We describe a plausible set of conditions under which the creation of a per-issue market for corporate cotes that is separate from the market for corporate shares can improve upon the way in which managerial adverse selection and moral hazard problems addresses via existing mechanisms for coroporate governance. Our results suggest that it may prove beneficial to reconsider the prohibitions against the operation of such markets as they currently exist in the US.
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Paper provided by Washington St. Louis - School of Business and Political Economy in its series Papers with number
9904.
Find related papers by JEL classification: G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law
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