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Financial Intermediation with Proprietary Information

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  • Bhattacharya, S.

Abstract

I contrast equilibria in loan markets under bilateral bank- borrower relationships, in which proprietary technological knowledge of borrowers is not revealed to product-market competitors, with equilibria under multilateral financing which may lead to such knowledge being shared across product-market competitors. I examine the conditions for equilibrium existence, ex ante efficiency, and incentives to undertake privately-financed, costly knowledge-generating R&D, under these two differing institutional mechanisms for financing R&D-intensive investments by firms competing in product markets.

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Bibliographic Info

Paper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 205.93.

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Length: 18 pages
Date of creation: 1993
Date of revision:
Handle: RePEc:aub:autbar:205.93

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Keywords: research and development ; investments ; competition;

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Cited by:
  1. Doris Neuberger, 2005. "What’s Common to Relationship Banking and Relationship Investing? Reflections within the Contractual Theory of the Firm," Finance, EconWPA 0510003, EconWPA.
  2. Caminal, Ramon, 1997. "Financial intermediation and the optimal tax system," Journal of Public Economics, Elsevier, vol. 63(3), pages 351-382, February.
  3. Doris Neuberger, 2005. "What’s Common to Relationship Banking and Relationship Investing? Reflections within the Contractual Theory of the Firm," Finance, EconWPA 0510001, EconWPA.
  4. Arnoud W.A. Boot & Anjolein Schmeits, 1996. "Market Discipline in Conglomerate Banks: Is an Internal Allocation of Cost of Capital Necessary as an Incentive Device?," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 96-39, Wharton School Center for Financial Institutions, University of Pennsylvania.

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