Search

Title and Abstract Provided at Application. Title: Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with.

Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with Jonathon Hazell, MIT and Co-Pierre Georg, Bundesbank and University of Cape Town). ... Endogenous Financial Networks: Efficient Modularity and Why

2. Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with Co-Pierre Georg, Bundesbank and Jonathon Hazell, MIT). ... workshop in Paris last week. Endogenous Financial Networks: Efficient Modularity and Why

We then develop a general equilibrium model of firm dynamics (endogenous entry, exit and growth) to understand how dispersion in financing costs affects aggregate outcomes such as investment, productivity and misallocation.

We then develop a general equilibrium model of firm dynamics (endogenous entry, exit and growth) to understand how dispersion in financing costs affects aggregate outcomes such as investment, productivity and misallocation.

before writing up and promoting the paper. Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with.

Neuhann, of endogenous information acquisition by syndicates of lenders with heterogeneous bank scope.

In addition, it is found that the increases in value are more pronounced for larger and more complex firms, firms more exposed to endogenous uncertainty and with important stakeholder relationships. ... The increase in firm value is stronger for larger

Firstly, I make a methodological contribution by refining the notion of debt sustainability, taking into account the possibility of endogenous coordination failures by investors and a generalised maturity structure.

To allow for random and possibly endogenous trading times times, we generalize the results in Vogt (2012) towards sampling times described by point processes.

an endogenous influx of new investors, can lead to a period of rapid run-up in asset.

Finally, we propose a robust identification to the endogenous relationship between director network connections and firm value.

between banks and depositors may lead to endogenous bank fragility and default, associated with a.

project in. Endogenous Financial Networks: Efficient Modularity and Why Shareholders Prevent It (joint with.

information production is endogenous. When the production of information is not affected by. ... exogenous (dotted line) and for the case where α is endogenous (solid line).

Amount Awarded n/a. Project Abstract This paper develops a model of how global macroeconomic conditions affect sovereign bond valuation when debt and default policies are endogenous.

In other words, the informational content of news is endogenous, but whether one hears any news is not.

imperfectly informed investors, together with an endogenous influx of new investors,.

endogenous variables in the equilibrium. Proposition 2. There exists a unique equilibrium with σB1 = 0 if and only.

empirical support that while the endogenous decision to adopt a poison pill is negatively. ... firms more exposed to endogenous uncertainty and with important stakeholder relationships.

endogenous debt servicing cost, our model predicts lower optimal debt levels than those. ... endogenous debt servicing costs such that the firm would never default on this debt.

imperfectly informed investors, together with an endogenous influx of new investors,. ... Finally, the model also. allows for gradual endogenous investor inflows that greatly amplify predicted price.

To allow for random and possibly endogenous trading times, we generalize the results in Vogt (2012) towards sampling times described by point processes.

constrained. bidder. 2. General cash constraints: Endogenous Means of Payment. Equilibrium selection: MPBE in separating thresholds• Type v of bidder i initiates a bid for the target when X (t) reachesthreshold ... General model, auction. Now, bidder i

of earnings beyond an endogenous constant cash target level. Other key insights are that.

This approach would generate a fixed refinancing cost φAt with an endogenous φ. ... policy whereby the firm invests as soon as asset productivity reaches some endogenous upper.

general equilibrium model with endogenous issuance of internationally traded safe assets.

governments will not be able to benefit from fiscal insurance. This relates to the endogenous.

Finally, we propose a robust identification to the endogenous relationship between director network connections and firm value.

the optimal endogenous default policy S, for the shareholder value maximization case.

Governing Multiple Firms. Alex Edmans. LBS, CEPR, and ECGI. Doron Levit. Wharton. Devin Reilly. UPenn. September 1, 2016. Abstract. Conventional wisdom is that, when an investor owns multiple firms, governance is. weaker because she is spread too

the informational content of endogenous trading times (e.g. Li et al. ... 2004), among others. As endogenous sampling times contribute to the overall variation of our.

Finally, we propose a robust identification to the endogenous relationship between director network connections and firm value.

robust identification to the endogenous relationship between director network. connections and firm value.

imperfectly informed investors, together with an endogenous influx of new investors,.

How do they affect thefirm’s policies? Outline. I Dynamic structural model with endogenous investment andfinancing (with long–term debt with no covenants) decided byshareholders, who deviate from firm value maximization.

2. but are limited, because they do not allow for endogenous means of payment. ... tion of the general model with arbitrary cash constraints. We show that there is endogenous selection.

fewer of them will be available. Of course, safe asset scarcity must be an endogenous phenomenon. ... endogenous changes in uninformed demand. Gorton and Pennacchi (1990) also analyze the equilibrium supply of riskless debt in a setting.

Lorenzo Ductor, Middlesex); Complexity, institutions and endogenous fragility (Matthew. Elliott, Cambridge) and Theory and experiments on network formation (Sanjeev Goyal,.

In this way,. uncertainty aversion generates endogenous contagion and becomes a source of systemic risk. ... 2.2 Endogenous Beliefs. An important implication of uncertainty aversion is that the investors’belief on the parameter θ.

by net worth). Indeed, these variables are the two relevant (endogenous) state variables in. ... on a credit line below. 5Because our focus in not on endogenous costs of distress, as in Hennessy and Whited (2005) we make theassumption of riskfree debt in

based on a noisy rational expectations equilibrium framework with endogenous ad-. ... endogenous lemons problem resulting from varying degrees of informed trading activ-.

1. ever, because of the endogenous convexity in the payoff structure, such contract necessarily.

Ownership structure, organizational reform and corporate reputations. Thomas H. NoeSaïd Business School and Balliol College. University of Oxford. Michael J. RebelloSchool of Management. University of Texas at Dallas. Thomas A. RietzHenry B. Tippie

endogenous link between the observed procyclicality of activism and the documented e¤ect.