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Liquidation under moral hazard: Optimal debt maturity and loan commitments

  • Houston, Joel F.
  • Venkataraman, S.
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    File URL: http://www.sciencedirect.com/science/article/B6VCY-3VWPNTJ-7/2/94baec7d8f97383599fd70f893ff91f5
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    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 20 (1996)
    Issue (Month): 1 (January)
    Pages: 115-133

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    Handle: RePEc:eee:jbfina:v:20:y:1996:i:1:p:115-133
    Contact details of provider: Web page: http://www.elsevier.com/locate/jbf

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    1. Melnik, Arie & Plaut, Steven, 1986. " Loan Commitment Contracts, Terms of Lending, and Credit Allocation," Journal of Finance, American Finance Association, vol. 41(2), pages 425-35, June.
    2. Anjan V. Thakor & Gregory F. Udell, 2004. "An Economic Rationale for the Pricing Structure of Bank Loan Commitments," Finance 0411053, EconWPA.
    3. Oliver Hart & John Moore, 1997. "Default and Renegotiation: A Dynamic Model of Debt," NBER Working Papers 5907, National Bureau of Economic Research, Inc.
    4. Anjan V. Thakor, 2004. "Toward a Theory of Bank Loan Commitments," Finance 0411048, EconWPA.
    5. Flannery, Mark J, 1986. " Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March.
    6. Haugen, Robert A & Senbet, Lemma W, 1978. "The Insignificance of Bankruptcy Costs to the Theory of Optimal Capital Structure," Journal of Finance, American Finance Association, vol. 33(2), pages 383-93, May.
    7. Arnoud Boot & Anjan V. Thakor & Gregory F. Udell, 2004. "Competition, Risk Neutrality and Loan Commitments," Finance 0411051, EconWPA.
    8. Harris, Milton & Raviv, Artur, 1990. " Capital Structure and the Informational Role of Debt," Journal of Finance, American Finance Association, vol. 45(2), pages 321-49, June.
    9. White, Michelle J, 1989. "The Corporate Bankruptcy Decision," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 129-51, Spring.
    10. Berkovitch, Elazar & Greenbaum, Stuart I., 1991. "The Loan Commitment as an Optimal Financing Contract," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(01), pages 83-95, March.
    11. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    12. Chang, Chun, 1990. "The dynamic structure of optimal debt contracts," Journal of Economic Theory, Elsevier, vol. 52(1), pages 68-86, October.
    13. repec:dgr:kubrem:1987260 is not listed on IDEAS
    14. Chiesa, Gabriella, 1992. "Debt and warrants: Agency problems and mechanism design," Journal of Financial Intermediation, Elsevier, vol. 2(3), pages 237-254, September.
    15. Gale, Douglas & Hellwig, Martin, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Wiley Blackwell, vol. 52(4), pages 647-63, October.
    16. Titman, Sheridan, 1984. "The effect of capital structure on a firm's liquidation decision," Journal of Financial Economics, Elsevier, vol. 13(1), pages 137-151, March.
    17. Diamond, Douglas W., 1993. "Seniority and maturity of debt contracts," Journal of Financial Economics, Elsevier, vol. 33(3), pages 341-368, June.
    18. Franklin Allen, . "The Changing Nature of Debt and Equity: A Financial Perspective," Rodney L. White Center for Financial Research Working Papers 35-89, Wharton School Rodney L. White Center for Financial Research.
    19. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    20. Thakor, Anjan V, 1989. "Competitive Equilibrium with Type Convergence in an Asymmetrically Informed Market," Review of Financial Studies, Society for Financial Studies, vol. 2(1), pages 49-71.
    21. Kanatas, George, 1987. "Commercial paper, bank reserve requirements, and the informational role of loan commitments," Journal of Banking & Finance, Elsevier, vol. 11(3), pages 425-448, September.
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