메뉴 건너뛰기




Volumn 51, Issue 4, 2004, Pages 713-751

Investment and liquidation in renegotiation-proof contracts with moral hazard

Author keywords

Financial contract; Firm investment; Liquidation; Renegotiation proof

Indexed keywords


EID: 2142652090     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2003.08.014     Document Type: Article
Times cited : (71)

References (43)
  • 1
    • 0012399124 scopus 로고    scopus 로고
    • Q theory without adjustment costs & cash flow effects without financing constraints
    • Unpublished manuscript, Wharton School and Kellogg School of Management
    • Abel, A.B., Eberly, J.C., 2002. Q theory without adjustment costs & cash flow effects without financing constraints. Unpublished manuscript, Wharton School and Kellogg School of Management.
    • (2002)
    • Abel, A.B.1    Eberly, J.C.2
  • 2
    • 0000576130 scopus 로고
    • Toward a theory of discounted repeated games with imperfect monitoring
    • Abreu D. Pearce D. Stacchetti E. Toward a theory of discounted repeated games with imperfect monitoring Econometrica 58 5 1990 1041-1063
    • (1990) Econometrica , vol.58 , Issue.5 , pp. 1041-1063
    • Abreu, D.1    Pearce, D.2    Stacchetti, E.3
  • 3
    • 84963057501 scopus 로고
    • An incomplete contracts approach to financial contracting
    • Aghion P. Bolton P. An incomplete contracts approach to financial contracting Review of Economic Studies 59 3 1992 473-494
    • (1992) Review of Economic Studies , vol.59 , Issue.3 , pp. 473-494
    • Aghion, P.1    Bolton, P.2
  • 4
    • 2142794631 scopus 로고    scopus 로고
    • Optimal dynamic lending contracts with imperfect enforceability
    • forthcoming
    • Albuquerque, R., Hopenhayn, H., 1997. Optimal dynamic lending contracts with imperfect enforceability. Review of Economic Studies, forthcoming.
    • (1997) Review of Economic Studies
    • Albuquerque, R.1    Hopenhayn, H.2
  • 5
    • 0000068431 scopus 로고
    • International lending with moral hazard and risk of reputation
    • Atkeson A. International lending with moral hazard and risk of reputation Econometrica 59 4 1991 1069-1089
    • (1991) Econometrica , vol.59 , Issue.4 , pp. 1069-1089
    • Atkeson, A.1
  • 6
    • 84962996696 scopus 로고
    • On efficient distribution with private information
    • Atkeson A. Lucas R.E. On efficient distribution with private information Review of Economic Studies 59 4 1992 427-453
    • (1992) Review of Economic Studies , vol.59 , Issue.4 , pp. 427-453
    • Atkeson, A.1    Lucas, R.E.2
  • 7
    • 0003051154 scopus 로고
    • Efficiency and equality in a simple model of efficient unemployment insurance
    • Atkeson A. Lucas R.E. Efficiency and equality in a simple model of efficient unemployment insurance Journal of Economic Theory 66 1 1995 64-88
    • (1995) Journal of Economic Theory , vol.66 , Issue.1 , pp. 64-88
    • Atkeson, A.1    Lucas, R.E.2
  • 9
    • 0001040089 scopus 로고
    • Efficiency and renegotiation in repeated games
    • Bergin J. MacLeod W.B. Efficiency and renegotiation in repeated games Journal of Economic Theory 61 1 1993 42-73
    • (1993) Journal of Economic Theory , vol.61 , Issue.1 , pp. 42-73
    • Bergin, J.1    MacLeod, W.B.2
  • 10
    • 0242480112 scopus 로고    scopus 로고
    • Optimal lending contracts and firms' survival with moral hazard
    • Unpublished manuscript, Carnegie Mellon University and University of Rochester
    • Clementi, G., Hopenhayn, H.A., 1998. Optimal lending contracts and firms' survival with moral hazard. Unpublished manuscript, Carnegie Mellon University and University of Rochester.
    • (1998)
    • Clementi, G.1    Hopenhayn, H.A.2
  • 11
    • 0003510486 scopus 로고    scopus 로고
    • Efficient allocations with hidden income and hidden storage
    • Research Department Staff Report 238, Federal Reserve Bank of Minneapolis
    • Cole, H.L., Kocherlakota, N., 1997. Efficient allocations with hidden income and hidden storage. Research Department Staff Report 238, Federal Reserve Bank of Minneapolis.
    • (1997)
    • Cole, H.L.1    Kocherlakota, N.2
  • 13
    • 0142189395 scopus 로고    scopus 로고
