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The relevance of financial policy

Author

Listed:
  • DETEMPLE, J.
  • GOTTARDI, P.
  • POLEMARCHAKIS, H.M.

Abstract

When the asset market is incomplete, equilibrium allocations are not invariant to changes in the financial policies of firms: in the presence of secondary assets, such as options, whose payoffs depend nonlinearly on the price of equity, the range of attainable reallocations of revenue varies as a firm alters its position in the asset market. Corporate financial policy is thus relevant. When assets are nominal, monetary policy implemented through open market operations is effective.
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Suggested Citation

  • Detemple, J. & Gottardi, P. & Polemarchakis, H.M., 1995. "The relevance of financial policy," LIDAM Reprints CORE 1157, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1157
    DOI: 10.1016/0014-2921(94)00106-A
    Note: In : European Economic Review, 39, 1133-1154, 1995
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    Cited by:

    1. Dahai Yu, 1998. "Two equivalence theorems for government finance," International Finance Discussion Papers 622, Board of Governors of the Federal Reserve System (U.S.).
    2. Polemarchakis, H. M. & Seccia, G., 2000. "A Role for Monetary Policy when Prices Reveal Information: An Example," Journal of Economic Theory, Elsevier, vol. 95(1), pages 107-115, November.
    3. Chongmin Kim, 2004. "Corporate financial policy with pension accounts: an extension of the Modigliani-Miller theorem," International Economic Journal, Taylor & Francis Journals, vol. 18(2), pages 215-236.
    4. Jacques H. Drèze & Heracles M. Polemarchakis, 2001. "Intertemporal General Equilibrium and Monetary Theory," International Economic Association Series, in: Axel Leijonhufvud (ed.), Monetary Theory as a Basis for Monetary Policy, chapter 2, pages 33-71, Palgrave Macmillan.

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