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Communal responsibility and the coexistence of money and credit under anonymous matching

Boerner, Lars; Ritschl, Albrecht - 2010

Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European merchants in the absence of modern enforcement technologies. This paper shows how this mechanism helps to overcome enforcement problems in anonymous buyer/seller transactions. In a...

Persistent link: https://www.econbiz.de/10008772851

The impact of contract enforcement costs on outsourcing and aggregate productivity

Boehm, Johannes - 2015

Persistent link: https://www.econbiz.de/10011410552

Synthetic leverage and fund risk-taking

Fricke, Daniel - 2021

Mutual fund risk-taking via active portfolio rebalancing varies both in the cross-section and over time. In this paper, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet activities. For this purpose, I propose a novel measure of...

Persistent link: https://www.econbiz.de/10012489580

Patent collateral and access to debt

Bracht, Felix; Czarnitzki, Dirk - 2022 - This version: August 3, 2022

We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing … between borrowers and lenders, we quantify the value of using patents as collateral with regard to capital access. Although … this mechanism of patents in financing further R&D is not new, we are the first to provide a treatment effects study of …

Persistent link: https://www.econbiz.de/10013346735

Taxation, financing, and corporate investment : a model of the real and financial decisions of the firm

Nadeau, Serge J.; Strauss, Robert P. - 1991

Persistent link: https://www.econbiz.de/10000970175

Size matters : "over"investments in a relational contracting setting

Englmaier, Florian; Fahn, Matthias - 2018

The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...

Persistent link: https://www.econbiz.de/10011895831

Decomposition of country-specific corporate bond spreads

Dötz, Niko - 2014

This paper presents a new approach, based on the Merton model, to decomposing corporate bond spreads into the expected loss, bond risk premium and liquidity premium components. The approach focuses on establishing the bond risk premium using the equity risk premium and the hedge ratio, which are...

Persistent link: https://www.econbiz.de/10010458538

Debt valuation and marketability risk

Tychon, Pierre; Vannetelbosch, Vincent J. - 1997

Persistent link: https://www.econbiz.de/10000971340

Redemptions and asset liquidations in corporate bond funds

Dötz, Niko; Weth, Mark - 2019

Mutual funds' exposure to corporate bonds has brought concerns about risks arising from liquidity transformation back to the fore. With a focus on fund asset liquidity and investors, this paper explores the flow-performance relationship and the liquidity management of funds in the presence of...

Persistent link: https://www.econbiz.de/10011995042

Asset encumbrance, bank funding and financial fragility

Ahnert, Toni; Anand, Kartik; Gai, Prasanna; Chapman, James - 2016

How does asset encumbrance affect the fragility of intermediaries subject to rollover risk? We offer a model in which a bank issues covered bonds backed by a pool of assets that is bankruptcy remote and replenished following losses. Encumbering assets allows a bank to raise cheap secured debt...

Persistent link: https://www.econbiz.de/10011486236

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