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|a Financial Contracting and the Specialization of Assets
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|a We analyze the nature of financial contracting when an entrepreneur can choose the specificity of investments and financial contracts are incomplete. Investing in project specific assets increases productivity but decreases liquidation value. This creates a strategic incentive to specialize assets to decrease the bargaining power of the financier when debt financing is used. When the financier can contribute to the project, equity financing may be feasible if the entrepreneur is willing to take the firm public in order to make cash flows contractible and benefit from the financier's input. The entrepreneur faces a tension between going public, which is costly but induces the financier to exert effort, and remaining private, which limits the opportunities for contracting but allows the entrepreneur to divert cash flows. We predict that firms with greater opportunity to specialize will be mostly financed by equity, which results in optimal investment and exit decisions
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SOLR
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Marquez, Robert |
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Yavuz, M. Deniz |
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m d y md mdy |
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Marquez, Robert, Yavuz, M. Deniz |
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Marquez, Robert |
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We analyze the nature of financial contracting when an entrepreneur can choose the specificity of investments and financial contracts are incomplete. Investing in project specific assets increases productivity but decreases liquidation value. This creates a strategic incentive to specialize assets to decrease the bargaining power of the financier when debt financing is used. When the financier can contribute to the project, equity financing may be feasible if the entrepreneur is willing to take the firm public in order to make cash flows contractible and benefit from the financier's input. The entrepreneur faces a tension between going public, which is costly but induces the financier to exert effort, and remaining private, which limits the opportunities for contracting but allows the entrepreneur to divert cash flows. We predict that firms with greater opportunity to specialize will be mostly financed by equity, which results in optimal investment and exit decisions |
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Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 28, 2009 erstellt |
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[S.l.], SSRN, [2009] |
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[S.l.]: SSRN, [2009] |
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Marquez, Robert aut, Financial Contracting and the Specialization of Assets, [S.l.] SSRN [2009], 1 Online-Ressource (44 p), Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 28, 2009 erstellt, Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 unrestricted online access, We analyze the nature of financial contracting when an entrepreneur can choose the specificity of investments and financial contracts are incomplete. Investing in project specific assets increases productivity but decreases liquidation value. This creates a strategic incentive to specialize assets to decrease the bargaining power of the financier when debt financing is used. When the financier can contribute to the project, equity financing may be feasible if the entrepreneur is willing to take the firm public in order to make cash flows contractible and benefit from the financier's input. The entrepreneur faces a tension between going public, which is costly but induces the financier to exert effort, and remaining private, which limits the opportunities for contracting but allows the entrepreneur to divert cash flows. We predict that firms with greater opportunity to specialize will be mostly financed by equity, which results in optimal investment and exit decisions, Yavuz, M. Deniz oth, https://ssrn.com/abstract=1116420 X:ELVSSRN Verlag kostenfrei, https://doi.org/10.2139/ssrn.1116420 X:ELVSSRN Resolving-System kostenfrei, https://doi.org/10.2139/ssrn.1116420 LFER, https://ssrn.com/abstract=1116420 LFER, LFER 2022-01-20T08:26:12Z |
| spellingShingle |
Marquez, Robert, Financial Contracting and the Specialization of Assets, We analyze the nature of financial contracting when an entrepreneur can choose the specificity of investments and financial contracts are incomplete. Investing in project specific assets increases productivity but decreases liquidation value. This creates a strategic incentive to specialize assets to decrease the bargaining power of the financier when debt financing is used. When the financier can contribute to the project, equity financing may be feasible if the entrepreneur is willing to take the firm public in order to make cash flows contractible and benefit from the financier's input. The entrepreneur faces a tension between going public, which is costly but induces the financier to exert effort, and remaining private, which limits the opportunities for contracting but allows the entrepreneur to divert cash flows. We predict that firms with greater opportunity to specialize will be mostly financed by equity, which results in optimal investment and exit decisions |
| title |
Financial Contracting and the Specialization of Assets |
| title_auth |
Financial Contracting and the Specialization of Assets |
| title_full |
Financial Contracting and the Specialization of Assets |
| title_fullStr |
Financial Contracting and the Specialization of Assets |
| title_full_unstemmed |
Financial Contracting and the Specialization of Assets |
| title_short |
Financial Contracting and the Specialization of Assets |
| title_sort |
financial contracting and the specialization of assets |
| url |
https://ssrn.com/abstract=1116420, https://doi.org/10.2139/ssrn.1116420 |
