منابع مشابه
Financial Contracting
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متن کاملDynamic Financial Contracting with Persistence
We study a setting in which a principal provides an agent with funds to operate a rm. The agent is liquidity constrained and privately observes the revenue of the rm. In other words, the agent can divert revenue to projects that bene t only him. Time is discrete and in nite, and revenues are subject to stochastic shocks that are persistent over time. As in the iid case studied by Clementi and H...
متن کاملOptimal Long-Term Financial Contracting
We develop an agency model of financial contracting. We derive long-term debt, a line of credit, and equity as optimal securities, capturing the debt coupon and maturity; the interest rate and limits on the credit line; inside versus outside equity; dividend policy; and capital structure dynamics. The optimal debt-equity ratio is history dependent, but debt and credit line terms are independent...
متن کاملFinancial Contracting with Enforcement Externalities
Financial markets crucially rely on the development of an infrastructure dedicated to the enforcement of contracts. Here we study the effects of limited enforcement capacity on financial contracting by proposing a new theory of costly state verification. In our model the principal contracts with a population of entrepreneurs, who borrow to finance risky projects under limited liability. To sust...
متن کاملNumber 1924 Financial Contracting By Oliver Hart
This paper discusses how economists’ views of firms’ financial structure decisions have evolved from treating firms’ profitability as given; to acknowledging that managerial actions affect profitability; to recognizing that firm value depends on the allocation of decision or control rights. The paper argues that the decision or control rights approach is useful, even though it is at an early st...
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ژورنال
عنوان ژورنال: Journal of Economic Literature
سال: 2001
ISSN: 0022-0515
DOI: 10.1257/jel.39.4.1079