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Le rôle du collatéral dans le report des investissements en présence d’asymétries d’information

  • Beaudry, Paul

    (Department of Economics, Boston University)

  • Boyer, Marcel

    (Département de sciences économiques, Université de Montréal)

  • Poitevin, Michel

    (Département de sciences économiques, Université de Montréal)

This article studies the potential links between the value of collateral and the investment decisions made by firms. We show that the use of collateral is an endogenous response to the presence of asymmetric information in financial markets. We then show that permanent shocks to the value of collateral can cause firms to temporarily postpone their investments. This creates a link between imperfections in financial markets and investment decisions made by firms. Cet article étudie les liens potentiels qui peuvent exister entre la disponibilité du collatéral pour les firmes et leurs décisions d’investissement. Nous identifions d’abord sous quelles conditions le collatéral apparaît de façon optimale dans les contrats financiers. Puis, sous ces conditions, nous considérons comment le collatéral, lorsque soumis à des chocs exogènes, peut être la source du report des investissements à une période ultérieure. En particulier, nous démontrons que des chocs permanents au collatéral peuvent causer des changements temporaires dans les décisions d’investissement. Un lien est ainsi créé entre le fonctionnement des marchés financiers et les décisions d’investissement des entreprises.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 69 (1993)
Issue (Month): 1 (mars)
Pages: 71-90

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Handle: RePEc:ris:actuec:v:69:y:1993:i:1:p:71-90
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  1. 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.
  2. Chan, Yuk-Shee & Thakor, Anjan V, 1987. " Collateral and Competitive Equilibria with Moral Hazard and Private Information," Journal of Finance, American Finance Association, vol. 42(2), pages 345-63, June.
  3. Besanko, David & Thakor, Anjan V, 1987. "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 671-89, October.
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