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| Author: | Greenwald, B. C. Stiglitz, J. E. |
| Title: | Asymmetric information and new theory of the firm: Financial constrains and risk behaviour |
| Journal: | American Economic Review
1990 : MAY, VOL. 80:2, p. 160-165 |
| Index terms: | INFORMATION FIRM (THEORY OF) MODELS FINANCIAL RISK CAPITAL MARKETS |
| Language: | eng |
| Abstract: | Recent developments in the theory of the firm have been closely related to developments in examining the economic implications of perfect information. Models of imperfect information in financial markets have altered the traditional view in two important ways. The consequences of both kinds of imperfections for the behaviour of firms and their evolution over time are examined. In doing so, an exemplary case of imperfect competition is considered. However, the lessons of the model presented point more broadly to the general direction in which informational imperfections in financial markets affect the external dimensions of firms behaviour, in relation with labour, capital and product markets. |
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