Bankruptcy choice with endogenous financial constraints
نویسندگان
چکیده
منابع مشابه
Supply Chain Contract Design Under Financial Constraints and Bankruptcy Costs
Full terms and conditions of use: http://pubsonline.informs.org/page/terms-and-conditions This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact [email protected]. The...
متن کاملEndogenous Bankruptcy and Expected Recovery
Using a large sample of Chapter 11 filings from 1996 to 2007 we find that the endogenously determined expected recovery derived from Leland and Toft (1996) has strong explanatory power on debt recovery observed in the market. Our results hold after firm characteristics, industry distress, and macroeconomic conditions are accounted for. In addition, we find that agency conflicts and ex post bank...
متن کاملFinancial Constraints , Endogenous Markups , and Self - fulfilling Equilibria
3 We show that self-fulfilling equilibria and indeterminacy can easily arise in a simple financial accelerator model with reasonable 4 parameter calibrations and without increasing returns in production. A key feature for generating indeterminacy in our model is 5 the countercyclical markup due to the procyclical loan to output ratio. We illustrate, via simulations, that our financial accelerat...
متن کاملA noncooperative approach to bankruptcy problems with an endogenous estate
We introduce a new class of bankruptcy problems in which the value of the estate is endogenous and depends on agents’ investment decisions. There are two investment alternatives: investing in a company (risky asset) and depositing money into a savings account (risk-free asset). Bankruptcy is possible only for the risky asset. We define a game between agents each of which aims to maximize his ex...
متن کاملEfficiency with Endogenous Information Choice∗
We study the efficiency of information acquisition decisions in models with dispersed information and strategic considerations. Our main result is that information choice is typically inefficient because agents do not fully internalize the effects of their information on others. This ex-ante suboptimality is obtained even in environments where information is used efficiently ex-post. We demonst...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2017
ISSN: 1094-2025
DOI: 10.1016/j.red.2017.06.004