Imperfect Information and Commitment in Financial Contracting PDF Download
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Author: Bert Füssenich
Publisher:
ISBN:
Category :
Languages : en
Pages : 111
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Author: Bert Füssenich
Publisher:
ISBN:
Category :
Languages : en
Pages : 111
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Author: Rafael J. Bautista-Mena
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Oliver D. Hart
Publisher: Oxford University Press
ISBN: 0198288816
Category : Business & Economics
Languages : en
Pages : 239
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Book Description
This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other handwhy firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understandfirms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with aninterest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Author: Joachim von Rheinbaben
Publisher:
ISBN:
Category : Finanzierungstheorie / Asymmetrische Information / Kreditmarkt / Unvollkommene Information / Bank / Agency Theory / Theorie
Languages : en
Pages : 98
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Author: John Eatwell
Publisher: Springer
ISBN: 1349202150
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.
Author: Hans Bonde Christensen
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper reviews theoretical and empirical work on financial contracting that is relevant to accounting researchers. Its primary objective is to discuss how the use of accounting information in contracts enhances contracting efficiency and to suggest avenues for future research. We argue that incomplete contract theory broadens our understanding of both the role accounting information plays in contracting and the mechanisms through which efficiency gains are achieved. By discussing its rich theoretical implications, we expect incomplete contract theory to prove useful in motivating future research and in offering directions to advance our knowledge of how accounting information affects contract efficiency.
Author: Joachim von Rheinbaben
Publisher:
ISBN:
Category :
Languages : en
Pages : 98
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Book Description
Author: Sugata Bag
Publisher: Springer
ISBN: 3319652680
Category : Law
Languages : en
Pages : 215
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Book Description
This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Joseph G. Haubrich
Publisher:
ISBN:
Category : Audited financial statements
Languages : en
Pages : 28
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Book Description
