메뉴 건너뛰기




Volumn 38, Issue 1-2, 2002, Pages 149-190

Capital market equilibrium with moral hazard

Author keywords

Agency; Capital market equilibrium; Constrained optimality; Equity; Incentives; Options; Spanning overlap condition; Welfare theorems

Indexed keywords


EID: 0036756404     PISSN: 03044068     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-4068(02)00068-X     Document Type: Article
Times cited : (13)

References (37)
  • 1
    • 0011349510 scopus 로고
    • Managerial incentives in a stock market economy
    • Beck, P., Zorn, T., 1982. Managerial incentives in a stock market economy. Journal of Finance 37, 1151-1167.
    • (1982) Journal of Finance , vol.37 , pp. 1151-1167
    • Beck, P.1    Zorn, T.2
  • 2
    • 0003846902 scopus 로고
    • The Modern Corporation and Private Property
    • Harcourt, Brace andWorld, New York
    • Berle, A.A., Means, G.C., 1932. The Modern Corporation and Private Property. Harcourt, Brace andWorld, New York.
    • (1932)
    • Berle, A.A.1    Means, G.C.2
  • 3
    • 0002554415 scopus 로고    scopus 로고
    • General competitive analysis with asymmetric information
    • Bisin, A., Gottardi, P., 1999. General competitive analysis with asymmetric information. Journal of Economic Theory 87, 1-48.
    • (1999) Journal of Economic Theory , vol.87 , pp. 1-48
    • Bisin, A.1    Gottardi, P.2
  • 4
    • 0000095136 scopus 로고
    • Moral hazard and limited liability: Implications for the theory of the firm
    • Brander, J.A., Spencer, B.J., 1989. Moral hazard and limited liability: implications for the theory of the firm. International Economic Review 30, 833-849.
    • (1989) International Economic Review , vol.30 , pp. 833-849
    • Brander, J.A.1    Spencer, B.J.2
  • 5
    • 0004006323 scopus 로고
    • Options Markets
    • Prentice-Hall, New Jersey
    • Cox, J.C., Rubinstein, M., 1985. Options Markets. Prentice-Hall, New Jersey.
    • (1985)
    • Cox, J.C.1    Rubinstein, M.2
  • 6
    • 0002822174 scopus 로고
    • Investment under private ownership: Optimality, equilibrium and stability
    • J.H. (Ed.), Wiley, New York
    • Drèze, J.H., 1974. Investment under private ownership: optimality, equilibrium and stability. In: Drèze, J.H. (Ed.), Allocation Under Uncertainty: Equilibrium and Optimality. Wiley, New York, pp. 129-165.
    • (1974) Allocation Under Uncertainty: Equilibrium and Optimality , pp. 129-165
    • Drèze, J.H.1
  • 7
    • 0011350164 scopus 로고    scopus 로고
    • Default and Punishment in General Equilibrium
    • Cowles Discussion Paper 1304
    • Dubey, P., Geanakoplos, J., Shubik, M., 2001. Default and Punishment in General Equilibrium. Cowles Discussion Paper 1304.
    • (2001)
    • Dubey, P.1    Geanakoplos, J.2    Shubik, M.3
  • 9
    • 0011262173 scopus 로고
    • Collateral and Default with Incomplete Markets
    • Mimeo
    • Geanakoplos, J., Zame, W., 1995. Collateral and Default with Incomplete Markets. Mimeo.
    • (1995)
    • Geanakoplos, J.1    Zame, W.2
  • 10
    • 0001246143 scopus 로고
    • A theory of competitive equilibrium in stock market economies
    • Grossman, S., Hart, O., 1979. A theory of competitive equilibrium in stock market economies. Econometrica 47, 293-330.
    • (1979) Econometrica , vol.47 , pp. 293-330
    • Grossman, S.1    Hart, O.2
  • 11
    • 0003103803 scopus 로고
    • Corporate financial structure and managerial incentives
    • McCall, J. (Ed.), University of Chicago Press, Chicago
