| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15193 |
| DP15193 Security Design with Status Concerns | |
| Suleyman Basak; Marti Subrahmanyam; Dmitry Makarov; Alex Shapiro | |
| 发表日期 | 2020-08-22 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper provides a status-based explanation for convertible securities. An entrepreneur with status concerns inducing risk-taking decides how to finance the firm and how to dynamically manage it. Solving analytically for the optimal security, we find that it is substantially similar to a convertible security. Our model can explain why convertible securities are mainly issued by start-ups and small firms, as we show that their salient characteristics, higher volatility and dynamic flexibility, accentuate incentives to issue convertible securities. We also provide analytical results relevant to quantifying how status concerns affect credit risk, an established factor behind security choic |
| 主题 | Financial Economics |
| 关键词 | Security design Status concerns Convertible securities Financing Hybrid securities |
| URL | https://cepr.org/publications/dp15193 |
| 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/544163 |
| 推荐引用方式 GB/T 7714 | Suleyman Basak,Marti Subrahmanyam,Dmitry Makarov,et al. DP15193 Security Design with Status Concerns. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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