Essays on corporate finance and financial intermediation:
Saved in:
| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Amsterdam
Thela Thesis
1999
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Zugl.: Univ. of Amsterdam, Diss., 1999 |
| Physical Description: | 246 S. |
| ISBN: | 9090128352 |
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| 245 | 1 | 0 | |a Essays on corporate finance and financial intermediation |c door Anna Barbara Petronella Gemma Schmeits |
| 264 | 1 | |a Amsterdam |b Thela Thesis |c 1999 | |
| 300 | |a 246 S. | ||
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Record in the Search Index
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| adam_text | ESSAYS ON CORPORATE FINANCE AND FINANCIAL INTERMEDIATION
TABLE OF CONTENTS
Chapter 1: Introduction and Outline of Dissertation
1.1 Introduction and Motivation 2
1.2 Approach and Background 6
1.3 Outline of die Dissertation 9
1.4 Concluding Remarks 14
Chapter 2: Information Asymmetry in Financial Markets: Implications for Financial
Contracting and the Firm s Funding Source Choice
2.1 Introduction 16
2.2 Asymmetric Information, Investment Incentives and Market Failure in Debt and
Equity Markets 18
2.3 Solutions to Informational Problems: Financial Contracting 25
2.3.1 Solutions to Adverse Selection 25
2.3.2 Solutions to Moral Hazard 30
2.4 Solutions to Informational Problems: The Firm s Funding Source Choice .... 37
2.4.1 Bank Financing 38
2.4.2 Financial Market Financing 48
2.4.3 Venture Capital Financing 54
2.5 Concluding Remarks 56
Chapter 3: Discretion in Bank Contracts and the Firm s Funding Source Choice
between Bank and Financial Market Financing
3.1 Introduction 60
3.2 Related Literature 64
3.3 The Basic Model 67
3.3.1 Production Possibilities for Firms 67
3.3.2 Information Structure, Types of Contracts and Funding Sources 68
3.3.3 Sequence of Events in Lender Borrower Interaction 70
3.4 Model Analysis 71
3.4.1 Determination of Interest Rates 71
3.4.2 The Borrower s Choice of Contract Type and Funding Source 78
3.4.3 Discussion 88
3.4.4 A Numerical Example 89
3.5 Model Extensions and Further Analysis 91
3.5.1 Ex Ante Investment Incentives, Project Types and the Borrower s
Contract Choice 92
3.5.2 Long Term versus Short Term Contracts 94
3.5.3 Information Production in Financial Markets and Reputation Formation . 96
3.5.4 Implications for Comparative Financial Systems 98
3.5.5 Application to Bank Contracts: Loan Commitments 100
3.6 Conclusions 101
Appendix:
A.I Proofs of Propositions 102
Chapter 4: Market Discipline and Incentive Problems in Conglomerate Banks
4.1 Introduction 118
4.2 General Framework and Intuition 121
4.3 The Model: Setup and Analysis 123
4.3.1 Specification 123
4.3.2 Analysis 126
4.3.3 A Numerical Example 135
4.3.4 Discussion 135
4.4 Internal Allocation of Cost of Capital and Incentive Contracting Issues 137
4.4.1 Internal Allocation of Cost of Capital 137
4.4.2 Incentive Contracting Issues 140
4.5 Proprietary Trading versus Relationship Banking 143
4.5.1 Introduction 143
4.5.2 Specification and Analysis 144
4.6 Further Implications and Empirical Evidence 147
4.6.1 The Diversification Discount 147
4.6.2 Conglomeration in Developed and Developing Economies 149
4.6.3 Applications to Corporations: Spinoffs and Equity Carve Outs 150
4.7 Conclusions 151
Appendix:
A.I Proofs of Propositions 152
Chapter 5: Issues in Venture Capital Financing
5.1 Introduction 166
5.2 Main Problems in the Financing of Entrepreneurial (Start Up) Firms 168
5.2.1 Informational Problems between Entrepreneurial Firms and Financiers 169
5.2.2 The Supply Side of the Market for Risk Capital; Policy Issues 171
5.3 Solutions to Informational Problems in the Financing of Start Up Firms .... 173
5.3.1 Information Production 173
5.3 2 Contractual Features 175
5.3.3 Other Features of Venture Capital Financing 189
5.4 Shortcoming in Financing Forms and Institutional Arrangements; Government
Intervention 190
5.4.1 Rationales for Government Intervention in the Market for Venture
Capital 191
5.4.2 A Simple Model of Government Intervention in the Market for Risk
Capital 194
5.4.3 Measures of Government Intervention 198
5.4.4 Potential Caveats and Possibilities for Extensions 205
5.5 Overview and Evaluation of Dutch Measures of Government Intervention in
the Market for Venture Capital 207
5.5.1 Key Arrangements; Government Guarantees 208
5.5.2 Recent Measures 211
5.5.3 Evaluation 212
5.6 Concluding Remarks and Avenues for Future Research 213
Appendix:
A.I Proofs of Propositions 217
Summary 223
References 227
Summary (in Dutch) 240
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| spelling | Schmeits, Anjolein Verfasser aut Essays on corporate finance and financial intermediation door Anna Barbara Petronella Gemma Schmeits Amsterdam Thela Thesis 1999 246 S. txt rdacontent n rdamedia nc rdacarrier Zugl.: Univ. of Amsterdam, Diss., 1999 Bemiddeling gtt Financiering gtt Kapitaalmarkt gtt Mathematisches Modell Corporations Finance Mathematical models Intermediation (Finance) Mathematical models Finanzintermediation (DE-588)4368756-8 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Finanzierung (DE-588)4017182-6 s Finanzintermediation (DE-588)4368756-8 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008890195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schmeits, Anjolein Essays on corporate finance and financial intermediation Bemiddeling gtt Financiering gtt Kapitaalmarkt gtt Mathematisches Modell Corporations Finance Mathematical models Intermediation (Finance) Mathematical models Finanzintermediation (DE-588)4368756-8 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4368756-8 (DE-588)4017182-6 (DE-588)4113937-9 |
| title | Essays on corporate finance and financial intermediation |
| title_auth | Essays on corporate finance and financial intermediation |
| title_exact_search | Essays on corporate finance and financial intermediation |
| title_full | Essays on corporate finance and financial intermediation door Anna Barbara Petronella Gemma Schmeits |
| title_fullStr | Essays on corporate finance and financial intermediation door Anna Barbara Petronella Gemma Schmeits |
| title_full_unstemmed | Essays on corporate finance and financial intermediation door Anna Barbara Petronella Gemma Schmeits |
| title_short | Essays on corporate finance and financial intermediation |
| title_sort | essays on corporate finance and financial intermediation |
| topic | Bemiddeling gtt Financiering gtt Kapitaalmarkt gtt Mathematisches Modell Corporations Finance Mathematical models Intermediation (Finance) Mathematical models Finanzintermediation (DE-588)4368756-8 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Bemiddeling Financiering Kapitaalmarkt Mathematisches Modell Corporations Finance Mathematical models Intermediation (Finance) Mathematical models Finanzintermediation Finanzierung Hochschulschrift |
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