A reconsideration of the Jensen-Meckling model of outside finance

被引：22

作者：

Hellwig, Martin F. ^{[1
]}

机构：

[1] Max Planck Inst Res Collect Goods, D-53113 Bonn, Germany

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2009年 / 18卷 / 04期

关键词：

Financial contracting; Debt finance; Equity finance; Moral hazard; Risk choices; CONTRACTS; DEBT;

D O I：

10.1016/j.jfi.2007.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The paper studies outside finance in a model of two-dimensional moral hazard, involving risk choices as well as effort choices. If the entrepreneur has insufficient funds, a first-best outcome cannot be implemented. Second-best outcomes involve greater failure risk than first-best outcomes. For a Cobb-Douglas technology, second-best effort and investment levels are smaller than first-best; for other technologies, the comparison depends on the elasticity of substitution. If firm returns are not too noisy as signals of behaviour, the optimal incentive scheme corresponds to some mix of debt and equity finance. If firm returns are too noisy, this interpretation is not available. (C) 2007 Elsevier Inc. All rights reserved.

引用

页码：495 / 525

页数：31

共 18 条

[1] AN INCOMPLETE CONTRACTS APPROACH TO FINANCIAL CONTRACTING [J].

AGHION, P ;

BOLTON, P .

REVIEW OF ECONOMIC STUDIES, 1992, 59 (03) :473-494

[2]

AGHION P, 1989, EUROP EC REV, V33, P186

[3]

[Anonymous], J FINANC

[4]

Bester H., 1987, Agency Theory, Information, and Incentives, P135

[5]

Bolton P., 2005, Contract Theory

[6] NOISY OBSERVATION IN ADVERSE SELECTION MODELS [J].

CAILLAUD, B ;

GUESNERIE, R ;

REY, P .

REVIEW OF ECONOMIC STUDIES, 1992, 59 (03) :595-615

[7] A THEORY OF DEBT AND EQUITY - DIVERSITY OF SECURITIES AND MANAGER-SHAREHOLDER CONGRUENCE [J].

DEWATRIPONT, M ;

TIROLE, J .

QUARTERLY JOURNAL OF ECONOMICS, 1994, 109 (04) :1027-1054

[8]

DIONNE G, 1992, OPTIMAL DESIGN FINAN

[9] INCENTIVE-COMPATIBLE DEBT CONTRACTS - THE ONE-PERIOD PROBLEM [J].

GALE, D ;

HELLWIG, M .

REVIEW OF ECONOMIC STUDIES, 1985, 52 (04) :647-663

[10]

Hart O., 1993, DEAL DECADE WHAT TAK, P19

← 1 2 →