Zobrazeno 1 - 10
of 63
pro vyhledávání: '"Erwan Morellec"'
Publikováno v:
Journal of Financial Economics, 136(3), 718-742. Elsevier
We build a dynamic agency model in which the agent controls both current earnings via short-term investment and firm growth via long-term investment. Under the optimal contract, agency conflicts can induce short- and long-term investment levels beyon
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::6c28146c7aa2809f36e681693b10b52f
https://doi.org/10.1016/j.jfineco.2019.12.003
https://doi.org/10.1016/j.jfineco.2019.12.003
Publikováno v:
SSRN Electronic Journal.
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::a58b88fe316ca755f0e77f094fa1f32a
https://doi.org/10.2139/ssrn.4025812
https://doi.org/10.2139/ssrn.4025812
Publikováno v:
Journal of Financial Economics, 142(3), 1038-1067. Elsevier
We develop a model in which a start-up firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is preferred to equity financing unless the platform expec
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::4d33d83efa454d965d6afaf29828f1de
https://pure.eur.nl/en/publications/bde57056-56c0-4aa3-bd5f-fcb325f3f3c1
https://pure.eur.nl/en/publications/bde57056-56c0-4aa3-bd5f-fcb325f3f3c1
Autor:
Alexei Zhdanov, Erwan Morellec
Publikováno v:
The Review of Financial Studies. 32:4343-4386
Most firms face some form of competition in product markets. The degree of competition a firm faces feeds back into its cash flows and affects the values of the securities it issues. Through its effects on stock prices, product market competition aff
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::19756b7f3361423b2f11878cf72b1a61
https://doi.org/10.1093/rfs/hhz027
https://doi.org/10.1093/rfs/hhz027
Publikováno v:
SSRN Electronic Journal.
We study a dynamic moral hazard problem in which a bank originates a pool of loans that it sells to competitive investors via securitization. The bank controls the default risk of the loans by screening at origination and monitoring after origination
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::4fdcb18091d1a7a8693708fb26ad222e
https://doi.org/10.2139/ssrn.3938511
https://doi.org/10.2139/ssrn.3938511
Publikováno v:
SSRN Electronic Journal.
Lending relationships matter for firm financing. In a model of debt dynamics, we study how lending relationships are formed and how they impact leverage and debt maturity choices. In the model, lending relationships evolve through repeated interactio
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::ad4e75d430aac4184584e3bb7774b901
https://doi.org/10.2139/ssrn.3888425
https://doi.org/10.2139/ssrn.3888425
Publikováno v:
The Review of Financial Studies. 31:4232-4287
We construct firm-level indexes for agency conflicts between controlling shareholders and outside investors by estimating a dynamic model of financing decisions. Our estimates for 12,652 firms from 14 countries show that agency conflicts are large an
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::4e48d9b7ef54413a4b36833112b52b63
https://doi.org/10.1093/rfs/hhy018
https://doi.org/10.1093/rfs/hhy018
Autor:
Erwan Morellec, Julien Hugonnier
Publikováno v:
Journal of Financial Economics. 125:266-285
We develop a dynamic model of banking to assess the effects of liquidity and leverage requirements on banks’ financing decisions and insolvency risk. In this model, banks face taxation, issuance costs of securities, and default costs and maximize s
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::ac106cbf8220c1bab61dbe5e6af29939
https://doi.org/10.1016/j.jfineco.2017.05.006
https://doi.org/10.1016/j.jfineco.2017.05.006
Publikováno v:
SSRN Electronic Journal.
Recent empirical studies show that innovative firms heavily rely on debt financing. Debt overhang implies that debt hampers innovation by incumbents. A second effect of debt is that it stimulates innovation by entrants. Using a Schumpeterian growth m
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::9afda2c6fd80c7e19c287e855532497a
https://doi.org/10.2139/ssrn.3416576
https://doi.org/10.2139/ssrn.3416576
Publikováno v:
SSRN Electronic Journal.
We develop a model in which a startup firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is generally preferred to equity financing, unless the plat
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::0b99145598eee7b322253d8c83f8fada
https://doi.org/10.2139/ssrn.3485880
https://doi.org/10.2139/ssrn.3485880