Author: Rafael Repullo
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 56
Book Description
Se desarrolla un modelo de empresas financieras en el cual el control de la información acumulada sirva para organizar el comportamiento de los empresarios.
Monitoring, Liquidation, and Security Design
Monitoring, Liquidation, and Security Design
Author: Rafael Repullo Labrador
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Monitoring, Liquidation, and Security Design
Author: Rafael Repullo
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
By identifying the possibility of imposing a credible threat of liquidation as the key role of informed (bank) finance in a moral hazard context, we characterize the circumstances under which a mixture of informed and uninformed (market) finance is optimal, and explain why bank debt is typically secured, senior, and tightly held. We also show that the effectiveness of mixed finance may be impaired by the possibility of collusion between the firms and their informed lenders, and that in the optimal renegotiation-proof contract informed debt capacity will be exhausted before appealing to supplementary uninformed finance.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
By identifying the possibility of imposing a credible threat of liquidation as the key role of informed (bank) finance in a moral hazard context, we characterize the circumstances under which a mixture of informed and uninformed (market) finance is optimal, and explain why bank debt is typically secured, senior, and tightly held. We also show that the effectiveness of mixed finance may be impaired by the possibility of collusion between the firms and their informed lenders, and that in the optimal renegotiation-proof contract informed debt capacity will be exhausted before appealing to supplementary uninformed finance.
Credit, Intermediation, and the Macroeconomy
Author: Sudipto Bhattacharya
Publisher:
ISBN: 9780199243068
Category : Credit
Languages : en
Pages : 934
Book Description
Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems;and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for futureresearch and application of results.
Publisher:
ISBN: 9780199243068
Category : Credit
Languages : en
Pages : 934
Book Description
Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems;and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for futureresearch and application of results.
Introduction to Art: Design, Context, and Meaning
Author: Pamela Sachant
Publisher: Good Press
ISBN:
Category : Art
Languages : en
Pages : 614
Book Description
Introduction to Art: Design, Context, and Meaning offers a deep insight and comprehension of the world of Art. Contents: What is Art? The Structure of Art Significance of Materials Used in Art Describing Art - Formal Analysis, Types, and Styles of Art Meaning in Art - Socio-Cultural Contexts, Symbolism, and Iconography Connecting Art to Our Lives Form in Architecture Art and Identity Art and Power Art and Ritual Life - Symbolism of Space and Ritual Objects, Mortality, and Immortality Art and Ethics
Publisher: Good Press
ISBN:
Category : Art
Languages : en
Pages : 614
Book Description
Introduction to Art: Design, Context, and Meaning offers a deep insight and comprehension of the world of Art. Contents: What is Art? The Structure of Art Significance of Materials Used in Art Describing Art - Formal Analysis, Types, and Styles of Art Meaning in Art - Socio-Cultural Contexts, Symbolism, and Iconography Connecting Art to Our Lives Form in Architecture Art and Identity Art and Power Art and Ritual Life - Symbolism of Space and Ritual Objects, Mortality, and Immortality Art and Ethics
Handbook of the Economics of Finance
Author: George M. Constantinides
Publisher: Elsevier
ISBN: 0080495079
Category : Business & Economics
Languages : en
Pages : 654
Book Description
Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.
Publisher: Elsevier
ISBN: 0080495079
Category : Business & Economics
Languages : en
Pages : 654
Book Description
Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.
The Theory of Corporate Finance
Author: Jean Tirole
Publisher: Princeton University Press
ISBN: 1400830222
Category : Business & Economics
Languages : en
Pages : 657
Book Description
"Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
Publisher: Princeton University Press
ISBN: 1400830222
Category : Business & Economics
Languages : en
Pages : 657
Book Description
"Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
Capital Structure and Corporate Financing Decisions
Author: H. Kent Baker
Publisher: John Wiley & Sons
ISBN: 0470569522
Category : Business & Economics
Languages : en
Pages : 516
Book Description
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Publisher: John Wiley & Sons
ISBN: 0470569522
Category : Business & Economics
Languages : en
Pages : 516
Book Description
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Corporate Governance and Corporate Finance
Author: Ruud A.I. van Frederikslust
Publisher: Routledge
ISBN: 1134136056
Category : Business & Economics
Languages : en
Pages : 780
Book Description
Pt. 1. Alternative perspectives on corporate governance systems -- pt. 2. Equity ownership structure and control -- pt. 3. Corporate governance, underperformance and management turnover -- pt. 4. Directors' remuneration -- pt. 5. Governance, performance and financial strategy -- pt. 6. On takeover as disciplinary mechanism.
Publisher: Routledge
ISBN: 1134136056
Category : Business & Economics
Languages : en
Pages : 780
Book Description
Pt. 1. Alternative perspectives on corporate governance systems -- pt. 2. Equity ownership structure and control -- pt. 3. Corporate governance, underperformance and management turnover -- pt. 4. Directors' remuneration -- pt. 5. Governance, performance and financial strategy -- pt. 6. On takeover as disciplinary mechanism.
The Use of Data in Assessing and Designing Insolvency Systems
Author: José Garrido
Publisher: International Monetary Fund
ISBN: 1484396227
Category : Business & Economics
Languages : en
Pages : 44
Book Description
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of insolvency regulators and other sources, and advocates for the design of special data collection mechanisms and statistics to conduct detailed assessments of insolvency systems and to assist in the design of legal reforms.
Publisher: International Monetary Fund
ISBN: 1484396227
Category : Business & Economics
Languages : en
Pages : 44
Book Description
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of insolvency regulators and other sources, and advocates for the design of special data collection mechanisms and statistics to conduct detailed assessments of insolvency systems and to assist in the design of legal reforms.