    • Grossman, S., Hart, O., 1982. Corporate financial structure and managerial incentives. In: McCall, J. (Ed.), The Economics of Information and Uncertainty. University of Chicago Press, Chicago, pp. 107-137.
    • (1982) The Economics of Information and Uncertainty , pp. 107-137
    • Grossman, S.1    Hart, O.2
  • 12
    • 0000638668 scopus 로고
    • An analysis of the principal-agent problem
    • Grossman, S., Hart, O., 1983. An analysis of the principal-agent problem. Econometrica 51, 7-45.
    • (1983) Econometrica , vol.51 , pp. 7-45
    • Grossman, S.1    Hart, O.2
  • 16
    • 0003388954 scopus 로고
    • Risk sharing and valuation under moral hazard
    • Feltham, G.A., Amerski, A.H., Ziemba, W.T. (Eds.), Kluwer Academic Publishers, Dordrecht, Boston
    • Hughes, P., 1988. Risk sharing and valuation under moral hazard. In: Feltham, G.A., Amerski, A.H., Ziemba, W.T. (Eds.), Economic Analysis of Information and Contracts. Kluwer Academic Publishers, Dordrecht, Boston, pp. 247-268.
    • (1988) Economic Analysis of Information and Contracts , pp. 247-268
    • Hughes, P.1
  • 17
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and capital structure
    • Jensen, M.C., Meckling,W.H., 1976. Theory of the firm: managerial behavior, agency costs, and capital structure. Journal of Financial Economics 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 18
    • 0000777416 scopus 로고
    • Justifying the first-order approach to principal-agent problems
    • Jewitt, I., 1988. Justifying the first-order approach to principal-agent problems. Econometrica 56, 1177-1190.
    • (1988) Econometrica , vol.56 , pp. 1177-1190
    • Jewitt, I.1
  • 20
    • 0004066308 scopus 로고
    • Risk, Uncertainty and Profit
    • Houghton Mifflin, Boston
    • Knight, F.H., 1921. Risk, Uncertainty and Profit. Houghton Mifflin, Boston.
    • (1921)
    • Knight, F.H.1
  • 21
    • 0031995507 scopus 로고    scopus 로고
    • The effect of moral hazard on asset prices when financial markets are complete
    • Kocherlakota, N.R., 1998. The effect of moral hazard on asset prices when financial markets are complete. Journal of Monetary Economics 41, 39-56.
    • (1998) Journal of Monetary Economics , vol.41 , pp. 39-56
    • Kocherlakota, N.R.1
  • 22
    • 0000140435 scopus 로고
    • Information asymmetries, financial structure and financial intermediation
    • Leland, H., Pyle, D., 1977. Information asymmetries, financial structure and financial intermediation. Journal of Finance 32, 371-388.
    • (1977) Journal of Finance , vol.32 , pp. 371-388
    • Leland, H.1    Pyle, D.2
  • 23
    • 0035538111 scopus 로고    scopus 로고
    • Moral Hazard and General Equilibrium in Large Economies
    • Lisboa, M.B., 2001. Moral Hazard and General Equilibrium in Large Economies. Economic Theory 18, 555-575.
    • (2001) Economic Theory , vol.18 , pp. 555-575
    • Lisboa, M.B.1
  • 25
    • 32044456388 scopus 로고    scopus 로고
    • Incentives and risk sharing in a stock market equilibrium
    • Alkan, A., Aliprantis, C.D., Yannelis, N.C. (Eds.), Springer, Berlin, Heidelberg
    • Magill, M., Quinzii, M., 1999. Incentives and risk sharing in a stock market equilibrium. In: Alkan, A., Aliprantis, C.D., Yannelis, N.C. (Eds.), Current Trends in Economics. Springer, Berlin, Heidelberg.
    • (1999) Current Trends in Economics
    • Magill, M.1    Quinzii, M.2
  • 26
    • 0000307086 scopus 로고
    • Characterization of generically complete real asset structures
    • Magill, M., Shafer, W., 1990. Characterization of generically complete real asset structures. Journal of Mathematical Economics 19, 167-194.
