haku: @author Abel, A. / yhteensä: 3
viite: 3 / 3
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| Tekijä: | Abel, A. Mailath, G. |
| Otsikko: | Financing losers in competitive markets |
| Lehti: | Journal of Financial Intermediation
1994 : MAR, VOL. 3:2, p. 139-165 |
| Asiasana: | FINANCE FINANCIAL INTERMEDIARIES CAPITAL MARKETS |
| Kieli: | eng |
| Tiivistelmä: | Projects with negative expected value cannot obtain financing in competitive capital markets if all potential investors are risk neutral and have identical beliefs about the distribution of the project's net revenue. The authors present a series of examples with heterogeneous beliefs in which it is possible for a project to obtain financing even though all investors in the project believe, conditional on the project being indertaken, that the project has negative expected value. |
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