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The role of credit rationing and collateral in debt financing
Houben, Eike; Nippel, Peter - 2001
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 … collateral is limited. In our model we show that credit rationing and the use of collateral are always necessary for debt …
Persistent link: https://www.econbiz.de/10011281514
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Jon Elster und das Problem lokaler Gerechtigkeit
Pies, Ingo; Viebranz, Jörg - 2007
Dieser Beitrag untersucht die Arbeiten von Jon Elster zum Problem lokaler Gerechtigkeit. Das Thema dieser Arbeiten sind Rationierungsentscheidungen. Es geht um die Allokation und Distribution knapper Zuteilungsgüter, also etwa um die Vergabe von Kindergarten- oder Studienplätzen, die Zuweisung...
Persistent link: https://www.econbiz.de/10011758000
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Venture Capital, Double-sided Adverse Selection, and Double-sided Moral Hazard
Houben, Eike - 2002
The paper offers a new explanation for the widely observed use of redeemable and convertible preferred stock in venture capital finance. Redeemable and convertible preferred stocks can be used to endogenously allocate cash flow and control rights as a function of the state of nature, the...
Persistent link: https://www.econbiz.de/10005840141
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Discussion of the Value of Financial Statement Verification in Debt Financing : Evidence from Private U.S. Firms
Cassar, Gavin - 2011
I discuss Minnis (2011) in the context of the broader literature on private firm financing. In particular, I focus on the unique features of the private firm setting and how it affects research design and inference. I detail the alternative information sources available to debt financiers of...
Persistent link: https://www.econbiz.de/10013130517
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The Value of Verification in Debt Financing : Evidence from Private U.S. Firms
Minnis, Michael - 2011
I examine how verification of financial statements influences debt pricing. I use a large proprietary database of privately-held U.S. firms, an important business sector in which the information environment is opaque and financial statement audits are not mandated. I find that audited firms have...
Persistent link: https://www.econbiz.de/10013130727
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Discussion of the Value of Financial Statement Verification in Debt Financing : Evidence from Private U.S. Firms
Cassar, Gavin - 2011
I discuss Minnis [2010] in the context of the broader literature on private firm financing. In particular, I focus on the unique features of the private firm setting and how it affects research design and inference. I detail the alternative information sources available to debt financiers of...
Persistent link: https://www.econbiz.de/10013131019
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Debt Contracting on Management
Akins, Brian - 2019
Change of management restrictions (CMRs) in loan contracts give lenders explicit ex-ante control rights over managerial retention and selection. This paper shows that lenders use CMRs to mitigate risks arising from CEO turnover, especially those related to the loss of human capital and...
Persistent link: https://www.econbiz.de/10012903452
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Optimal leverage and transparency
Trigilia, Giulio - 2017
I consider the role of firm transparency in shaping its capital structure. In a costly-state-verification model, the optimal capital structure can be implemented by a mixture of debt and outside equity. Consistent with empirical evidence, leverage decreases with both past and expected...
Persistent link: https://www.econbiz.de/10011800836
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The role of credit rationing and collateral in debt financing
Houben, Eike; Nippel, Peter - 2001
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 … collateral is limited. In our model we show that credit rationing and the use of collateral are always necessary for debt …
Persistent link: https://www.econbiz.de/10011282327
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Diversification and Delegation in Firms
Cerasi, Vittoria; Daltung, Sonja - 2001
context where entrepreneurs have the ability to run projects and to improve their future cash flow, there could be rationing …
Persistent link: https://www.econbiz.de/10010321264