
Persistent link: https://www.econbiz.de/10008917388
We investigate the influence of founding-family ownership on labor relations using workplace-level data from France. Based on data from labor conflicts during 2004 in workplaces of listed companies, we find that family ownership significantly reduces the duration and the percentage of employees...
Persistent link: https://www.econbiz.de/10008917391