    • (1990) Journal of Mathematical Economics , vol.19 , pp. 167-194
    • Magill, M.1    Shafer, W.2
  • 27
    • 77956852954 scopus 로고
    • Incomplete markets
    • Hildenbrand, W., Sonnenschein, H. (Eds.), North Holland, Amsterdam
    • Magill, M., Shafer, W., 1991. Incomplete markets. In: Hildenbrand, W., Sonnenschein, H. (Eds.), Handbook of Mathematical Economics, vol. IV. North Holland, Amsterdam, pp. 1523-1614.
    • (1991) Handbook of Mathematical Economics , vol.4 , pp. 1523-1614
    • Magill, M.1    Shafer, W.2
  • 29
    • 0001042527 scopus 로고    scopus 로고
    • Executive compensation
    • Ashenfelter, O., Card, D. (Eds.), North Holland, Amsterdam
    • Murphy, K.J., 1999. Executive compensation. In: Ashenfelter, O., Card, D. (Eds.), Handbook of Labor Economics, vol. 3. North Holland, Amsterdam.
    • (1999) Handbook of Labor Economics , vol.3
    • Murphy, K.J.1
  • 30
    • 0002142565 scopus 로고
    • Pareto optima and competitive equilibria with adverse selection and moral hazard
    • Prescott, E.C., Townsend, R.M., 1984a. Pareto optima and competitive equilibria with adverse selection and moral hazard. Econometrica 52, 21-46.
    • (1984) Econometrica , vol.52 , pp. 21-46
    • Prescott, E.C.1    Townsend, R.M.2
  • 31
    • 0001885661 scopus 로고
    • General competitive analysis in an economy with private information
    • Prescott, E.C., Townsend, R.M., 1984b. General competitive analysis in an economy with private information. International Economic Review 25, 1-20.
    • (1984) International Economic Review , vol.25 , pp. 1-20
    • Prescott, E.C.1    Townsend, R.M.2
  • 32
    • 0001211817 scopus 로고
    • A note on unanimity of stockholders' preferences among alternative production plans: A reformulation of the Ekern-Wilson model
    • Radner, R., 1974. A note on unanimity of stockholders' preferences among alternative production plans: a reformulation of the Ekern-Wilson model. Bell Journal of Economics and Management Science 5, 181-184.
    • (1974) Bell Journal of Economics and Management Science , vol.5 , pp. 181-184
    • Radner, R.1
  • 33
    • 0001746373 scopus 로고
    • The first-order approach to principal-agent problem
    • Rogerson, W.P., 1985. The first-order approach to principal-agent problem. Econometrica 53, 1357-1367.
    • (1985) Econometrica , vol.53 , pp. 1357-1367
    • Rogerson, W.P.1
  • 34
    • 0000488805 scopus 로고
    • The economic theory of agency: The principal's problem
    • Ross, S.A., 1973. The economic theory of agency: the principal's problem. American Economic Review 63, 134-139.
    • (1973) American Economic Review , vol.63 , pp. 134-139
    • Ross, S.A.1
  • 36
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive-signalling approach
    • Ross, S.A., 1977. The determination of financial structure: the incentive-signalling approach. Bell Journal of Economics Spring 8, 23-40.
    • (1977) Bell Journal of Economics Spring , vol.8 , pp. 23-40
    • Ross, S.A.1
  • 37
    • 84960565386 scopus 로고
    • Equilibrium in competitive insurance markets: An essay on the economics of imperfect information
    • Rothschild, M., Stiglitz, J.E., 1976. Equilibrium in competitive insurance markets: an essay on the economics of imperfect information. Quarterly Journal of Economics 90, 629-650.
    • (1976) Quarterly Journal of Economics , vol.90 , pp. 629-650
    • Rothschild, M.1    Stiglitz, J.E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.