In verschiedenen Modellwelten wird untersucht, ob und inwieweit Kreditrationierung und Risikovermeidung oder -übernahme durch Kreditgeber bei rationalem Verhalten aller Beteiligten erklärt werden kann. Ausgehend von der Erkenntnis, daß auch in einer durch Informationsasymmetrie geprägten...

Credit rationing and the use of collateral are widely observed in debt financing. To our view there is yet no appropriate theoretical explanation for these facts. In the standard debt financing models the occurrence of credit rationing can be explained based on suitable assumptions. But those...

An entrepreneur shares business risk with the investors providing capital for her firm. Risk sharing is per se beneficial, but also results in an agency problem from diminished incentives for the entrepreneur. This classical trade-off depends on the financial contracting between the entrepreneur...