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On the Elasticity of Substitution between Labor and ICT and IP Capital and Traditional Capital
Jerbashian, Vahagn - 2022
property (IP) capital, and traditional capital. I assume that the aggregate output is produced using labor and these three …
Persistent link: https://www.econbiz.de/10014243755
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The Impact of Peer-to-Peer Lending on Small Business Loans
Kim, Jin-Hyuk - 2020
We investigate the impact of peer-to-peer lending on the small business loans originated by US depository institutions that are subject to the Community Reinvestment Act. We present a model where a borrower can choose between a traditional bank and a crowdlending platform and show that the entry...
Persistent link: https://www.econbiz.de/10012834364
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A Theory of Outside Equity : Financing Multiple Projects
Bougheas, Spiros - 2019
In the financial economics literature debt contracts provide efficient solutions for addressing managerial moral hazard … contract can be either debt or equity …
Persistent link: https://www.econbiz.de/10012892115
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Credit Frictions, Selection into External Finance, and Gains from Trade
Unger, Florian - 2019
This paper analyzes the effects of credit frictions in a trade model where heterogeneous firms select both into exporting and into two types of external finance. In our framework, small producers face stronger credit frictions, pay a higher borrowing rate and rely on bank finance, whereas large...
Persistent link: https://www.econbiz.de/10012866403
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The Dollar and Corporate Borrowing Costs
Meisenzahl, Ralf - 2020
We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find...
Persistent link: https://www.econbiz.de/10012830351
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Corporate Debt and Stock Returns : Evidence from U.S. Firms During the 2020 Oil Crash
Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022
to a 0.44 percent decline in stock prices. Second, results point to the “irrelevance” of debt in mediating the effect of … the role of debt for oil firms …
Persistent link: https://www.econbiz.de/10014083040
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Application of stochastic optimal control to financial market debt crises
Stein, Jerome L. - 2009
recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large … capital gain, the return on capital and the interest rate. An optimal debt ratio is derived where the drift is probabilistic …, does not depend upon the actual debt/net worth per se. Instead it increases in proportion to the difference between the …
Persistent link: https://www.econbiz.de/10010276757
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Moderating political extremism: single round vs runoff elections under plurality rule
Bordignon, Massimo; Tabellini, Guido - 2009
We compare single ballot vs dual ballot elections under plurality rule, assuming sincere voting and allowing for partly endogenous party formation. Under the dual ballot, the number of parties is larger but the influence of extremist voters on equilibrium policy is smaller, because their...
Persistent link: https://www.econbiz.de/10010264599
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Private protection against crime when property value is private information
Baumann, Florian; Friehe, Tim - 2012
This paper analyzes private precautions against crime when the value of the property to be protected is private …, suboptimal investment can occur when observable precautions communicate information about property value to potential offenders …
Persistent link: https://www.econbiz.de/10010287191
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Debt maturity without commitment
Niepelt, Dirk - 2008
I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an interior …
Persistent link: https://www.econbiz.de/10010264518