Author: Andrew John Winton
Publisher:
ISBN:
Category :
Languages : en
Pages : 124
Book Description
Three Essays on Information, Contracting and Financial Intermediation
Three essays on venture capital contracting
Author: Ibolya Schindele
Publisher: Rozenberg Publishers
ISBN: 9051709471
Category : Contracts
Languages : en
Pages : 181
Book Description
Publisher: Rozenberg Publishers
ISBN: 9051709471
Category : Contracts
Languages : en
Pages : 181
Book Description
Three Essays in Financial Intermediation
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 194
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 194
Book Description
Three Essays on Financial Intermediation in the Open Economy
Author: Johanna Krenz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Three Essays on Empirical Financial Intermediation
Author: Stefan Pohl
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Three Essays on Financial Intermediation
Author: Roberto Liebscher
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Essays on Financial Intermediation
Author: Igor Salitskiy
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This dissertation consists of three studies. In the first study I This paper extends the costly state verification model from Townsend (1979) to a dynamic and hierarchical setting with an investor, a financial intermediary, and an entrepreneur. Such a hierarchy is natural in a setting where the intermediary has special monitoring skills. This setting yields a theory of seniority and dynamic control: it explains why investors are usually given the highest priority on projects' assets, financial intermediaries have middle priority and entrepreneurs have the lowest priority; it also explains why more cash flow and control rights are allocated to financial intermediaries if a project's performance is bad and to entrepreneurs if it is good. I show that the optimal contracts can be replicated with debt and equity. If the project requires a series of investments until it can be sold to outsiders, the entrepreneur sells preferred stock (a combination of debt and equity) each time additional financing is needed. If the project generates a series of positive payoffs, the entrepreneur sells a combination of short-term and long-term debt. In the second study I I study optimal government interventions during asset fire sales by banks. Fire sales happen when a large portion of banks receive liquidity shocks. This depletes bank balance sheets directly and indirectly because these assets are used as collateral. The government can respond by buying distressed assets or buying stock from banks. Stock purchases do not deprive banks of collateral, but may have a lower effect on asset prices. The optimal policy depends on the elasticity of asset prices to asset supply and the amount of assets held by banks. Calibration to the recent financial crisis is provided. In the third study conducted with Attila Ambrus and Eric Chaney we use ransom prices and time to ransom for over 10,000 captives rescued from two Barbary strongholds to investigate the empirical relevance of dynamic bargaining models with one-sided asymmetric information in ransoming settings. We observe both multiple negotiations that were ex ante similar from the uninformed party's (seller's) point of view, and information that only the buyer knew. Through reduced-form analysis, we test some common qualitative predictions of dynamic bargaining models. We also structurally estimate the model in Cramton (1991) to compare negotiations in different Barbary strongholds. Our estimates suggest that the historical bargaining institutions were remarkably efficient, despite the presence of substantial asymmetric information.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This dissertation consists of three studies. In the first study I This paper extends the costly state verification model from Townsend (1979) to a dynamic and hierarchical setting with an investor, a financial intermediary, and an entrepreneur. Such a hierarchy is natural in a setting where the intermediary has special monitoring skills. This setting yields a theory of seniority and dynamic control: it explains why investors are usually given the highest priority on projects' assets, financial intermediaries have middle priority and entrepreneurs have the lowest priority; it also explains why more cash flow and control rights are allocated to financial intermediaries if a project's performance is bad and to entrepreneurs if it is good. I show that the optimal contracts can be replicated with debt and equity. If the project requires a series of investments until it can be sold to outsiders, the entrepreneur sells preferred stock (a combination of debt and equity) each time additional financing is needed. If the project generates a series of positive payoffs, the entrepreneur sells a combination of short-term and long-term debt. In the second study I I study optimal government interventions during asset fire sales by banks. Fire sales happen when a large portion of banks receive liquidity shocks. This depletes bank balance sheets directly and indirectly because these assets are used as collateral. The government can respond by buying distressed assets or buying stock from banks. Stock purchases do not deprive banks of collateral, but may have a lower effect on asset prices. The optimal policy depends on the elasticity of asset prices to asset supply and the amount of assets held by banks. Calibration to the recent financial crisis is provided. In the third study conducted with Attila Ambrus and Eric Chaney we use ransom prices and time to ransom for over 10,000 captives rescued from two Barbary strongholds to investigate the empirical relevance of dynamic bargaining models with one-sided asymmetric information in ransoming settings. We observe both multiple negotiations that were ex ante similar from the uninformed party's (seller's) point of view, and information that only the buyer knew. Through reduced-form analysis, we test some common qualitative predictions of dynamic bargaining models. We also structurally estimate the model in Cramton (1991) to compare negotiations in different Barbary strongholds. Our estimates suggest that the historical bargaining institutions were remarkably efficient, despite the presence of substantial asymmetric information.
Essays on Information and Financial Intermediation
Author: Douglas Warren Diamond
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 282
Book Description
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 282
Book Description
Three Essays in Corporate Finance
Author: Bernardino Manuel Pereira Adão
Publisher:
ISBN:
Category :
Languages : en
Pages : 292
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 292
Book Description
Three Essays on Financial Intermediation [cumulative Dissertation]
Author: Roberto Liebscher
Publisher:
ISBN:
Category : Intermediation (Finance)
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category : Intermediation (Finance)
Languages : en
Pages : 0
Book Description