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The Levered Equity Risk Premium and Credit Spreads: A Unified Framework
Bhamra, Harjoat S.; Kuehn, Lars-Alexander; Strebulaev, … - 2009
optimally choose dynamic capital structure and default times. For a dynamic cross-section of firms, our model endogenously … generates a realistic average term structure and time series of actual default probabilities and credit spreads, together with a …
Persistent link: https://www.econbiz.de/10009441109
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Accounting Conservatism and Debt Contracts: Efficient Liquidation and Covenant Renegotiation
Li, Jing - 2009
whether renegotiation occurs and if so, at what cost. When the covenant is not renegotiable or when renegotiation cost is … sufficiently high, more conservative accounting actually reduces the efficiency of debt contracts. When renegotiation cost is small … circumstances, especially for firms with fewer positive NPV projects and higher liquidation values. When renegotiation is costless …
Persistent link: https://www.econbiz.de/10009441096
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The role of financial information, social capital and reputation in lender decisions
Maier, Michael Shane - 2009
or the rate of default. …
Persistent link: https://www.econbiz.de/10009466072
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Business Dynamics and Informal Contracts: Experimental Evidence from the Cowpea Street Food Sector in West Africa
Otoo, Miriam; Fulton, Joan R.; Wu, Steven Y.; Ibro, Germaine - 2010
We use field experiments in Niger to investigate the nature and efficiency of contractual structures in market transactions between kossai vendors and cowpea grinders (key input suppliers). Three contractual structures were employed: gift contract, standard price contract and discretionary bonus...
Persistent link: https://www.econbiz.de/10009446130
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Social Preferences and Public Economics: Mechanism design when social preferences depend on incentives
Bowles, Samuel; Hwang, Sung-Ha - 2008
Social preferences such as altruism, reciprocity, intrinsic motivation and a desire to uphold ethical norms are essential to good government, often facilitating socially desirable allocations that would be unattainable by incentives that appeal solely to self-interest. But experimental and other...
Persistent link: https://www.econbiz.de/10009467887
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Social Preferences and Public Economics: Mechanism design when social preferences depend on incentives
Bowles, Samuel; Hwang, Sung-Ha - 2008
Social preferences such as altruism, reciprocity, intrinsic motivation and a desire to uphold ethical norms are essential to good government, often facilitating socially desirable allocations that would be unattainable by incentives that appeal solely to self-interest. But experimental and other...
Persistent link: https://www.econbiz.de/10009468014
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Labor Market Institutions and Restructuring: Evidence from Regulated and Unregulated Labor Markets in Brazil
Hoek, Jasper - 2002
This paper compares patterns of hiring and separations in regulated and unregulated labor markets over the last two decades in Brazil, with an eye toward gauging the effects of employment protection on employment adjustment over the business cycle. Since the difference between the sectors is...
Persistent link: https://www.econbiz.de/10009476831
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The Implications of Sequential Investment in the Property Rights Theory of the Firm
Mai, Maxim - 2008
In the property rights theory of the firm, control over assets (ownership) affords bargaining power in the case of re-negotiation …
Persistent link: https://www.econbiz.de/10009480075
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TO LOHN OR NOT TO LOHN--A PUZZLE IN SUBCONTRACTING ARRANGEMENTS: THEORY AND EVIDENCE
Andrei, Simona Cristina - 2009
The dramatic increase in outsourcing has led to a burgeoning theoretical literature that tries to explain the associated organization of production. So far the literature has focused solely on analyzing the determinants of decisions by outsourcing firms, but has ignored the firms to which...
Persistent link: https://www.econbiz.de/10009450962
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Essays on subcontracting, competitive bidding, and dynamic housing demand.
Miller, Daniel Patrick - 2009
University of Minnesota Ph.D. dissertation. December 2009. Major: Economics. Advisor: Patrick L. Bajari. 1 computer file (PDF); vii, 98 pages, appendices A-B.
Persistent link: https://www.econbiz.de/10009462783