Debt structure and financial intermediation:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | German |
| Veröffentlicht: |
Aachen
Shaker
1999
|
| Ausgabe: | Als Ms. gedr. |
| Schriftenreihe: | Bonner finanzwirtschaftliche Studien
1 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 207 S. |
| ISBN: | 3826558294 |
Internformat
MARC
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| 245 | 1 | 0 | |a Debt structure and financial intermediation |c Joachim Schuhmacher |
| 250 | |a Als Ms. gedr. | ||
| 264 | 1 | |a Aachen |b Shaker |c 1999 | |
| 300 | |a 207 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Bonner finanzwirtschaftliche Studien |v 1 | |
| 502 | |a Zugl.: Bonn, Univ., Diss., 1999 | ||
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Business enterprises |x Finance | |
| 650 | 4 | |a Debt | |
| 650 | 4 | |a Finance, Personal | |
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| 650 | 0 | 7 | |a Verschuldungsgrad |0 (DE-588)4187980-6 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
| _version_ | 1804127404534267904 |
|---|---|
| adam_text | Contents
1 Introduction 1
2 Literature Overview 6
2.1 Existence of Financial Intermediaries 7
2.2 Public versus Private Debt 10
2.2.1 Adverse Selection Models 10
2.2.1.1 Pure Financing Sources 11
2.2.1.1.1 The model by Berlin and Loeys (1988) .... 11
2.2.1.1.2 The model by Chemmanur and Fulghieri (1994) 12
2.2.1.1.3 The model by Yosha (1995) 16
2.2.1.2 Mix of Financing Sources 18
2.2.1.3 Summary 22
2.2.2 Moral Hazard Models 23
2.2.2.1 Pure Financing Sources 24
2.2.2.1.1 The model by Diamond (1991a) 24
2.2.2.1.2 The model by Berlin and Mester (1992) ... 25
2.2.2.1.3 The model by Rajan (1992) 27
i
;i CONTENTS
2.2.2.2 Mix of Financing Sources 30
2.2.2.2.1 The model by Detragiache (1994) 30
2.2.2.2.2 The model by Besanko and Kanatas (1993) . 33
2.2.2.2.3 The model by Repullo and Suarez (1998) ... 35
2.2.2.3 Summary 38
2.2.3 Classification of the First Model Choice of Financing Source . 41
2.3 Seniority Structure 43
2.3.1 One period Model 44
2.3.2 Two period Models 47
2.3.2.1 The model by Diamond (1993a) 47
2.3.2.2 The model by Berkovitch and Kim (1990) 49
2.3.2.3 The model by Hart and Moore (1995) 53
2.3.3 Summary 56
2.3.4 Classification of the Second Model Seniority Structure and Fi¬
nancial Intermediation 57
2.4 Maturity Structure 59
2.4.1 Signaling Models 61
2.4.1.1 Signaling with Dissipative Costs 62
2.4.1.1.1 The model by Flannery (1986) 62
2.4.1.1.2 The model by Diamond (1991b) 65
2.4.1.2 Signaling with Nondissipative Costs 69
2.4.1.2.1 The model by Kale and Noe (1990) 69
CONTENTS iii
2.4.1.2.2 The model by Goswaini, Noe and Rebello (1997) 72
2.4.1.2.3 The model by Goswami, Noe and Rebello (1995a) 77
2.4.1.3 Summary 80
24.2 Contracting Cost Models 82
2.4.2.1 Conflict between Shareholders and Bondholders .... 82
2.4.2.1.1 The model by Hart and Moore (1994) .... 83
2.4.2.1.2 The model by Berglof and von Thadden (1994) 86
2.4.2.1.3 The model by Houston and Venkataraman (1994) 89
2.4.2.1.4 The model by Sharpe (1991) 91
2.4.2.2 Conflict between Shareholders and Management .... 94
2.4.2.3 Summary 97
2.4.3 Classification of the Third Model, Choice of Maturity and Fi¬
nancial Intermediation 98
3 Choice of Financing Source 100
3.1 Introduction 100
3.2 The Model 101
3.3 Financing Sources 106
3.3.1 Capital Market Financing 106
3.3.2 Bank Financing 108
3.3.3 Mixed Financing 112
3.4 Summary 116
iv CONTENTS
4 Seniority Structure and Financial Intermediation 117
4.1 Introduction 117
4.2 The Model 119
4.3 Capital Market as Financing Source 126
4.3.1 Many Creditors and no Seniority Structure 126
4.3.2 Many Creditors and Seniority Structure 131
4.3.3 The Optimal Choice of the Owner 138
4.4 Financial Intermediary as Financing Source 141
4.4.1 No Observation by Junior Public Creditors 142
4.4.2 Observation by Junior Public Creditors 144
4.5 Summary 145
4.6 Appendix A 147
5 Choice of Maturity and Financial Intermediation 151
5.1 Introduction 151
5.2 The Model 154
