G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4346
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
URLhttps://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.
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