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Keywords: financial contracting, relationship financing, dominant investors, equity financ-ing.JEL Classification: G32. ... gotiations and, respectively, financial contracting in t = 2 (as already noted, we can also interpret{S1,S2.

Thus, such targets are acquired later,. when the financial constraint of the acquirer is less likely to be satisfied, and hence are more likely to. ... have bidders that can raise capital in the financial market to finance their cash bids.

support provided to this program by EDF.†Toulouse School of Economics (CRM-IDEI), Manufacture des Tabacs, 21, Allée de Brienne, 31000. ... Dynamic corporate models with only liquidity issues study how financial frictions impact the.

Edinburgh Business School, FIRS 2013, Frankfurt School of Finance and Economics, HKUST, LSE, NBER. ... activism procyclical?yStockholm School of Economics and Swedish House of Finance, CEPR, ECGI, and FMG.

different from adding financial slack, i.e. liquid securities (such as Treasury bills) on which. ... portfolio is different from adding financial slack, i.e. liquid securities (such as Treasury bills).

non-financial firms. For example, James (1991) finds that when banks are liquidated,. ... banking system depends also on . For  = 2 financial inclusion is zero.

how, and how much, they mitigate financial agency costs. We investigate the direct. ... Smith, and Sufi (2009) examine firms’ investment and financing behavior once a financial.

financial crises has been contagion among apparently unrelated asset classes. For example, the. ... general financial markets, leading to a near meltdown of the entire financial system.

deemed investments in bonds and other financial assets more attractive (Gelderblom and.

Investors in financial markets use their private informa-tion to extract gains from trading financial securities. ... 5. optimizations, and distributional assumptions. Section 3 solves for equilibria both ineconomies with complete and incomplete