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Strategic liquidity supply and security design
Biais, Bruno; Mariotti, Thomas - London School of Economics (LSE) - 2003
imperfections on liquidity. Asset owners seek to obtain liquidity by selling their claims on future cash-flows, on which they have … private information. Our analysis encompasses both the cases of competitive and monopolistic liquidity supply. In the optimal … a monopolistic liquidity supplier to exclude them from trade in order to better extract rents from issuers with low cash-flows. …
Persistent link: https://www.econbiz.de/10010746262
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Financial Contracting: A Survey of Empirical Research and Future Directions
Roberts, Michael R.; Sufi, Amir - In: Annual Review of Financial Economics 1 (2009) 1, pp. 207-226
We review recent evidence and future directions for empirical research on financial contracting in the context of corporate finance. Specifically, we survey evidence pertaining to incentive conflicts, control rights, collateral, renegotiation, and interactions between financial contracts and...
Persistent link: https://www.econbiz.de/10008777005
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The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany
Baum, Christopher; Schäfer, Dorothea; Talavera, Oleksandr - Department of Economics, Boston College - 2006
increases the firm will increase its optimal level of liquidity. We test this hypothesis using a panel of German firms drawn …
Persistent link: https://www.econbiz.de/10005027885
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When redistribution leads to regressive taxation
HARITON, Cyril; PIASER, Gwenaël - Center for Operations Research and Econometrics (CORE), … - 2004
We introduce labor contracts, in a framework of optimal redistribution: firms have some local market power and try to discriminate among heterogeneous workers. In this setting we show that if the firms have perfect information, i.e, they perfectly discriminate against workers and take all the...
Persistent link: https://www.econbiz.de/10005043481
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Dividend-Protected Convertible Bonds and the Disappearance
Grundy, Bruce D.; Verwijmeren, Patrick - Tinbergen Instituut - 2012
Firms have not historically called their convertible bonds as soon as they could force conversion. Various explanations for the delay rely on the size of the dividends that bondholders forgo so long as they do not convert. We investigate an important change in convertible security design, namely...
Persistent link: https://www.econbiz.de/10011256585
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Security Design: Signaling versus Speculative Markets
Chemla, Gilles; Hennessy, Christopher - C.E.P.R. Discussion Papers - 2011
We determine optimal security design and retention of asset-backed securities by a privately informed issuer with positive NPV uses for immediate cash. In canonical models, investors revert to prior beliefs if issuers pool at zero-retentions (originate-to-distribute), and separating equilibria...
Persistent link: https://www.econbiz.de/10008915803
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Security Design of Callable Convertible Bonds and Issuers' External Financing Costs
Andre-Le Pogamp, Florence; El Badraoui, Khalid - In: Brussels Economic Review 56 (2013) 1, pp. 61-81
ABSTRACT:Existing research argues that convertible bonds mitigate issuers’ external financing costs offinancial distress, agency conflicts and informational asymmetry. The purpose of this paper is totest whether callable convertible bonds are designed in response to costly debt- and...
Persistent link: https://www.econbiz.de/10010765071
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Combination notes: market segmentation and equity transfer
Schaber, Albert - Volkswirtschaftliche Fakultät, … - 2008
This paper empirically analyzes a particular type of notes observed in securitization transactions: combination notes. Combination notes are formed by combining parts of two or more tranches of securitization transactions, where one part usually consists of a share of the first loss piece. It is...
Persistent link: https://www.econbiz.de/10010550654
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Combination notes: market segmentation and equity transfer
Schaber, Albert - Volkswirtschaftliche Fakultät, … - 2008
This paper empirically analyzes a particular type of notes observed in securitization transactions: combination notes. Combination notes are formed by combining parts of two or more tranches of securitization transactions, where one part usually consists of a share of the first loss piece. It is...
Persistent link: https://www.econbiz.de/10010550655
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Security Design: Signaling Versus Speculative Markets
Chemla, Gilles; Hennessy, Christopher A. - Université Paris-Dauphine (Paris IX) - 2011
We determine optimal security design and retention of asset-backed securities by a privately informed issuer with positive NPV uses for immediate cash. In canonical models, investors revert to prior beliefs if issuers pool at zero-retentions (originate-to-distribute), and separating equilibria...
Persistent link: https://www.econbiz.de/10010960528