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dc.contributor.authorHvide, Hans K.
dc.contributor.authorLeite, Tore
dc.date.accessioned2006-07-13T10:38:40Z
dc.date.available2006-07-13T10:38:40Z
dc.date.issued2002-06
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/163701
dc.description.abstractWe reformulate the classic CSV model of financial contracting from Townsend (1979) and Gale & Hellwig (1985) to tackle criticisms raised against it, such as lack of subgame-perfectness at the repayment stage and its inability to encompass equity contracts. The implications drawn are shown to be consistent with empirical regularities, such as strategic defaults of debt obligations, firms being financed by a mix of debt and equity, violations of absolute priority rules, and a low debt ratio for high risk projects.en
dc.format.extent380483 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoengen
dc.publisherNorwegian School of Economics and Business Administration. Department of Finance and Management Scienceen
dc.relation.ispartofseriesDiscussion paperen
dc.relation.ispartofseries2002:7en
dc.subjectcapital structureen
dc.subjectcash diversionen
dc.subjectcostly state verificationen
dc.subjectdebten
dc.subjectoutside equityen
dc.subjectpriority violationsen
dc.subjectfinancial contractsen
dc.subjectstrategic defaulten
dc.titleStrategic defaults and priority violations under costly state verificationen
dc.typeWorking paperen


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