Optimal Leverage and Strategic Disclosure

نویسندگان

چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود 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

Credit Ratings: Strategic Issuer Disclosure and Optimal Screening∗

We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to screen and rate its financial claim. Better CRA screening leads to a lower probability of obtaining a high rating but makes a high rating more valuable. Over an intermediate range of manipulation cost, improving screening quality can lead to more manipulation, dampening the CRA’s i...

متن کامل

Optimal information disclosure policies in strategic queueing games

Information about queue length is an important parameter for customers who face the decision whether to join a queue or not. In this paper, we study how optimal information disclosure policies can be used by a service provider of an M/M/1 queue to increase its revenue. Our main contribution is showing that the intuitive policy of informing customers about the current queue length when it is sho...

متن کامل

Strategic Leverage and Employees’ Rights in Bankruptcy

The seniority of employees’ claims in the liquidation of insolvent firms, and their rights in the renegotiation of their debt varies greatly across countries. Using a simple model of strategic leverage, we show that the balance between these rights of employees and those of other creditors affects the strategic value of debt: in equilibrium, stronger employees’ seniority rights in bankruptcy li...

متن کامل

Strategic disclosure of random variables

We consider a game Gn played by two players. There are n independent random variables Z1; : : : ; Zn, each of which is uniformly distributed on [0; 1]. Both players know n, the independence and the distribution of these random variables, but only player 1 knows the vector of realizations z := (z1; : : : ; zn) of them. Player 1 begins by choosing an order zk1 ; : : : ; zknof the realizations. Pl...

متن کامل

Strategic Disclosure of Collective Actions

The paper illustrates how decision makers may have an incentive to withhold information regarding the existence of Pareto improving collective actions. The resulting level of inefficiency varies with the way compromises are reached when the parties have to choose among multiple options. Various reasonable compromise rules can be ranked unequivocally, and a rule resulting in a minimal level of i...

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: SSRN Electronic Journal

سال: 2016

ISSN: 1556-5068

DOI: 10.2139/ssrn.2872388