Dynamic Financial Contract under Extended Liability
AbstractWe consider an entrepreneur looking for external financing who may face two types of independent financial risks: a risk associated with its activity and a risk associated with an environmental accident. Using a costly state verification model, we characterize the optimal two-period financial contract under a law on liability allowing for extended liability to lenders.
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Bibliographic InfoPaper provided by Ecole des Hautes Etudes Commerciales de Montreal-Chaire de gestion des risques. in its series Ecole des Hautes Etudes Commerciales de Montreal- with number 00-08.
Length: 29 pages
Date of creation: 2000
Date of revision:
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Postal: Canada; ECOLE DES HAUTES ETUDES COMMERCIALES(H.E.C.),3000, chemin de la Cote-Sainte-Catherine. Montreal (Quebec) Canada H3T 2A7.
Web page: http://www.hec.ca/
More information through EDIRC
RISK ; ENVIRONMENT ; ASSURANCE;
Find related papers by JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
- K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law
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- Dionne, G. & Spaeter, S., 1998.
"Environmental Risk and Extended Liability: the Case of Green Technologies,"
Ecole des Hautes Etudes Commerciales de Montreal-
98-12, Ecole des Hautes Etudes Commerciales de Montreal-Chaire de gestion des risques..
- Dionne, Georges & Spaeter, Sandrine, 2003. "Environmental risk and extended liability: The case of green technologies," Journal of Public Economics, Elsevier, vol. 87(5-6), pages 1025-1060, May.
- André SCHMITT & Sandrine SPAETER, 2002. "Improving the Prevention of Environmental Risks with Convertible Bonds," Working Papers of BETA 2002-14, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
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