The Relevance of Financial Policy

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The Relevance of Financial Policy

Author Info

J. Detemple
P. Gottardi
H. M. Polemarchakis

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Abstract

When the asset market is incomplete, equilibrium allocations are not invariant to changes in the financial policies of firms: in the presence of secondary assets, such as options, whose payoffs depend nonlinearly on the price of equity, the range of attainable reallocations of revenue varies as a firm alters its position in the asset market. Corporate financial policy is thus relevant. When assets are nominal, monetary policy implemented through open market operations is effective.

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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 262.

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Date of creation: Aug 1989
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Handle: RePEc:bon:bonsfa:262

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
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Article
- Detemple, J. & Gottardi, P. & Polemarchakis, H. M., 1995. "The relevance of financial policy," European Economic Review, Elsevier, vol. 39(6), pages 1133-1154, June. [Downloadable!] (restricted)
Paper
- Detemple, J. & Gottardi, P. & Polemarchakis, H., 1989. "The Relevance Of Financial Policy," Papers fb-89-11, Columbia - Graduate School of Business.
- Detemple, J. & Gottardi, P. & Polemarchakis, H., 1990. "The relevance of financial policy," CORE Discussion Papers 1990011, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

Cited by:
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Chongmin Kim, 2004. "Corporate financial policy with pension accounts: an extension of the Modigliani-Miller theorem," International Economic Journal, Korean International Economic Association, vol. 18(2), pages 215-236, June. [Downloadable!] (restricted)
Dahai Yu, 1998. "Two equivalence theorems for government finance," International Finance Discussion Papers 622, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
DREZE, Jacques H. & POLEMARCHAKIS, Heracles M., 1998. "Intertemporal general equilibrium and monetary theory," CORE Discussion Papers 1998053, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]

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