General disequilibrium analysis with inside debt

نویسندگان

چکیده

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Inside Debt and the Design of Corporate Debt Contracts

Agency theory posits that debt-like compensation (such as defined-benefit pensions and other deferred compensation) aligns managerial interests more closely with those of debtholders and reduces the agency cost of debt. Consistent with theory, we find that a higher CEO relative leverage, defined as the ratio of the CEO's inside leverage (debt-toequity compensation) to corporate leverage, is ass...

متن کامل

CEO Inside Debt and Costs of Bank Debt Financing

This study examines the role of CEOs’ pensions and deferred compensations by exploring their impacts on pricing and non-pricing contract terms of bank loans. CEO’s inside debt, defined as the sum of defined benefit pensions and deferred compensations, pays fixed amounts at periodic intervals. We find that higher inside debt holdings significantly reduce both loan rate spreads and demands for co...

متن کامل

Applying Disequilibrium Growth Theory: Debt E ects and Debt De ation

In this paper we consider two polar dynamical models in which rms use debt (loans) to nance their investment expenditure, a three-dimensional supply driven one and a sophisticated 20D Keynesian growth model. In the rst type of model debt accumulation of rms interacts with income distribution and resulting capital stock and employment growth patterns. In the second high dimensional model we have...

متن کامل

Bank Ceos , inside Debt Compensation , and the Global Financial Crisis

Bank executives’ compensation has been widely identified as a culprit in the Global Financial Crisis, and reform of banker pay is high on the public policy agenda. While Congress targeted its reforms primarily at bankers’ equity-based pay incentives, empirical research fails to show any correlation between bank CEO equity incentives and bank performance in the Financial Crisis. We offer an alte...

متن کامل

Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State- Controlled Banking System

We study a transitional economy where state-controlled banks make loan decisions based on noisy inside information on prospective borrowers, and may lend to avert unemployment and social instability. In China, poor financial performance and high managerial expenses increase the likelihood of obtaining a bank loan, and bank loan approval predicts poor subsequent borrower performance. Negative ev...

متن کامل

ذخیره 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: Journal of Macroeconomics

سال: 1999

ISSN: 0164-0704

DOI: 10.1016/s0164-0704(99)80007-x