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Asymmetric Information, Repeated Lending, and Capital Structure

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Author Info
Moore, Robert R
Abstract

This paper develops a model of capital structure in a three period agency framework. Borrowers retain earnings to reduce their loan needs, which reduces their probability of default, which allows them to obtain more favorable credit terms. The model is capable of generating persistence of real shocks through financial market effects. Copyright 1993 by Ohio State University Press.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 25 (1993)
Issue (Month): 3 (August)
Pages: 393-409
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:3:p:393-409

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  1. Gangopadhyay, Shubhashis & Wihlborg, Clas, 2001. "The Impact of Bankruptcy Rules on Risky Project Choice and Skill Formation under Credit Rationing," Working Papers 2001-5, Copenhagen Business School, Department of Finance. [Downloadable!]
  2. Mukhopadhyay, B., 2005. "Theory of Bank Lending with Monitoring and Application to Rural Banking in India 2002-2003," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 2(2), pages 85-100. [Downloadable!]
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