haku: @author Aghion, P. / yhteensä: 25
viite: 5 / 25
| Tekijä: | Aghion, P. Bolton, P. Tirole, J. |
| Otsikko: | Exit options in corporate finance: liquidity versus incentives |
| Lehti: | Review of finance
2004 : VOL. 8:3, p. 327-353 |
| Asiasana: | Corporate finance Liquidity Venture capital |
| Kieli: | eng |
| Tiivistelmä: | This article examines the optimal design of active monitorsÂ’ exit options in a situation involving a demand for liquidity and costly monitoring of the issuer. The authors find that there will be a trade-off between incentives and liquidity. They also find that in financial markets where price discovery is better and securities prices reflect the fundamentals of the issuer better, the incentive cost of greater liquidity may be smaller and active monitoring incentives may be preserved. |
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