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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

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).

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

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.

26 Jun 2023: j.chu@jbs.cam.ac.uk. Xi Li. London School of Economics and Political Science. xi.li@lse.ac.uk. ... School of Economics, University of Portsmouth, Rutgers University, Bocconi University, RCN,.

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).

support provided to this program by EDF.†Toulouse School of Economics (CRM-IDEI), Manufacture des Tabacs, 21, Allée de Brienne, 31000. ... Toulouse, France. Email: jean-paul.decamps@tse-fr.eu‡Toulouse School of Economics (CRM-IDEI), Manufacture des

role of debt covenants in resolving financial agency problems has not yet been carefully. ... absent any covenant restrictions, and the resulting magnitude of financial agency costs.

documents that relatively few people own stocks, bonds or other types of financial assets. ... In this section we develop a simple one-period ( = 01) model of financial intermediation.

the liquidity provision/maturity transformation role of financial intermediation originating with. Diamond and Dybvig (1983). ... Allen, Babus, and. Carletti (2012) examine the impact of financial connections on systemic risk.

10 Jan 2023: turns on Stocks and Bonds," Journal of Financial Economics, 25(1), 23{49. ... Makarov (2004): An Econometric Model. of Serial Correlation and Illiquidity in Hedge Fund Returns," Journal of Financial.

10 Jan 2023: stock available for trading. We link our model to a wide range of financial phenomena. ... of hyperbolic time discounting. While hyperbolic discounting has been linked to a number.

19 Jun 2024: ultimately successful, which Idefine as completing an IPO or acquisition by a financial-acquiror. ... Nanda and Rhodes-Kropf (2017) argue that start-upswith more radical innovations require hot financial markets to succeed because the real option value

Journal of Economic Literature Classification Numbers: D82, G12, G14.Keywords: asymmetric information, rational expectations, learning from prices, contingentclaims, derivative securities. ... Investors in financial markets use their private informa-tion