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The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality. This paper posits that investor choices vary with differences in investment ability and experience. Three groups of investors with large holdings, namely individual...
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We argue that financial frictions and financial shocks can be an important factor behind the slow recoveries from the three most recent recessions. To illustrate this point, we augment a simple RBC model with a collateral constraint whose tightness is randomly disturbed by a shock that...
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We present an RBC model with a collateral constraint whose tightness is randomly disturbed by a financial shock and evidence that such shock has become more persistent since 1980s. We show that this can be an important contributor to the recent slow recoveries, and a key mechanism may have to do...
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We build a general equilibrium model of bank competition in which securitization is the banks�optimal choice. A symmetric capacity-constrained Bertrand competition equilibrium exists as in the directed search literature, e.g., Burdett, Shi and Wright (2001). A key feature of the model is that...
Persistent link: https://www.econbiz.de/10011258629
We argue that financial frictions and financial shocks can be an important factor behind the slow recoveries from the three most recent recessions. To illustrate this point, we augment a simple RBC model with a collateral constraint whose tightness is randomly disturbed by a shock that...
Persistent link: https://www.econbiz.de/10011261642
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