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Capital formation and financial intermediation : the role of entrepreneur reputation formation
Li, Emma; Martin, J. Spencer - In: The journal of corporate finance : contracting, … 59 (2019), pp. 185-201
Persistent link: https://www.econbiz.de/10012155541
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Creditor Commitment in a Sequential Investment Model
Chaturvedi, Rakesh - 2017
A simple contracting environment with a creditor who has wealth and a entrepreneur who has a two-period investment …
Persistent link: https://www.econbiz.de/10012963348
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Die Finanzierung von Existenzgründungen : eine informationsökonomische Analyse
Schulz, Eckehard - 2000
Persistent link: https://www.econbiz.de/10001450196
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Relationship-Specific Investment, Contracting Environment and Financial Performance
Shahriari, Hesam - 2019
Firms that engage in long-term bilateral relationships with their buyers or suppliers are usually required to make relationship-specific investments. We examine how the values of these long-term specific investments are affected by the quality of governmental contract enforcement. We find that...
Persistent link: https://www.econbiz.de/10012900916
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Financial Intermediation in Economies with Investment Complementarities
Jorge, José - 2016
When individual returns are increasing in the aggregate level of investment, decentralized individuals fail to … internalize the positive externality of their investment on the return of others. This paper shows how financial intermediation …, intermediaries induce investment by individuals with unfavorable private information. The increase in investment generates positive …
Persistent link: https://www.econbiz.de/10012987637
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Efficient Markets and the Law : A Predictable Past and an Uncertain Future
Hu, Henry T. C. - 2012
This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced — or has failed to influence — federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH...
Persistent link: https://www.econbiz.de/10013100915
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A Dynamic Theory of Mutual Fund Runs and Liquidity Management
Zeng, Yao - 2017
I model an open-end mutual fund investing in illiquid assets and show that the fund's endogenous cash management can generate shareholder runs even with a flexible NAV. The fund optimally re-builds its cash buffers at time t 1 after outflows at t to prevent future forced sales of illiquid...
Persistent link: https://www.econbiz.de/10012964425
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Fire-sale Spillovers and Systemic Risk
Duarte, Fernando - 2019
We identify and track over time the factors that make the financial system vulnerable to fire sales by constructing an index of aggregate vulnerability. The index starts increasing quickly in 2004, before most other major systemic risk measures, and triples by 2008. The fire-sale-specific...
Persistent link: https://www.econbiz.de/10012905172
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Limited Liability Leverage (L^3) : A New Measure of Leverage
Jorion, Philippe - 2019
Average leverage is often used as a measure of risk. However, average leverage in a limited liability context should not be computed as a simple arithmetic average of the underlying constituents. In fact, using a simple arithmetic average can give misleading results. For example, the simple...
Persistent link: https://www.econbiz.de/10012906046
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Credit Supply and (In)organic Growth
Berg, Tobias - 2020
We document a major mechanism – inorganic growth – which drives a wedge between micro-study effects of credit supply shocks and aggregate effects. Exploiting a quasi-exogenous positive shock to credit supply, we document that affected firms borrow larger amounts and exhibit stronger asset,...
Persistent link: https://www.econbiz.de/10012855861