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Unsecured and secured funding
Di Filippo, Mario; Ranaldo, Angelo; Wrampelmeyer, Jan - 2018
We empirically investigate why wholesale funding is fragile by providing the first study of how individual banks borrow and lend in the euro unsecured and secured interbank market. Consistent with theories in which lenders enforce market discipline by monitoring counterparty credit risk and...
Persistent link: https://www.econbiz.de/10011818292
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Liability sharing as a mechanism to improve firms' investment and liquidation decisions
Zou, Liang; Sun, Laixiang - 2000
Persistent link: https://www.econbiz.de/10011453258
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The economic value of flexibility when there is disagreement
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …
Persistent link: https://www.econbiz.de/10011332819
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011332820
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Ordering the preference hierarchies for internal finance, bank loans, bond and share issues
Haan, Leo de; Hinloopen, Jeroen - 2002
, we estimate a multinomial logit model whichconfirms several predictions of both the static trade-off theory and … thepecking-order theory as to the determinants of financing choices. Next, weuse ordered probit models to determine which …
Persistent link: https://www.econbiz.de/10011327550
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Liability sharing as a mechanism to improve firms' investment and liquidation decisions
Zou, Liang; Sun, Laixiang - 2000
Persistent link: https://www.econbiz.de/10001484270
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2003
Persistent link: https://www.econbiz.de/10001726793
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The economic value of flexibility when there is disagreement
Boot, Arnoud W. A.; Thakor, Anjan V. - 2003
Persistent link: https://www.econbiz.de/10001726801
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Pros and cons of "backing winners" in innovation policy
Butter, Frank A. G. den; Jo, Seung-gyu - 2009
game theory of the firm. A theoretical case for picking winners through a preferential innovative policy is discussed in a …
Persistent link: https://www.econbiz.de/10011377579
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Continuous time trading in markets with adverse selection
Janssen, Maarten C. W.; Karamychev, Vladimir A. - 2000
We investigate the nature of the adverse selection problem in a market for adurable goodwhere trading and entry of new buyers and sellers takes place in continuoustime. In thecontinuous time model equilibria with properties that are qualitativelydifferent from thestatic equilibria, emerge....
Persistent link: https://www.econbiz.de/10011304379