Handbook of Financial Intermediation and Banking (Handbooks by Anjan V. Thakor, Arnoud Boot

By Anjan V. Thakor, Arnoud Boot

The expansion of monetary intermediation learn has yielded a bunch of questions that experience driven "design" matters to the fore whilst the boundary among monetary intermediation and company finance has blurred. This quantity provides assessment articles on six significant subject matters which are hooked up by way of information-theoretic instruments and characterised by means of invaluable views and significant questions for destiny examine. Touching upon a variety of concerns touching on the designs of securities, associations, buying and selling mechanisms and markets, constitution, and law, this quantity will inspire daring new efforts to form monetary intermediaries sooner or later. * unique assessment articles supply helpful views on learn concerns showing in best journals* Twenty articles are grouped by means of six significant themes, jointly defining the major study fringe of monetary intermediation* company finance researchers will locate affinities within the instruments, tools, and conclusions featured in those articles

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Fulghieri and Lukin (2001) show that the promotion of informed trading by the issuance of equity rather than risky debt is beneficial to good-quality entrepreneurs only if the equilibrium amount of informed trading is sufficiently large and, thus, the cost of acquiring information is low. This can be seen as follows. With no informed trading, both good and bad projects are successfully financed for any realization of the order flow (because, on average, they have a positive NPV), and entrepreneurs issue a security with low information sensitivity for precisely the same reasons as the one discussed in Myers and Majluf (1984).

And D. Gale. 1994. Financial Innovation and Risk Sharing. MIT Press, Cambridge, MA. , and A. Winton. 1995. Corporate Finance Structure, Incentives, and Optimal Contracting, in R. Jarrow, V. Maksimovic, and W. ), Finance. North-Holland, Amsterdam, pp. 693–717. Bebchuk, L. 2002. Asymmetric Information and the Choice of Corporate Governance Arrangements, Harvard Law and Economics Discussion Paper No. 398. , and V. Acharya. 2005. Optimal Financial-Market Integration and Security Design, Journal of Business 78, 2397–2433.

DEBT CONTRACTS UNDER ASYMMETRIC INFORMATION The common feature of the models discussed in the previous sections is that the entrepreneur and investors have access, at the time they negotiate the financing terms, to the same information. The availability to the entrepreneur of precontractual payoff-relevant information exposes investors to adverse selection and impairs the entrepreneur’s ability to raise capital. Assume now that at the outset of the game the entrepreneur privately observes the realization of the variable θ ε Θ.

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