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| Author: | Hellman, T. Stiglitz, J. |
| Title: | Credit and equity rationing in markets with adverse selection |
| Journal: | European Economic Review
2000 : FEB, VOL. 44:2, p. 281-304 |
| Index terms: | CREDIT MARKETS STOCK MARKETS RATIONING |
| Language: | eng |
| Abstract: | Previous theories of financial market rationing focussed on a single market, either the credit or the equity market. An interesting question is whether credit and equity rationing are mutually compatible, and how they interact. The authors consider a model with two-dimensional asymmetric information, where entrepreneurs have private information about both the expected returns and the risk of their projects. They show that credit and equity rationing may occur individually or simultaneously. |
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