5.3 Symmetric Information about the Signal 162
5.3.1 Symmetric Information between Owner and Many Creditors . . 163
5.3.1.1 Long term Financing 163
5.3.1.2 Short term Financing 164
5.3.2 Symmetric Information between Owner and Financial Intermediary 167
5.3.3 The Decision Problem of the Owner 170
5.3.3.1 The General Maximization Problem 170
CONTENTS v
5.3.3.2 The Optimal Choice of Maturity 171
5.4 Asymmetric Information about the Signal 174
5.4.1 Asymmetric Information between Owner and Many Creditors . 175
5.4.1.1 Long term Financing 175
5.4.1.2 Short term Financing 176
5.4.2 Asymmetric Information between Owner and Financial Interme¬
diary 178
5.4.2.1 Long term Financing 178
5.4.2.2 Short term Financing 179
5.4.3 The Optimal Choice of Maturity 182
5.5 Extension 184
5.6 Summary 188
5.7 Appendix B 189
6 Conclusions 196
|
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| indexdate | 2024-07-09T18:32:49Z |
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| isbn | 3826558294 |
| language | German |
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| spelling | Schuhmacher, Joachim Verfasser aut Debt structure and financial intermediation Joachim Schuhmacher Als Ms. gedr. Aachen Shaker 1999 207 S. txt rdacontent n rdamedia nc rdacarrier Bonner finanzwirtschaftliche Studien 1 Zugl.: Bonn, Univ., Diss., 1999 Unternehmen Business enterprises Finance Debt Finance, Personal Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Agency-Theorie (DE-588)4126353-4 gnd rswk-swf Bankkredit (DE-588)4318121-1 gnd rswk-swf Finanzplanungsmodell (DE-588)4252015-0 gnd rswk-swf Verschuldungsgrad (DE-588)4187980-6 gnd rswk-swf Finanzintermediation (DE-588)4368756-8 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Unternehmen (DE-588)4061963-1 s Kapitalstruktur (DE-588)4125993-2 s Verschuldungsgrad (DE-588)4187980-6 s DE-604 Finanzintermediation (DE-588)4368756-8 s Bankkredit (DE-588)4318121-1 s Agency-Theorie (DE-588)4126353-4 s Finanzplanungsmodell (DE-588)4252015-0 s Bonner finanzwirtschaftliche Studien 1 (DE-604)BV012877335 1 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008661105&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schuhmacher, Joachim Debt structure and financial intermediation Bonner finanzwirtschaftliche Studien Unternehmen Business enterprises Finance Debt Finance, Personal Kapitalstruktur (DE-588)4125993-2 gnd Unternehmen (DE-588)4061963-1 gnd Agency-Theorie (DE-588)4126353-4 gnd Bankkredit (DE-588)4318121-1 gnd Finanzplanungsmodell (DE-588)4252015-0 gnd Verschuldungsgrad (DE-588)4187980-6 gnd Finanzintermediation (DE-588)4368756-8 gnd |
| subject_GND | (DE-588)4125993-2 (DE-588)4061963-1 (DE-588)4126353-4 (DE-588)4318121-1 (DE-588)4252015-0 (DE-588)4187980-6 (DE-588)4368756-8 (DE-588)4113937-9 |
| title | Debt structure and financial intermediation |
| title_auth | Debt structure and financial intermediation |
| title_exact_search | Debt structure and financial intermediation |
| title_full | Debt structure and financial intermediation Joachim Schuhmacher |
| title_fullStr | Debt structure and financial intermediation Joachim Schuhmacher |
| title_full_unstemmed | Debt structure and financial intermediation Joachim Schuhmacher |
| title_short | Debt structure and financial intermediation |
| title_sort | debt structure and financial intermediation |
| topic | Unternehmen Business enterprises Finance Debt Finance, Personal Kapitalstruktur (DE-588)4125993-2 gnd Unternehmen (DE-588)4061963-1 gnd Agency-Theorie (DE-588)4126353-4 gnd Bankkredit (DE-588)4318121-1 gnd Finanzplanungsmodell (DE-588)4252015-0 gnd Verschuldungsgrad (DE-588)4187980-6 gnd Finanzintermediation (DE-588)4368756-8 gnd |
| topic_facet | Unternehmen Business enterprises Finance Debt Finance, Personal Kapitalstruktur Agency-Theorie Bankkredit Finanzplanungsmodell Verschuldungsgrad Finanzintermediation Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008661105&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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