Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w29712 |
来源ID | Working Paper 29712 |
Waiting for Capital with On-Demand Financing | |
Barney Hartman-Glaser; Simon Mayer; Konstantin Milbradt | |
发表日期 | 2022-01-31 |
出版年 | 2022 |
语种 | 英语 |
摘要 | We consider a firm with infrequent access to capital markets, continuous access to costly intermediary financing, and a cost of holding cash. In the optimal renegotiation-proof contract, the intermediary absorbs a share of cash-flow risk. This share increases as firm depletes its internal cash, suggesting an overlapping pecking order. If the firm runs out of cash, it liquidates if the cash-flow is too risky, otherwise the intermediary extends financing that resembles either private equity or collateralized debt. The model helps explain trends in financial intermediation, such as the rise of private equity and the use of collateralized debt. |
主题 | Microeconomics ; Economics of Information ; Financial Economics ; Corporate Finance |
URL | https://www.nber.org/papers/w29712 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587386 |
推荐引用方式 GB/T 7714 | Barney Hartman-Glaser,Simon Mayer,Konstantin Milbradt. Waiting for Capital with On-Demand Financing. 2022. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w29712.pdf(894KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。