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The paradox of monetary profits: an obstacle to understanding financial and economic Crisis?

Bruun, Charlotte; Heyn-Johnsen, Carsten - 2009

financial spheres. The monetary profit inducing capitalist production, emanates from the sphere of finance. In a world of …

Persistent link: https://www.econbiz.de/10010299493

Financial signalling by innovative nascent entrepreneurs

Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009

External finance is central for nascent entrepreneurs, people in the process of starting new ventures. We argue that … increase the likelihood of obtaining equity finance. Thus, if signals are credible, innovation positively impacts external … that the relation between finance and innovation depends on the stage of a start-up lifecycle. …

Persistent link: https://www.econbiz.de/10010266651

Financing Patterns: Measurement Concepts and Empirical Results

Hackethal, Andreas; Schmidt, Reinhard H. - 2000

A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the...

Persistent link: https://www.econbiz.de/10005840367

Coordination Failure with Multiple Source Lending, the Cost of Protection Against a Powerful Lender

Hubert, Franz; Schäfer, Dorothea - Universität <Berlin, Humboldt-Universität> / Chair … - 2001

In this paper we analyze how a firm might protect quasi-rents in an environmentof imperfect capital markets, where switching lenders is costly to the borrower, andcontracts are incomplete. As switching costs make the firm vulnerable to ex-postexploitation, it may want to diversify lending in...

Persistent link: https://www.econbiz.de/10005841018

Financial Contracting when Rivals may Turn Nasty

Hubert, Franz - 1998

This paper develops a principal-agent model of financial contracting in which optimal contracts resemble a combination of debt and equity. When defaulting on debt, the firm is punished by disruption of external funding. Such contracts however, invite rivals to compete more aggressively to...

Persistent link: https://www.econbiz.de/10005841023

Free-Cash-Flow, Equity Finance and Corporate Control

Hubert, Franz - Universität <Berlin, West> / Fachbereich … - 1997

This paper deals with optimal financial contracts which simultaneously provide payincentives and impose constraints on managerial control.

Persistent link: https://www.econbiz.de/10005841024

Monitoring structural change in dynamic econometric models

Zeileis, Achim; Leisch, Friedrich; Kleiber, Christian; … - 2002

The classical approach to testing for structural change employs retrospective tests using a historical data set of a given length. Here we consider a wide array of fluctuation-type tests in a monitoring situation - given a history period for which a regression relationship is known to be stable,...

Persistent link: https://www.econbiz.de/10005841595

A Note on Arbitrage and Stochastic Taxes

Löffler, Andreas; Tang, Yanqiong - 2002

In a recent paper Loeffler/Schneider (2000) showed that introducing a tax on a financial market does not create an arbitrage opportunity...

Persistent link: https://www.econbiz.de/10005842086

Capital budgeting in arbitrage-free markets

Laitenberger, Jörg; Löffler, Andreas - 2002

In capital budgeting problems future cash flows are discounted using the expected one period returns of the investment ...

Persistent link: https://www.econbiz.de/10005842087

Certainty Equivalent in Capital Markets

Kruschwitz, Lutz; Löffler, Andreas - 2003

We generalize the classical concept of a certainty equivalent to a model where an investor can trade on a capital market with several future trading dates.We show that if a riskless asset is traded and the investor has a CARA utility then our generalized certainty equivalent can be evaluated...

Persistent link: https://www.econbiz.de/10005842089

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