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Dynamic Compensation Contracts and Capital Structure under Loss Aversion
Hori, Keiichi - 2018
contract using a combination of equity, long-term debt, and a line of credit, we also predict that dividend payments are … relations between dividends, the credit line balance (equity value), the limit of the credit line, and long-term debt. These …
Persistent link: https://www.econbiz.de/10012938648
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Information transparency of firm financing
Noël, Antoine L.; Sun, Amy Hongfei - 2021
We propose a theory of optimal firm financing given nested information problems of adverse selection and agency cost. We prove that there exists a unique perfect Bayesian equilibrium with novel features: First, three types of optimal contracts arise endogenously, i.e., equity, transparent debt...
Persistent link: https://www.econbiz.de/10012547888
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A theory of firm decline
Clementi, Gian Luca; Cooley, Thomas F.; Di Giannatale, Sonia - 2010 - This version: July 20, 2009
therefore to a drop in the return to investment. -- Principal Agent ; Moral Hazard ; Hidden Action ; Incentives ; Survival …
Persistent link: https://www.econbiz.de/10008732070
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Debt, Equity, and Information
Buehlmaier, Matthias M. M. - 2020
Most firms issue financial assets such as debt or equity (e.g. bonds or stock) to outside investors. While these financial assets differ greatly in their characteristics, their diversity has received little attention in the literature. Filling this important gap in the literature, this paper...
Persistent link: https://www.econbiz.de/10012857527
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Dynamic Contracting Under Imperfect Public Information and Asymmetric Beliefs
Giat, Yahel - 2013
-term contracts that alter the intuition gleaned from previous literature. Optimism has a first-order impact on incentives, investment …
Persistent link: https://www.econbiz.de/10013078633
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Dynamic Contracting Under Imperfect Public Information and Asymmetric Beliefs
Giat, Yahel - 2013
-term contracts that alter the intuition gleaned from previous literature. Optimism has a first-order impact on incentives, investment …
Persistent link: https://www.econbiz.de/10013095153
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Chapter 2. Agency, Information and Corporate Investment
Stein, Jeremy C. - 2003
This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems … that the marginal return to investment in firm i is the same as the marginal return to investment in firm j ? Second, do … capital budgeting process get within-firm allocations right, so that the marginal return to investment in firm i ’s division A …
Persistent link: https://www.econbiz.de/10014023874
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Capital Structure Choice Under Asymmetric Information and Overconfident Managers
Ji, Xiehua - 2020
Traditional pecking-order theory (POT) cannot explain why good-quality firms issue equity: this is often considered to be an empirical puzzle. We build a model of capital structure that has elements of both asymmetric information and behavioral finance. Firms have private information about their...
Persistent link: https://www.econbiz.de/10012849787
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Information Acquisition and Corporate Debt Illiquidity
Babenko, Ilona - 2018
interests congruent with those of shareholders. Second, because debtholders are negatively affected by risky investment, they … hazard problem, but makes debt less liquid than equity. Debt illiquidity covaries with credit risk …
Persistent link: https://www.econbiz.de/10012937695
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Die Struktur von Kreditverträgen aus theoretischer Sicht
Nippel, Peter - 1994
Persistent link: https://www.econbiz.de/10013340915