haku: @author Innes, R. / yhteensä: 9
viite: 8 / 9
| Tekijä: | Innes, R. |
| Otsikko: | Financial contracting under risk neutrality, limited liability and ex ante asymmetric information. |
| Lehti: | Economica
1993 : FEB, VOL. 60-237, p. 27-40 |
| Asiasana: | ECONOMETRIC MODELS RISK FINANCIAL MARKETS |
| Kieli: | eng |
| Tiivistelmä: | The article analyses a risk-neutral financial market in which entrepreneurs require some investment funds from "competitive" outsiders and yet have private information about the quality of their ex post return distribution. The work of De Meza and Webb (1987) has been generalized in the analysis. The paper has identified prospective benefits of debt contracts that are likely to with stand dynamic generalizations. In multi-period analogue of the presented model, debt offers an added advantage to high-quality entrepreneurs/firms by providing them with a potentially valuable 'debt retirement' signalling mechanism in future periods. |
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