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Author : Roman Inderst
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Internal Versus External Financing : an Optimal Contracting Approach written by Roman Inderst and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roman Inderst
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)
Download or read book Internal Vs. External Financing written by Roman Inderst and published by . This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares optimal financial contracts with centralized and decentralizedfirms. Under centralized contracting headquarters raises funds on behalf of multiple projects and then allocates the funds on the firm s internal capital market. Under decentralized contracting each project raises funds separately on the external capital market. The benefit of centralization is that headquarters can use excess liquidity from high-cash flow projects to buy continuation rights for low cash-flow projects. This allows headquarters to make greater repayments to investors, which eases financing constraints ex ante. The cost is that headquarters may pool cash flows from several projects, thereby accumulate internal funds, and make follow-up investments without having to return to the capital market. Absent any capital market discipline, however, it is more difficult for investors to force headquarters to pay out funds, which tightens ex-ante financing constraints.
Author : Roman Inderst
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (215 download)
Download or read book Internal Vs. External Financing written by Roman Inderst and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roman Inderst
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (215 download)
Download or read book Internal Vs. External Financing written by Roman Inderst and published by . This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roman Inderst
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)
Download or read book Corporate Borrowing and Financing Constraints written by Roman Inderst and published by . This book was released on 2003 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Paper adopts an optimal contracting approach to internal capital markets. We study the role of headquarters in contracting with outside investors, with a focus on whether headquarters eases or amplifies financing constraints compared to decentralized firms where individual project managers borrow separately. If projects differ in their ex post cash-flows, headquarters makes greater repayments to investors than decentralized firms, which eases financing constraints. Effectively, headquarters then subsidizes low-return projects with high-return projects' cash. On the other hand, headquarters may, by pooling cash flows and accumulating internal funds, make investments without having to return to the capital market. Without any capital market discipline, however, it is harder for outside investors to force the firm to disgorge funds, which tightens financing constraints ex ante. Both the costs and benefits of internal capital markets are endogenous and arise as part of an optimal financial contract. Our results are consistent with empirical findings showing that conglomerate firms trade at a discount relative to a comparable portfolio of stand-alone firms.
Author : Robert S. Gibbons
Publisher : Princeton University Press
ISBN 13 : 0691132798
Total Pages : 1248 pages
Book Rating : 4.6/5 (911 download)
Download or read book The Handbook of Organizational Economics written by Robert S. Gibbons and published by Princeton University Press. This book was released on 2013 with total page 1248 pages. Available in PDF, EPUB and Kindle. Book excerpt: (E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.
Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080559565
Total Pages : 1137 pages
Book Rating : 4.0/5 (85 download)
Download or read book Handbook of Empirical Corporate Finance SET written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2008-12-23 with total page 1137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. - Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues - Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior - Contributors are leading empirical researchers that remain active in their respective areas of expertise - Writing style makes the chapters accessible to industry practitioners
Author : Patrick Bolton
Publisher : MIT Press
ISBN 13 : 9780262025768
Total Pages : 746 pages
Book Rating : 4.0/5 (257 download)
Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080488919
Total Pages : 559 pages
Book Rating : 4.0/5 (84 download)
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms' financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything "corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.*The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance*Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance*The series is international in scope with contributions from field leaders the world over
Author : Niels Philipsen
Publisher : Routledge
ISBN 13 : 1317750403
Total Pages : 389 pages
Book Rating : 4.3/5 (177 download)
Download or read book The Role of Law and Regulation in Sustaining Financial Markets written by Niels Philipsen and published by Routledge. This book was released on 2014-11-13 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies. The Role of Law and Regulation in Sustaining Financial Markets is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the ‘law and finance’ literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature. This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global ‘law and finance’ nexus and avoid succumbing to the myth of "one size fits all".
Author : Zsuzsanna Fluck
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (455 download)
Download or read book Optimal Financing Contracting written by Zsuzsanna Fluck and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dean V. Williamson
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.F/5 ( download)
Download or read book Renegotiation, Dynamic Efficiency, and Vertical Restraints in Electricity Marketing Contracts written by Dean V. Williamson and published by . This book was released on 2003 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : G. Constantinides
Publisher : Elsevier
ISBN 13 : 9780444513632
Total Pages : 698 pages
Book Rating : 4.5/5 (136 download)
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Author : Hing Kai Chan
Publisher : Springer Nature
ISBN 13 : 9811944806
Total Pages : 211 pages
Book Rating : 4.8/5 (119 download)
Download or read book Responsible Innovation Management written by Hing Kai Chan and published by Springer Nature. This book was released on 2022-09-14 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book features state-of-the-art studies on the responsible innovation management. It illustrates the innovative methods from socio-economic and sustainable development dimensions and specifically mentions digitalisation’s dark side, technology application challenges and enterprises management issues. The selected works contain enormous new case studies exploring ways to improve the development of related industries from responsible innovation perspectives. It covers about the multidisciplinary areas, and hence, it fosters close collaboration between researchers in diverse fields such as social science, economics and engineering. Researchers, corporate executives and engineers in these areas can benefit from the book.
Author : Zhongyi Wang
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Financial Strategies of Japanese Multinational Enterprises and Internal Capital Market written by Zhongyi Wang and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 608 pages
Book Rating : 4.:/5 (334 download)
Download or read book The Quarterly Review of Economics and Finance written by and published by . This book was released on 2009-05 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Miguel M. Torres
Publisher : Emerald Group Publishing
ISBN 13 : 178635313X
Total Pages : 208 pages
Book Rating : 4.7/5 (863 download)
Download or read book Dead Firms written by Miguel M. Torres and published by Emerald Group Publishing. This book was released on 2016-07-05 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do firms die? This volume explores international and cross-disciplinary perspectives, carrying out a forensic examination of 'how and why' companies die in order to understand the lessons 'dead firms' may have to offer.
