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A Continuous-Time Agency Model of Optimal Contracting and Capital Structure

DeMarzo, Peter M. - 2004

drift in continuous time. The difficulty in writing an appropriate financial contract in this setting is that the agent can … long-term contract specifies the agent's wage and can force termination of the project. Using techniques from stochastic … calculus similar to Sannikov (2003), we characterize the optimal contract by a differential equation. We show that this …

Persistent link: https://www.econbiz.de/10012468076

A continuous-time agency model of optimal contracting and capital structure

DeMarzo, Peter M.; Sannikov, Yuliy - 2004

Persistent link: https://www.econbiz.de/10002155255

Free cash flow, optimal contracting, and takeovers

Goldman, Eitan; Jones, Christopher S.; Kaniel, Ron - 1997

Persistent link: https://www.econbiz.de/10000957423

The use of cash flows metrics in CEO compensation and the design of loan contracts

Gong, Guojin; Jiang, Xin Daniel; Xie, Biqin - In: Contemporary accounting research : the journal of the … 41 (2024) 4, pp. 2384-2416

Persistent link: https://www.econbiz.de/10015157010

Relational contracts, the cost of enforcing formal contracts, and capital structure choice : theory and evidence

Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2017

This paper shows that the cost of enforcing contracts governing non-financial relationships between firms affects a firm's financing structure. We analyze the interaction between a firm's capital structure and the type of contracts it uses to deal with its suppliers. We first develop a...

Persistent link: https://www.econbiz.de/10011674383