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Author: Josef Schosser Publisher: ISBN: Category : Languages : en Pages :
Book Description
When firms want to raise external financing, why do they resort to contracts with fixed repayment, i.e., standard debt contracts? The canonical work of Gale and Hellwig (Rev Econ Stud, 52(4):647-663, 1985) gives the following answer to this question: Assuming that only the entrepreneur can observe the project's outcome free of charge, the standard debt contract proves to be an incentive-compatible financing design. However, this approach remains inadequate, as neither the lender nor the borrower is given the possibility to act strategically. The paper at hand takes up this aspect. By means of a simple game-theoretic model and focusing on a binary outcome setting, it is shown that every risky standard debt contract is dominated by at least one ownership contract. In this respect, costly state verification cannot act as a raison d'être of contracts with fixed repayment.
Author: Josef Schosser Publisher: ISBN: Category : Languages : en Pages :
Book Description
When firms want to raise external financing, why do they resort to contracts with fixed repayment, i.e., standard debt contracts? The canonical work of Gale and Hellwig (Rev Econ Stud, 52(4):647-663, 1985) gives the following answer to this question: Assuming that only the entrepreneur can observe the project's outcome free of charge, the standard debt contract proves to be an incentive-compatible financing design. However, this approach remains inadequate, as neither the lender nor the borrower is given the possibility to act strategically. The paper at hand takes up this aspect. By means of a simple game-theoretic model and focusing on a binary outcome setting, it is shown that every risky standard debt contract is dominated by at least one ownership contract. In this respect, costly state verification cannot act as a raison d'être of contracts with fixed repayment.
Author: George M. Constantinides Publisher: Newnes ISBN: 0444535950 Category : Business & Economics Languages : en Pages : 859
Book Description
In the 11 articles in this first of two parts, top scholars summarize and analyze recent scholarship in corporate finance. Covering subjects from corporate taxes to behavioral corporate finance and econometric issues, their articles reveal how specializations resonate with each other and indicate likely directions for future research. By including both established and emerging topics, Volume 2 will have the same long shelf life and high citations that characterize Volume 1 (2003). Presents coherent summaries of major finance fields, marking important advances and revisions Describes the best corporate finance research created about the 2008 financial crises Exposes readers to a wide range of subjects described and analyzed by the best scholars
Author: George M. Constantinides Publisher: Newnes ISBN: 0444594655 Category : Business & Economics Languages : en Pages : 1732
Book Description
This two-volume set of 23 articles authoritatively describes recent scholarship in corporate finance and asset pricing. Volume 1 concentrates on corporate finance, encompassing topics such as financial innovation and securitization, dynamic security design, and family firms. Volume 2 focuses on asset pricing with articles on market liquidity, credit derivatives, and asset pricing theory, among others. Both volumes present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek insightful perspectives and important details, they demonstrate how corporate finance studies have interpreted recent events and incorporated their lessons. Covers core and newly-developing fields Explains how the 2008 financial crises affected theoretical and empirical research Exposes readers to a wide range of subjects described and analyzed by the best scholars
Author: Peter Hammond Publisher: OUP Oxford ISBN: 0191590134 Category : Business & Economics Languages : en Pages : 370
Book Description
This collection celebrates the career of Sir James Mirrlees, who received the 1996 Nobel Prize in Economics for his work on income taxation and its extension to information and incentive problems. His contributions have proved fundamental to the development of a wide range of areas in economics. The 17 papers contained in this volume focus on themes that are representative of Mirrlees' work, including the economics of information, welfare, taxation, project appraisal, and industrial organization. All the contributors have spent time working closely with Mirrlees - either as his co-author or his student - and all are recognized authorities in their fields. The significant new contributions that this collection offers will have wide-ranging appeal, and should prove particularly interesting to scholars working in the areas of microeconomics, microeconomic theory, mathematical economics, and welfare economics.
Author: B. Hillier Publisher: Bloomsbury Publishing ISBN: 1349254851 Category : Business & Economics Languages : en Pages : 199
Book Description
This book presents recent developments in the economics of asymmetric information. The problems of selection and moral hazard, with hidden actions or hidden information, are introduced by examining how they affect the market for investment finance. The ideas are then used to analyse the market for insurance, signalling and screening models of education, efficiency wages, industrial regulation, public procurement and auctions. Coverage is thorough while avoiding excessive mathematical detail. Diagrams and verbal reasoning make the ideas accessible to intermediate level undergraduate students and beyond.
Author: Robert M. Townsend Publisher: MIT Press ISBN: 0262361205 Category : Business & Economics Languages : en Pages : 241
Book Description
An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structure. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context of historical and contemporary economics, and reviewing featured applications in both developed economies and emerging-market countries.
Author: Publisher: Oxford University Press ISBN: 019269460X Category : Political Science Languages : en Pages : 1201
Book Description
The rules and regulations governing international trade have grown at an exponential rate in the years since the Uruguay Round agreements established the WTO in 1995. These agreements continue to act as the multilateral foundation of the body of law, which is being expanded by its own committees and in new arrangements. As the international trade law system grows, it comes under increasing scrutiny from scholars, government officials, and trade law practitioners, it raises questions about the overlap with other international legal, political, and economic regimes. This Handbook considers the system of international trade law and what it means for States, for economic systems, for other international regimes, for civil society, and for human welfare. The book opens by focusing on the regulation of international trade, considering the history, economics, and sources of international trade law, as well as the possibilities for the future. It considers the intersection of international trade law with States, the economic and institutional context of the world trading system, the framework of its substantive law, and the balance of trade objectives versus ethical responsibilities. The book concludes by offering analysis of new trade law developments in the agricultural, digital, and financial sectors, as well as outlining the settlement of trade law disputes both in the WTO and bilateral/regional trade agreements. The second edition broadens the scope of analysis beyond the WTO, analysing regional trade agreements and preferential trade arrangements, including the Trans-Pacific Partnership, and Canada-EU Trade Agreement. The new edition also considers developments within the WTO such as in the area of agricultural export subsidies, and the Trade Facilitation Agreement.
Author: Josef Schosser
Author: Josef Schosser
Author: Anne Patricia Villamil
Author: Nikolaos Koutroulis
Author: George M. Constantinides
Author: George M. Constantinides
Author: Peter Hammond
Author: B. Hillier
Author: Robert M. Townsend
Author: Joao Manoel Pinho de Mello
Author: