Absolute Priority Rule Violations, Credit Rationing, and Efficiency
نویسندگان
چکیده
منابع مشابه
Investment, Efficiency, and Credit Rationing: Evidence from Hungarian Panel Data
Relying upon a rich and unique panel of Hungarian firms over 7 years, from 1992 up to 1998, this paper estimates simultaneously TFP, Total Factor Productivity, identified as efficiency, and the parameters of a model where investment depends upon internal funds, wages, and sales, as in Prasnikar J. and Svejnar J. (2000). It shows that while real investment is higher in foreign firms, the improve...
متن کاملCredit rationing with symmetric information
Without denying the importance of asymmetric information, this article purports the view that credit rationing may also originate from a lender’s inability to classify loan applications into proper risk categories. Although particularly prominent when novel technologies or novel institutional arrangements arise, lack of appropriate categories may affect any request of money lending, making cred...
متن کاملTrade Credit and Credit Rationing in Canadian Firms
Burkart and Ellingsen’s (2004) model of trade credit and bank credit rationing predicts that trade credit will be used by medium-wealth and low-wealth firms to help ease bank credit rationing. The author tests these and other predictions of Burkart and Ellingsen’s model using a large sample of more than 28,000 Canadian firms. She uses an endogenous method to divide the firms into the appropriat...
متن کاملGlobal bifurcations, credit rationing and recurrent hyperinflations
This paper proposes an alternative explanation to recurrent hyperinflations other than bounded rationality by explicitly considering the global dynamics of an economy with credit market frictions. In this paper we show that hyperinflations are self-generated and are manifestations of the underlying global dynamic properties of an economy with perfect foresight rational agents that face credit r...
متن کاملCredit Rationing and Firms in Oligopoly
This paper develops a theory of the firm, and equilibrium credit rationing mechanisms in oligopoly with R&D-product market competition. Credit rationing arises from a hold-up problem between wealth-constrained entrepreneurs and external investors. Underinvestment occurs if entrepreneurial wealth constraint is binding, even though the equilibrium corporate governance structure addresses the hold...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Intermediation
سال: 1997
ISSN: 1042-9573
DOI: 10.1006/jfin.1997.0220