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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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Strategic Liquidity Supply and Security Design
Biais, Bruno; Mariotti, Thomas - Suntory and Toyota International Centres for Economics … - 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/10005310248
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Pooling und Tranching im Rahmen von ABS-Transaktionen
Rudolph, Bernd; Scholz, Julia - 2007
In recent years the market for asset backed securities (ABS) has shown a rapid growth. In an ABS transaction assets are first pooled and then securities backed by this pool are issued. In many cases, several tranches of securities differing with respect to their priority of payment are designed....
Persistent link: https://www.econbiz.de/10010427740
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Pooling und Tranching im Rahmen von ABS-Transaktionen
Rudolph, Bernd; Scholz, Julia - Volkswirtschaftliche Fakultät, … - 2007
In recent years the market for asset backed securities (ABS) has shown a rapid growth. In an ABS transaction assets are first pooled and then securities backed by this pool are issued. In many cases, several tranches of securities differing with respect to their priority of payment are designed....
Persistent link: https://www.econbiz.de/10005121188
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Pooling und Tranching im Rahmen von ABS-Transaktionen
Rudolph, Bernd; Scholz, Julia - 2007
In den vergangenen Jahren verzeichnete der Markt für Asset Backed Securities (ABS) ein rasantes Wachstum. Im Rahmen einer ABS-Transaktion werden Forderungen in einem Pool gebündelt und Wertpapiere emittiert, die mit diesem Forderungspool unterlegt sind. Häufig werden mehrere...
Persistent link: https://www.econbiz.de/10010442183
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How Entrepreneurs Mitigate the Investor's Adverse Selection Problem : New Evidence from Private Firm Sales
Hayes, Rachel M. - 2018
Tests of Leland and Pyle's (1977) signaling model in the public setting face a number of empirical challenges. We revisit the implications of their model with new evidence from a setting in which entrepreneurs sell their firms in private transactions. In this setting, it is common for sellers to...
Persistent link: https://www.econbiz.de/10012913654
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Dynamic Adverse Selection and Debt
Chemla, Gilles; Faure-Grimaud, Antoine - 1997
This paper argues that the strategic use of debt favours the revelation of information in dynamic adverse selection problems. Our argument is based on the idea that debt is a credible commitment to end long term relationships. Consequently, debt encourages a privately informed party to disclose...
Persistent link: https://www.econbiz.de/10014123133
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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 F.; Schäfer, Dorothea; Talavera, … - 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/10010260994
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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