The Resource Equilibrium corporate finance and intermediation, Alberto Bisin, Piero Gottardi, Guido Ruta

Equilibrium corporate finance and intermediation, Alberto Bisin, Piero Gottardi, Guido Ruta

Label
Equilibrium corporate finance and intermediation
Title
Equilibrium corporate finance and intermediation
Statement of responsibility
Alberto Bisin, Piero Gottardi, Guido Ruta
Creator
Contributor
Author
Subject
Language
eng
Summary
This paper analyzes a class of competitive economies with production, incomplete financial markets, and agency frictions. Firms take their production, financing, and contractual decisions so as to maximize their value under rational conjectures. We show that competitive equilibria exist and that shareholders always unanimously support firms' choices. In addition, equilibrium allocations have well-defined welfare properties: they are constrained e cient when information is symmetric, or when agency frictions satisfy certain specific conditions. Furthermore, equilibria may display specialization on the part of identical firms and, when equilibria are constrained inefficient, may exhibit excessive aggregate risk. Financial decisions of the corporate sector are determined at equilibrium and depend not only on the nature of financial frictions but also on the consumers' demand for risk. Financial intermediation and short sales are naturally accounted for at equilibrium
Cataloging source
FIE
http://library.link/vocab/creatorName
Bisin, Alberto
Index
no index present
Literary form
non fiction
http://library.link/vocab/relatedWorkOrContributorName
  • Gottardi, Piero
  • Ruta, Guido
  • European University Institute
Series statement
  • EUI working papers.
  • EUI papers
Series volume
2014/09.
http://library.link/vocab/subjectName
  • Equilibrium (Economics)
  • Corporations
Label
Equilibrium corporate finance and intermediation, Alberto Bisin, Piero Gottardi, Guido Ruta
Link
http://hdl.handle.net/1814/32017
Instantiates
Publication
Note
Subject: Capital structure; Competitive equilibria; Incomplete markets; Asymmetric information
Control code
FIEb17680153
Dimensions
30 cm.
Extent
43 pages
Other physical details
illustrations
System control number
(OCoLC)993118517
Label
Equilibrium corporate finance and intermediation, Alberto Bisin, Piero Gottardi, Guido Ruta
Link
http://hdl.handle.net/1814/32017
Publication
Note
Subject: Capital structure; Competitive equilibria; Incomplete markets; Asymmetric information
Control code
FIEb17680153
Dimensions
30 cm.
Extent
43 pages
Other physical details
illustrations
System control number
(OCoLC)993118517

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