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

10 Jan 2023: Session 6 – chair: D’Maris Coffman. 16:00 Paper 11: Social security, endogenous retirement and intra-household.

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.

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

9 Sep 2021: municipal financing and default to a somewhat endogenous tax base. While Gordon and.

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.

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-.