A Theory of Capital Structure Under Moral Hazard and Asymmetric Information PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download A Theory of Capital Structure Under Moral Hazard and Asymmetric Information PDF full book. Access full book title A Theory of Capital Structure Under Moral Hazard and Asymmetric Information by Yul Wha Lee. Download full books in PDF and EPUB format.
Author: Yul Wha Lee
Publisher:
ISBN:
Category : Corporate debt
Languages : en
Pages : 136
Get Book Here
Book Description
Author: Yul Wha Lee
Publisher:
ISBN:
Category : Corporate debt
Languages : en
Pages : 136
Get Book Here
Book Description
Author: Yul Wha Lee
Publisher:
ISBN:
Category : Corporate debt
Languages : en
Pages : 222
Get Book Here
Book Description
Author: M. V. Ibrahimo
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Fabrizio Mattesini
Publisher: Dartmouth Publishing Company
ISBN:
Category : Business & Economics
Languages : en
Pages : 208
Get Book Here
Book Description
The study of the interaction between the financial sector and the sector of the economy is one of the most recent advances in macroeconomic theory. While mainstream economics assigns a passive role to the financial sector there is a growing body of literature which emphasizes the importance of financial intermediaries in explaining fluctuations and the determination of the process through which monetary policy impulses are transmitted to the rest of the economy. This literature has its origin in the models that rely on asymmetric information to explain imperfections in financial markts and in empirical evidence collected through various econometric techniques and through historical studies. This book surveys the relevant work ion the subject, evaluates the empirical evidence and the explanatory power of the theories proposed and furnishes new and empirical results.
Author: Aslı Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Capital investments
Languages : en
Pages : 44
Get Book Here
Book Description
Are debt and equity finance complements or substitutes? Probably complements, which means that the existence of active stock markets should increase the volume of business for financial intermediaries.
Author: John Krzysztof Wald
Publisher:
ISBN:
Category :
Languages : en
Pages : 266
Get Book Here
Book Description
Author: Anton Miglo
Publisher: Springer
ISBN: 3319307134
Category : Business & Economics
Languages : en
Pages : 266
Get Book Here
Book Description
This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are still not very well understood in the business community, such as Modigliani and Miller’s irrelevance result, trade-off theory, pecking-order theory, asset substitution, credit rationing and debt overhang. Chapters also cover capital structure issues that have become very important following the recent financial crisis. Miglo discusses the ways in which financial economists were forced to look critically at capital structure, as the problems faced by many companies stemmed from their financing policies following the crisis. The book also discusses links between capital structure and firm’s performance, corporate governance, firm’s strategy and flexibility, and covers such topics as life cycle approach to capital structure management, capital structure of small and start-up companies, corporate financing versus project financing and examples of optimal capital structure analyses for different companies. This comprehensive guide to capital structure theory will be of interest to all students, academics and practitioners seeking to understand this fast-developing and critical area of business management.
Author: Stewart C. Myers
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 46
Get Book Here
Book Description
This paper contrasts the "static tradeoff" and "pecking order" theories of capital structure choice by corporations. In the static tradeoff theory, optimal capital structure is reached when the tax advantage to borrowing is balanced, at the margin, by costs of financial distress. In the pecking order theory, firms preferinternal to external funds, and debt to equity if external funds are needed. Thus the debt ratio reflects the cumulative requirement for external financing. Pecking order behavior follows from simple asymmetric information models. The paper closes with a review of empirical evidence relevant to the two theories.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 145195154X
Category : Business & Economics
Languages : en
Pages : 32
Get Book Here
Book Description
The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.
Author: Ricardo N. Bebczuk
Publisher: Cambridge University Press
ISBN: 9780521797320
Category : Business & Economics
Languages : en
Pages : 176
Get Book Here
Book Description
Asymmetric information (the fact that borrowers have better information than their lenders) and its theoretical and practical evidence now forms part of the basic tool kit of every financial economist. It is a phenomenon that has major implications for a number of economic and financial issues ranging from both micro and macroeconomic level - corporate debt, investment and dividend policies, the depth and duration of business cycles, the rate of long term economic growth - to the origin of financial and international crises. Asymmetric Information in Financial Markets aims to explain this concept in an accessible way, without jargon and by reducing mathematical complexity. Using elementary algebra and statistics, graphs, and convincing real-world evidence, the author explores the foundations of the problems posed by asymmetries of information in a refreshingly accessible and intuitive way.
