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Mark-up and Capital Structure of the Firm facing Uncertainty

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  • Chatelain, J.-B.

Abstract

This paper shows that, with pre-set price and capital decisions of firms facing uncertainty and credit rationing, price, mark up and the expected degree of capacity utilization (resp. capital) increases (resp. decreases) with the firm internal net worth.

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File URL: http://www.banque-france.fr/uploads/tx_bdfdocumentstravail/ner84.pdf
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Bibliographic Info

Paper provided by Banque de France in its series Working papers with number 84.

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Length: 8 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:bfr:banfra:84

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Postal: Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS
Web page: http://www.banque-france.fr/
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Keywords: Capital ; markup ; credit rationing;

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References

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  1. Judith A. Chevalier & David S. Scharfstein, 1994. "Capital Market Imperfections and Countercyclical Markups: Theory and Evidence," NBER Working Papers 4614, National Bureau of Economic Research, Inc.
  2. Nobuhiro Kiyotaki & John Moore, 1995. "Credit Cycles," NBER Working Papers 5083, National Bureau of Economic Research, Inc.
  3. Hart, Oliver & Moore, John, 1994. "A Theory of Debt Based on the Inalienability of Human Capital," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 841-79, November.
  4. Klemperer, Paul, 1987. "Markets with Consumer Switching Costs," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 375-94, May.
  5. Kahn, James A, 1992. "Why Is Production More Volatile Than Sales? Theory and Evidence on the Stockout-Avoidance Motive for Inventory-Holding," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 481-510, May.
  6. Klemperer, Paul D, 1987. "Entry Deterrence in Markets with Consumer Switching Costs," Economic Journal, Royal Economic Society, vol. 97(388a), pages 99-117, Supplemen.
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Cited by:
  1. Chatelain, Jean-Bernard & Ralf, Kirsten & Amable, Bruno, 2010. "Patents as Collateral," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 1094-1104.
  2. Jean-Bernard Chatelain, 2010. "The Profit-Investment-Unemployment nexus and Capacity Utilization in a Stock-Flow Consistent Model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00645155, HAL.

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