Joint ventures afford unique opportunities to study how firms assert property rights over jointly used assets because parents clearly delineate control. We argue that ownership allocations trade off investment incentives with control-related inefficiencies. We show how residual control rights...

Using a unique sample of comparable online and in-person loan transactions, we study the determinants of arm's-length and inside lending focusing on the differential information content across debt types. We find that soft private information primarily underlies relationship lending whereas hard...

The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. Dailami and Hauswald compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure...

We investigate the interaction between banks' use of information acquisition as a strategic tool and their role in promoting the efficiency of credit markets when a bank's ability to gather information varies with its distance to the borrower. We show that banks acquire proprietary information...

Although foreign banks can act as catalysts for financial and economic development their role remains controversial because they might simply displace local lenders thereby tightening firms' overall access to credit. To settle this issue we study their effect on real economic activity in a large...

Although foreign banks can act as catalysts for financial and economic development their role remains controversial because they might simply displace local lenders thereby tightening firms' overall access to credit. To settle this issue we study their effect on real economic activity in a large...

Focusing on the combination of commercial and investment banking inherent in universal financial intermediation, optimal transfer of control, modes of corporate governance and the structure of particular banking systems are developed in a two-stage game about investment in managerial resources...