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Corporate Misreporting and Bank Loan Contracting
Graham, John R. - 2007
This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans initiated before restatement, loans initiated after restatement have significantly higher spreads, shorter maturities, higher likelihood of being secured, and more covenant...
Persistent link: https://www.econbiz.de/10012464938
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The Paradox of Liquidity
Myers, Stewart C. - 1995
The more liquid a company's assets, the greater their value in a short-notice liquidation. Liquid assets are generally viewed as increasing debt capacity, other things being equal. This paper focusses on the dark side of liquidity: greater liquidity reduces the ability of borrowers to commit to...
Persistent link: https://www.econbiz.de/10012473739
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Real Options in a Dynamic Agency Model, with Applications to Financial Development, IPOs, and Business Risk
Philippon, Thomas - 2007
We study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics, in particular the decline of the failure rate and the...
Persistent link: https://www.econbiz.de/10012465063
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Venture Capital Contracting and Syndication : An Experiment in Computational Corporate Finance
Fluck, Zsuzsanna - 2005
This paper develops a model to study how entrepreneurs and venture-capital investors deal with moral hazard, effort provision, asymmetric information and hold-up problems. We explore several financing scenarios, including first-best, monopolistic, syndicated and fully competitive financing. We...
Persistent link: https://www.econbiz.de/10012467053
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Why Do Public Firms Issue Private and Public Securities?
Gomes, Armando - 2005
We examine a comprehensive set of private and public security issuance decisions by publicly traded companies. We study private and public issues of debt, convertibles and common equity securities - a total of 6 different security-market choices. The market for public firms issuing private...
Persistent link: https://www.econbiz.de/10012467390
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Asymmetric Information and the New Theory of the Firm : Financial Constraints and Risk Behavior
Greenwald, Bruce C. - 1990
This paper summarizes recent developments in the theory of the firm that have arisen in examining the implications of imperfect information. It shows that a wide range of these models have similar implications for the likely reaction of firms to external environmental and policy changes. Two...
Persistent link: https://www.econbiz.de/10012475674
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Why Do Firms Train? Theory and Evidence
Acemoglu, Daron - 1996
explanations of firm sponsored training. Using microdata from Germany, we show that the predictions of the specific human capital …
Persistent link: https://www.econbiz.de/10012473240
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Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK
Mayer, Colin - 2003
We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …
Persistent link: https://www.econbiz.de/10012469053
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Financial Factors and Investment in Belgium, France, Germany and the UK : A Comparison Using Company Panel Data
Bond, Stephen - 1997
We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period …
Persistent link: https://www.econbiz.de/10012472928
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Corporate Taxes and Internal Borrowing within Multinational Firms
Egger, Peter - 2012
This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...
Persistent link: https://www.econbiz.de/10012460245