    • Optimal long-term financial contracting with privately observed cash flows
    • Unpublished manuscript, Stanford University and Northewestern University
    • DeMarzo, P.M., Fishman, M.J., 2000. Optimal long-term financial contracting with privately observed cash flows. Unpublished manuscript, Stanford University and Northewestern University.
    • (2000)
    • DeMarzo, P.M.1    Fishman, M.J.2
  • 15
    • 84936201239 scopus 로고
    • Tests of alternative theories of firm growth
    • Evans D.S. Tests of alternative theories of firm growth Journal of Political Economy 95 4 1987 657-674
    • (1987) Journal of Political Economy , vol.95 , Issue.4 , pp. 657-674
    • Evans, D.S.1
  • 16
    • 84934562671 scopus 로고
    • An estimated model of entrepreneurial choice under liquidity constraints
    • Evans D.S. Jovanovic B. An estimated model of entrepreneurial choice under liquidity constraints Journal of Political Economy 97 4 1989 808-827
    • (1989) Journal of Political Economy , vol.97 , Issue.4 , pp. 808-827
    • Evans, D.S.1    Jovanovic, B.2
  • 17
    • 0000253938 scopus 로고
    • Some empirical aspects of entrepreneurship
    • Evans D.S. Leighton S.L. Some empirical aspects of entrepreneurship American Economic Review 79 3 1989 519-535
    • (1989) American Economic Review , vol.79 , Issue.3 , pp. 519-535
    • Evans, D.S.1    Leighton, S.L.2
  • 21
    • 0007438947 scopus 로고    scopus 로고
    • Entrepreneurship and household saving
    • Unpublished manuscript, Columbia University
    • Gentry, W.M., Hubbard, R.G., 2000. Entrepreneurship and household saving. Unpublished manuscript, Columbia University.
    • (2000)
    • Gentry, W.M.1    Hubbard, R.G.2
  • 22
    • 84963036490 scopus 로고
    • Financial capacity and output fluctuations in an economy with multiperiod financial relationships
    • Gertler M. Financial capacity and output fluctuations in an economy with multiperiod financial relationships Review of Economic Studies 59 2 1992 455-472
    • (1992) Review of Economic Studies , vol.59 , Issue.2 , pp. 455-472
    • Gertler, M.1
  • 23
    • 34547433726 scopus 로고
    • Monetary policy, business cycles, and the behavior of small manufacturing firms
    • Gertler M. Gilchrist S. Monetary policy, business cycles, and the behavior of small manufacturing firms Quarterly Journal of Economics CIX 2 1994 309-340
    • (1994) Quarterly Journal of Economics , vol.109 , Issue.2 , pp. 309-340
    • Gertler, M.1    Gilchrist, S.2
  • 25
    • 0347503106 scopus 로고    scopus 로고
    • Investment: Fundamentals and finance
    • B. S. Bernanke, & J. Rotemberg (Eds.), MIT Press, Cambridge, MA
    • Gilchrist S. Himmelberg C.P. Investment: fundamentals and finance Bernanke B.S. Rotemberg J. NBER Macroeconomics Annual 1998 223-262 MIT Press Cambridge, MA
    • (1998) NBER Macroeconomics Annual , pp. 223-262
    • Gilchrist, S.1    Himmelberg, C.P.2
  • 26
    • 0012875458 scopus 로고    scopus 로고
    • Financing investment
    • Gomes J.F. Financing investment American Economic Review 91 5 2001 1263-1285
    • (2001) American Economic Review , vol.91 , Issue.5 , pp. 1263-1285
    • Gomes, J.F.1
  • 27
    • 0001802430 scopus 로고
    • Lending and the smoothing of uninsurable income
    • E. C. Prescott, & N. Wallace (Eds.), University of Minneapolis Press, Minneapolis
    • Green E.J. Lending and the smoothing of uninsurable income In: Prescott E.C. Wallace N. (Eds.), Contractual Arrangements for Intertemporal Trade 1987 3-25 University of Minneapolis Press Minneapolis
    • (1987) Contractual Arrangements for Intertemporal Trade , pp. 3-25
    • Green, E.J.1
  • 28
    • 84960599817 scopus 로고
    • A theory of debt based on the inalienability of human capital
    • Hart O. Moore J. A theory of debt based on the inalienability of human capital Quarterly Journal of Economics 109 1994 841-879
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 841-879
    • Hart, O.1    Moore, J.2
  • 29
    • 0003021847 scopus 로고
    • Sticking it out: Entrepreneurial survival and liquidity constraints
