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Soft Budget Constraint and the Optimal Choices of Research and Development Projects Financing

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  • Huang, Haizhou
  • Xu, Chenggang

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Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 26 (1998)
Issue (Month): 1 (March)
Pages: 62-79

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Handle: RePEc:eee:jcecon:v:26:y:1998:i:1:p:62-79
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622864

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  1. Philippe Aghion & Oliver D. Hart & John Moore, 1994. "The Economics of Bankruptcy Reform," NBER Chapters,in: The Transition in Eastern Europe, Volume 2: Restructuring, pages 215-244 National Bureau of Economic Research, Inc.
  2. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
  3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  4. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
  5. M. Dewatripont & E. Maskin, 1995. "Credit and Efficiency in Centralized and Decentralized Economies," Review of Economic Studies, Oxford University Press, vol. 62(4), pages 541-555.
  6. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters,in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
  7. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
  8. Hart, Oliver & Moore, John, 1995. "Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management," American Economic Review, American Economic Association, vol. 85(3), pages 567-585, June.
  9. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  10. Bolton, Patrick & Scharfstein, David S, 1996. "Optimal Debt Structure and the Number of Creditors," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 1-25, February.
  11. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  12. Scherer, F M, 1992. "Schumpeter and Plausible Capitalism," Journal of Economic Literature, American Economic Association, vol. 30(3), pages 1416-1433, September.
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Cited by:

  1. Peilei Fan, 2011. "Innovation capacity and economic development: China and India," Economic Change and Restructuring, Springer, vol. 44(1), pages 49-73, April.
  2. Yung-ho Chiu & Chin-wei Huang & Yu-Chuan Chen, 2012. "The R&D value-chain efficiency measurement for high-tech industries in China," Asia Pacific Journal of Management, Springer, vol. 29(4), pages 989-1006, December.
  3. Mehrdad Vahabi, 2001. "The Soft Budget Constraint: A Theoretical Clarification," Post-Print hal-00629160, HAL.
  4. Zhang, Anming & Zhang, Yimin & Zhao, Ronald, 2003. "A study of the R&D efficiency and productivity of Chinese firms," Journal of Comparative Economics, Elsevier, vol. 31(3), pages 444-464, September.
  5. Xu, Cheng-Gang, 2017. "Capitalism and Socialism: Review of Kornai's Dynamism, Rivalry, and the Surplus Economy," CEPR Discussion Papers 11866, C.E.P.R. Discussion Papers.
  6. Nikitin, Maxim, 2000. "An Arrears Crisis and Stabilization Failure in a Transition Economy," Journal of Comparative Economics, Elsevier, vol. 28(4), pages 665-699, December.
  7. Kornai, János, 2010. "Innováció és dinamizmus. Kölcsönhatás a rendszerek és a technikai haladás között
    [Innovation and dynamism. Reciprocal effect between systems and technical advance]    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-36.

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