Autore: Gonzales de Lara, Yadira
Titolo: Risk-sharing, enforceability, information and capital structure.
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 2000 - Fascicolo: 5 - Pagina iniziale: 1 - Pagina finale: 45

This paper, instead of focusing on agency cost, analyzes the role of risk-sharing under problems of enforceability (default) to explain the optimal determination of capital structure. Optimal contract structure presents equity and debt. Moreover, this paper accounts for both (i) equity simultaneously held by insider-entrepreneurs and outside investors as well as for (ii) entrepreneurs resorting to debt before investing 100 percent of their wealth in their ventures. These results provide a more accurate representation of reality within Optimal Security Design.


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Testo completo: http://www.iue.it/PUB/ECO2000-5.pdf

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