    • Holtz-Eakin D. Joulfaian D. Rosen H.S. Sticking it out: entrepreneurial survival and liquidity constraints Journal of Political Economy 102 1 1994 53-75
    • (1994) Journal of Political Economy , vol.102 , Issue.1 , pp. 53-75
    • Holtz-Eakin, D.1    Joulfaian, D.2    Rosen, H.S.3
  • 30
    • 0000180018 scopus 로고    scopus 로고
    • Capital-market imperfections and investment
    • Hubbard R.G. Capital-market imperfections and investment Journal of Economic Literature 36 1 1998 193-225
    • (1998) Journal of Economic Literature , vol.36 , Issue.1 , pp. 193-225
    • Hubbard, R.G.1
  • 31
    • 0038362924 scopus 로고    scopus 로고
    • Growth and risk-sharing with private information
    • Khan A. Revikumar B. Growth and risk-sharing with private information Journal of Monetary Economics 47 2001 499-521
    • (2001) Journal of Monetary Economics , vol.47 , pp. 499-521
    • Khan, A.1    Revikumar, B.2
  • 33
    • 2142793096 scopus 로고    scopus 로고
    • Productivity and firm dynamics: Evidence from microdata
    • OECD
    • OECD, 2001. Productivity and firm dynamics: evidence from microdata. Economic Outlook 69(1) 209-223.
    • (2001) Economic Outlook , vol.69 , Issue.1 , pp. 209-223
  • 34
    • 0001312619 scopus 로고
    • Repeated moral hazard and one-sided commitment
    • Phelan C. Repeated moral hazard and one-sided commitment Journal of Economic Theory 66 2 1995 488-506
    • (1995) Journal of Economic Theory , vol.66 , Issue.2 , pp. 488-506
    • Phelan, C.1
  • 35
    • 0000313616 scopus 로고
    • Computing multiperiod information-constrained optima
    • Phelan C. Townsend R. Computing multiperiod information-constrained optima Review of Economic Studies 58 4 1991 853-881
    • (1991) Review of Economic Studies , vol.58 , Issue.4 , pp. 853-881
    • Phelan, C.1    Townsend, R.2
  • 36
    • 0001885879 scopus 로고    scopus 로고
    • The importance of entrepreneurship for wealth concentration and mobility
    • Quadrini V. The importance of entrepreneurship for wealth concentration and mobility Review of Income and Wealth 45 1 1999 1-19
    • (1999) Review of Income and Wealth , vol.45 , Issue.1 , pp. 1-19
    • Quadrini, V.1
  • 37
    • 0242396663 scopus 로고    scopus 로고
    • Entrepreneurship, saving and social mobility
    • Quadrini V. Entrepreneurship, saving and social mobility Review of Economic Dynamics 3 1 2000 1-40
    • (2000) Review of Economic Dynamics , vol.3 , Issue.1 , pp. 1-40
    • Quadrini, V.1
  • 38
    • 0010929674 scopus 로고
    • On repeated moral hazard with discounting
    • Spear S. Srivastava S. On repeated moral hazard with discounting Review of Economic Studies 54 4 1987 599-818
    • (1987) Review of Economic Studies , vol.54 , Issue.4 , pp. 599-818
    • Spear, S.1    Srivastava, S.2
  • 40
    • 0000330880 scopus 로고
    • Income fluctuations and asymmetric information: An example of the repeated pricipal-agent problem
    • Thomas J. Worrall T. Income fluctuations and asymmetric information: an example of the repeated pricipal-agent problem Journal of Economic Theory 51 1990 367-390
    • (1990) Journal of Economic Theory , vol.51 , pp. 367-390
    • Thomas, J.1    Worrall, T.2
  • 41
    • 84962984410 scopus 로고
    • Foreign direct investment and the risk of expropriation
    • Thomas J. Worrall T. Foreign direct investment and the risk of expropriation Review of Economic Studies 61 1994 81-108
    • (1994) Review of Economic Studies , vol.61 , pp. 81-108
    • Thomas, J.1    Worrall, T.2
  • 42
    • 0031236228 scopus 로고    scopus 로고
    • CEO compensation and shareholder wealth in a dynamic agency model
    • Wang C. CEO compensation and shareholder wealth in a dynamic agency model Journal of Economic Theory 76 1 1997 72-105
    • (1997) Journal of Economic Theory , vol.76 , Issue.1 , pp. 72-105
    • Wang, C.1
  • 43
    • 0041910135 scopus 로고    scopus 로고
    • Renegotiation-proof dynamic contracts with private information
    • Wang C. Renegotiation-proof dynamic contracts with private information Review of Economic Dynamics 3 3 2000 396-422
    • (2000) Review of Economic Dynamics , vol.3 , Issue.3 , pp. 396-422
    • Wang, C.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.