In infinite horizon incomplete market economies, when the seizure of collateral guarantees is the only mechanism enforcing borrowers not to entirely default on their promises, equilibrium exists independently of the choice of collateral bundles.In these economies, we analyze if generic...

In infinite horizon incomplete market economies, Ponzi schemes are avoided and equilibrium exists when collateral repossession is the only mechanism enforcing borrowers not to entirely default on their promises. In these economies, we add default enforcement mechanisms that are effective, i.e....

The of this study is to present the evolution of academic research in venture capital (VC) research between 1990 and 2014. Design/methodology/approach The study analyzes the most influential journals in VC research by analyzing papers, which were published on the Web of Science database....

In this note we show that the fixed points of a continuous function (or of an upper semi-continuous correspondence, with non-empty and convex values) can be attained as Nash Equilibria of a game with finitely many players.

We propose a specification of a general equilibrium model with securitization of collateral-backed promises and discuss the role of physical collateral to avoid, in equilibrium, pessimistic beliefs about the future rates of default. Promises are pooled in either pass-through securities or...