منابع مشابه
External Financing and Customer Capital: A Financial Theory of Markups
We propose a dynamic structural corporate model in which firms face imperfect capital markets and frictional product markets. We highlight the importance of the endogeneity of firms’ short-term cash flows and the endogeneity of the marginal value of liquidity in determining the interactions between investment, financing and product price setting decisions. Our primary goal is to develop a finan...
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Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms...
متن کاملCostly External Financing and the Capital Shock Theory of the Insurance Cycle
s: The costly external financing assumption in capital shock theories of insurance cycles are often attributed to Myers and Majluf (1984). The purpose of this paper is to revisit the Myers and Majluf model and to propose a modified model that better fits capital shock theories. By so doing, this paper attempts to provide justification for existing empirical papers on insurance cycles. Contrary ...
متن کاملCapital markets in PPP financing
It provides background information on the role of capital markets in PPP financing, and their principal advantages and disadvantages compared to traditional bank financing. It then reviews the dominant delivery model for PPP bonds, the so-called " monoline model " , and the impact of the downgrading of the monolines' rating following the credit crisis. The paper further analyses the reasons why...
متن کاملCapital Control, Debt Financing and Innovative Activity
The present paper first discusses theoretically the different incentives of managerversus owner-controlled firms for investment into innovative activity. In addition, the role of debt financing is analyzed. Subsequently the results from an empirical study on the determinants of innovative activity measured by patent applications are presented. A sample of German firms covering 2,793 observation...
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ژورنال
عنوان ژورنال: CEPAL Review
سال: 1995
ISSN: 1684-0348
DOI: 10.18356/da5facb5-en