A Reconsideration of the Jensen-Meckling Model of Outside Finance. [Award for the Most Significant Paper in 2009, Journal of Financial Intermediation]

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 Co... Ausführliche Beschreibung

1. Person: Hellwig, Martin
Format: Buch
Veröffentlicht: Bonn Max Planck Institute for Research on Collective Goods 2007
Beschreibung: 60 p.
Schlagworte: D86 G30 G32 Financial Contracting Debt Finance Equity Finance Moral Hazard Risk Choices
Online Zugang: pre-print
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