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Renault, Régis - 2015

quality signaling or as a coordination device is described and discussed. The chapter then moves on to an analysis of the …

Persistent link: https://www.econbiz.de/10014025249

Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations

Miglo, Anton - 2021

We build a model of debt for firms with investment projects for which flexibility and free cash flow problems are important issues. We focus on the factors that lead the firm to select the zero-debt policy. Our model provides an explanation of the so-called "zero-leverage puzzle" (Strebulaev and...

Persistent link: https://www.econbiz.de/10013250903

Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations

Miglo, Anton - 2019

Persistent link: https://www.econbiz.de/10012890102

Screening without Single Crossing

Kwak, Changhyun - 2023

This paper provides a sufficient condition under which a general screening problem can be reduced, without the principal’s payoff loss, to one with the single crossing property. The sufficient condition requires the agent’s types to be ordered in a way that two marginal rates of substitution...

Persistent link: https://www.econbiz.de/10014346954

Adverse Selection Without Single Crossing

Schottmüller, Christoph - 2012

The single crossing assumption simplifies the analysis of screening models as local incentive compatibility becomes sufficient for global incentive compatibility. If single crossing is violated, global incentive compatibility constraints have to be taken into account. This paper studies monotone...

Persistent link: https://www.econbiz.de/10013113458

Rational Signals of Weakness in a Market Entry Game

Kamphorst, Jurjen J.A. - 2013

It is well-established that incumbent firms may try to deter new market entry by pretending to be stronger than they really are (e.g. by imitating the high output level of a low cost monopolist). In this article, we show that in some cases an incumbent may prefer the opposite, namely to...

Persistent link: https://www.econbiz.de/10013094960

Zero-debt policy under asymmetric information, flexibility and free cash flow considerations

Miglo, Anton - In: Journal of risk and financial management : JRFM 13 (2020) 12/296, pp. 1-25

We build a model of debt for firms with investment projects, for which flexibility and free cash flow problems are important issues. We focus on the factors that lead the firm to select the zero-debt policy. Our model provides an explanation of the so-called "zero-leverage puzzle". It also helps...

Persistent link: https://www.econbiz.de/10012392204

Crowdfunding in a competitive environment

Miglo, Anton - In: Journal of risk and financial management : JRFM 13 (2020) 3/39, pp. 1-38

Crowdfunding has mostly been used to finance very unique projects. Recently, however, companies have begun using it to finance more traditional products where they compete against other sellers of similar products. Major crowdfunding platforms, Kickstarter and Indiegogo, as well as Amazon have...

Persistent link: https://www.econbiz.de/10012174171

Rationing Capacity in Advance Selling to Signal Quality

Yu, Man - 2013

product quality.We characterize the seller's signaling strategy and find that rationing of capacity in the advance period is … an effective tool of signaling product quality. We find that the high-quality seller can distinguish herself by … allocating less capacity than the low-quality seller in the advance period. We show that this signaling mechanism exists whenever …

Persistent link: https://www.econbiz.de/10013077464

Does Costly Persuasion Signal Quality?

Carroni, Elias - 2020

This article investigates how a privately-informed seller could signal her type by gathering information about the buyer's match value. We study two alternative ways to obtain information. In the first one, labeled information acquisition, the seller can acquire exogenous signals by facing a...

Persistent link: https://www.econbiz.de/10012823542