, the impact of flexibility on the use of collateral inlending, the role of flexibility in capital budgeting decisions, the …

capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The … firm’s capital structure isthe consequence of a sequence of past security-issuance choices. The strongest implication … ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …

We assess the influence of competition and capital regulation on the stability of the banking system. We particularly … ask two questions: i) how does capital regulation affect (endogenous) entry; and ii) how do (exogenous) changes in the … competitive environment affect bank monitoring choices and the effectiveness of capital regulation? Our approach deviates from the …

must be sufficiently profitable to give it the necessary deep pockets to absorb the potential loss of the capital invested … competition in the firm's existing activities as well as the new activity, and the development of the capital market. Moreover, to …