BETRIEBSWIRTSCHAFTLICHES
FORSCHUNGS-SEMINAR:
Am Do., 23.4.1998 von 15.00-16.30
haelt im Seminarraum 1 des Betriebswirtschaftlichen Zentrums,
Universitaet Wien, Bruennerstrasze 72, 1210 Wien,
Prof. Bruno Biais (Toulouse)
einen Vortrag ueber seine gemeinsame Arbeit mit Catherine Casamatta
(Toulouse),
''Optimal leverage and aggregate investment''.
Eine Kopiervorlage des Papers liegt - soweit vorhanden - im
Sekretariat von Prof. Zechner am Betriebswirtschaftszentrum auf.
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Abstract:
Relying on optimal contracts we analyze the financing of investment
projects when entrepreneurs must exert unobservable effort and can
switch to less profitable and riskier projects. When the effort
problem is more severe than the risk shifting problem, optimal
financing amounts to a combination of debt and equity. In the
alternative case stock options must also be used. We then analyze
the aggregate investment and equilibrium cost of capital arising
when a continuum of such entrepreneurs, differing in terms of
initial wealth, face a continuum of households. We examine the
consequences of shocks on the magnitude of the risk-shifting and
effort problems for aggregate investment, credit rationing, leverage
and the cost of capital.
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