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of debt and equity as well as a characterization of corporate financial policy that can. ... the economic value of the productive asset under financial constraints. Indeed, under MM,.

investors somewhere in the economy? We propose a theory of financial fire sales. ... of real assets, unlike those of financial securities, can differ significantly among investors.

information at the onset of the firm’s financial distress. This result is consistent with empirical. ... While this intuition is helpful in explaining the liquidity of debt contracts in financial inter-.

follow-on round of financing. Non-pursued certification would send a negative signal. ... the value of securities issued by relatively unknown firms.3Empirical studies provide evidence that venture capital backed firms are indeed viewed by financial.

Wealso have benefited from comments from seminar participants at Georgetown economics department, theannual meeting of the Society for Economic Dynamics, at the CEPR Summer Meetings Gerzensee, theSummer Finance Conference at IDC ... economics and finance

on the dominance of early investors. Our work also touches upon the discussion of whether long-term financial contracts can help. ... round. One of the key insights of our paper is that both financial claims, S1 and S2, determine to what.

Vladimirov,Michael Whinston, seminar participants at Aalto University, Bocconi University, EIEF, Erasmus University Rotterdam,Imperial College, London Business School, Northwestern University (Kellogg), Stockholm School of Economics, ... Thus, such

Erwan Morellec acknowledges financial support from the Swiss Finance Institute.†Toulouse School of Economics.‡Erasmus University Rotterdam.Swiss Finance Institute, EPFL, and CEPR.Toulouse School of Economics. ... mainstream literature in financial

unobservable to empiricists, theoretical analysis of what form of governance. disciplines the manager can enhance our understanding of how financial mar-. ... captures the degree of A’s dependence on financial markets. High (α ϕ).

thanks the Paul Woolley Centre at the LSE for nancial support and the Faculty of Economics at Cambridge. ... activism procyclical?yStockholm School of Economics and Swedish House of Finance, CEPR, ECGI, and FMG.