Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10400.5/12101
Título: | Capital structure, risk and asymmetric information : theory and evidence |
Autor: | Ibrahimo, M.V. Barros, Carlos Pestana |
Palavras-chave: | Risk Asymmetric Information Credit Capital Structure |
Data: | 2010 |
Editora: | ISEG : Departamento de Economia |
Citação: | Ibrahimo, M.V. e Carlos Pestana Barros (2010). "Capital structure, risk and asymmetric information : theory and evidence". Instituto Superior de Economia e Gestão - DE Working papers nº 05/2010/DE/UECE/CESA |
Relatório da Série N.º: | DE/ Working papers nº 05/2010/DE/UECE/CESA |
Resumo: | This paper proposes a principal-agent model between banks and firms with risk and asymmetric information. A mixed form of finance to firms is assumed. The capital structure of firms is a relevant cause for the final aggregate level of investment in the economy. In the model analyzed, there may be a separating equilibrium, which is not economically efficient, because aggregate investments fall short of the first-best level. Based on European firm-level data, an empirical model is presented which validates the result of the relevance of the capital structure of firms. The relative magnitude of equity in the capital structure makes a real difference to the profits obtained by firms in the economy. |
Peer review: | yes |
URI: | http://hdl.handle.net/10400.5/12101 |
ISSN: | 0874-4548 |
Aparece nas colecções: | UECE - Documentos de Trabalho / UECE - Working Papers CEsA - Documentos de Trabalho / CEsA - Working Papers DE - Documentos de trabalho / Working Papers |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
---|---|---|---|---|
wp052010deuececesa.pdf | 559,33 kB | Adobe PDF | Ver/Abrir |
Todos os registos no repositório estão protegidos por leis de copyright, com todos os direitos reservados.