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A mechanism for Thawing the credit markets
Karni, Edi - 2009
This paper describes a mechanism designed to induce commercial banks to increase their willingness to extend loans in an economic environment characterized by increased uncertainty and diminished expectations. This mechanism is a new tool for the conduct of monetary policy to combat recessions.
Persistent link: https://www.econbiz.de/10010277544
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Monopolistic screening under learning by doing
Gärtner, Dennis - 2007
This paper investigates the design of incentives in a dynamic adverse selection framework when agents' production technologies display learning effects and agents' rate of learning is private knowledge. In a simple two-period model with full commitment available to the principal, we show that...
Persistent link: https://www.econbiz.de/10010315563
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Introducing Capital Structure in a Production Economy : Implications for Investment, Debt and Dividends
Alessandrini, Fabio - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
. Therefore, firms solve a dynamic problem with both an investment and a financing decision. This feature allows firms to finance … investment through both retained earnings and debt. As a result, debt will increase after a positive shock and dividends will … follow a smoother path. This implies that, as pointed by previous empirical evidence, short-term fluctuations in investment …
Persistent link: https://www.econbiz.de/10005859002
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Mechanim design and intentions
Bierbrauer, Felix; Netzer, Nick - 2012
We introduce intention-based social preferences into a Bayesian mechanism design framework. We first show that, under common knowledge of social preferences, any tension between material efficiency, incentive compatibility, and voluntary participation can be resolved. Hence, famous impossibility...
Persistent link: https://www.econbiz.de/10010316927
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Is there a Credit Channel in Austria? The Impact of Monetary Policy on Firms' Investment Decisions
Wesche, Katrin - 2000
-rate elasticities of macroeconomic aggregates in general are found to be low. Recently, the credit channel has been discussed as an … additional channel through which monetary impulses can exert influence on the real economy. Though the credit channel is … their investment decisions. Moreover, financial con-straints become more severe in times of restrictive monetary policy. …
Persistent link: https://www.econbiz.de/10013369958
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The Bank, the States, and the Market: An Austro-Hungarian Tale for Euroland, 1867-1914
Flandreau, Marc - 2001
In 1867, the "Compromise" between Austria and Hungary laid the foundation of a single currency system with a common central bank. As in today's euroland, each part of the monarchy remained sovereign in fiscal matters. Moreover, the borrowing needs of both parts of the monarchy were quite large,...
Persistent link: https://www.econbiz.de/10013369960
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The commitment role of equity financing
Fahn, Matthias; Wamser, Georg; Merlo, Valeria - 2017
Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10011916757
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Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit …
Persistent link: https://www.econbiz.de/10010292292
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Capital structure decisions in family firms: empirical evidence from a bank-based economy
Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10010305690
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Managerial incentives and the efficiency of capital structure
Hughes, Joseph P.; Lang, William W.; Moon, Choon-Geol; … - 2001
We extend the literature on the effects of managerial entrenchment on capital structure to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded,...
Persistent link: https://www.econbiz.de/10010318364