1 Debt , Investment , and Product Market Competition

نویسنده

  • Matthew J. Clayton
چکیده

Texas at Austin. All remaining errors are of course my own. Comments are welcome.

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Debt, Investment, and Product Market Competition

All remaining errors are of course my own. Comments welcome.

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Agency Cost of Debt and Credit Market Competition: a Bargaining Approach

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Preemption, leverage, and financing constraints

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Information Disclosure Concerns as a Limit to Competition in Investment Banking

We conjecture that issuing firms seek to avoid sharing underwriters with their product-market rivals in order to limit the risk that strategically sensitive information is leaked to a rival firm via the underwriter relationship. We investigate this conjecture in a sample of 5,272 equity deals and 12,453 debt deals by large U.S. firms between 1975 and 2003. Using several distinct sources of iden...

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Financing Investment: The Choice between Public and Private Debt∗

We study the choice between public and private debt in a firm’s marginal financing decision and its effects on corporate investment. To do so, we build a dynamic model of investment and financing decisions in which firms can choose not only the amount but also the type of debt to issue to finance investment. The paper shows how various firm and industry characteristics, such as liquidation cost...

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تاریخ انتشار 1999