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The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

Roberts, Michael R. - National Bureau of Economic Research (NBER) - 2014

Using data from SEC filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health of the contracting parties and...

Persistent link: https://www.econbiz.de/10010951241

Bank Size and Lending Relationships in Japan

Uchida, Hirofumi; Udell, Gregory F. - National Bureau of Economic Research (NBER) - 2007

Current theoretical and empirical research suggests that small banks have a comparative advantage in processing soft information and delivering relationship lending. The most comprehensive analysis of this view found using U.S. data that smaller SMEs borrow from smaller banks and smaller banks...

Persistent link: https://www.econbiz.de/10005084844

Adverse Selection and Switching Costs in Health Insurance Markets: When Nudging Hurts

Handel, Benjamin R. - National Bureau of Economic Research (NBER) - 2011

this analysis we develop and estimate a choice model that jointly quantifies switching costs, risk preferences, and ex ante … health risk. We use these estimates to study the welfare impact of an information provision policy that nudges consumers … prices are held fixed. However, when insurance prices change endogenously to reflect updated enrollee risk pools, the same …

Persistent link: https://www.econbiz.de/10009323425

A Tale of Repetition: Lessons from Florida Restaurant Inspections

Lee, Jungmin; Jin, Ginger Zhe - National Bureau of Economic Research (NBER) - 2014

We examine the role of repetition in government regulation. Using Florida restaurant inspection data from 2003 to 2010, we find that inspectors new to the inspected restaurant report 12.7-17.5% more violations than the second visit of a repeat inspector. This effect is even more pronounced if...

Persistent link: https://www.econbiz.de/10010950881

Inspection Technology, Detection and Compliance: Evidence from Florida Restaurant Inspections

Lee, Jungmin; Jin, Ginger Zhe - National Bureau of Economic Research (NBER) - 2013

In this article, we show that a small innovation in inspection technology can make substantial differences in inspection outcomes. For restaurant hygiene inspections, the state of Florida has introduced a handheld electronic device, the portable digital assistant (PDA), which reminds inspectors...

Persistent link: https://www.econbiz.de/10010951300

Competition and R&D Financing Decisions: Theory and Evidence from the Biopharmaceutical Industry

Lo, Andrew W.; Thakor, Richard T. - National Bureau of Economic Research (NBER) - 2015

volatility due to higher idiosyncratic risk. While the focus is on the biopharmaceutical industry, the results are broadly …

Persistent link: https://www.econbiz.de/10011159903

Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies

Malmendier, Ulrike; Tate, Geoffrey; Yan, Jonathan - National Bureau of Economic Research (NBER) - 2010

We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions beyond traditional capital-structure determinants. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity. Such...

Persistent link: https://www.econbiz.de/10008624578

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V.; Lambrecht, Bart M. - National Bureau of Economic Research (NBER) - 2011

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10009395472

Debt and Creative Destruction: Why Could Subsidizing Corporate Debt be Optimal?

He, Zhiguo; Matvos, Gregor - National Bureau of Economic Research (NBER) - 2012

We illustrate the welfare benefit of tax subsidies to corporate debt financing. Two firms engage in a socially wasteful competition for survival in a declining industry. Firms differ on two dimensions: exogenous productivity and endogenously chosen amount of debt financing, resulting in a two...

Persistent link: https://www.econbiz.de/10011188527

Corporate Financial Policies With Overconfident Managers

Malmendier, Ulrike; Tate, Geoffrey; Yan, Jonathan - National Bureau of Economic Research (NBER) - 2007

Many financing choices of US corporations remain puzzling even after accounting for standard determinants such as taxes, bankruptcy costs, and asymmetric information. We propose that managerial beliefs help to explain the remaining variation across and within firms, including variation in debt...

Persistent link: https://www.econbiz.de/10005778833

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