Monitoring,Liquidation,and Security Design
AbstractBy identifying the possibility of imposing a credible threat of liquidation as the key role of informed (bank) finance in a moral hazard context, and showing how credibility fails when liquidity values are low, this paper identifies the circumstances under which a mixture of informed and uninformed finance is optimal and explains why bank debt is typically secured, senior, and tightly held.
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Bibliographic InfoPaper provided by Centro de Estudios Monetarios Y Financieros- in its series Papers with number 9520.
Length: 50 pages
Date of creation: 1995
Date of revision:
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Postal: Centro de Estudios Monetarios Y Financieros. Casado del Alisal, 5-28014 Madrid, Spain.
Web page: http://www.cemfi.es/
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MODELS; FINANCING; CONTRACTS;
Other versions of this item:
- C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
- G39 - Financial Economics - - Corporate Finance and Governance - - - Other
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