| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4346 |
| DP4346 The Impact of Globalization on the Equity Cost of Capital | |
| Gikas Hardouvelis; Richard Priestley; Dimitrios Malliaropoulos | |
| 发表日期 | 2004-04-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We analyse how a firm allocates information rights across its multiple banks. By differentiating information disclosed, a firm prevents its banks from continuing projects (possibly unsound) solely in order to use their superior information and seize assets during the reorganization. Informational diversity can also lead to the premature liquidation of sound projects, however. We derive the optimal allocation of information as a function of the redeployability and the heterogeneity of the firm?s assets, and of the costs of restructuring the firm in distress. Using a sample of US firms, we find evidence that supports the empirical predictions of the model. |
| 主题 | Financial Economics |
| 关键词 | Bank relationships Multiple banking Firms financing |
| URL | https://cepr.org/publications/dp4346 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533303 |
| 推荐引用方式 GB/T 7714 | Gikas Hardouvelis,Richard Priestley,Dimitrios Malliaropoulos. DP4346 The Impact of Globalization on the Equity Cost of Capital. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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