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Asymmetric information, repeated lending, and capital structure

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  • Robert R. Moore

Abstract

This paper develops a model of capital structure in a three period agency framework. Borrowers retain earnings to reduce their loan needs, which reduces their probability of default, which allows them to obtain more favorable credit terms. The model is capable of generating persistence of real shocks through financial market effects. Copyright 1993 by Ohio State University Press.
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Suggested Citation

  • Robert R. Moore, 1991. "Asymmetric information, repeated lending, and capital structure," Financial Industry Studies Working Paper 91-2, Federal Reserve Bank of Dallas.
    • Handle: RePEc:fip:feddfi:91-2
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    Cited by:

    1. Guillaume Colosiez & Mouldi Djelassi, 1993. "La redécouverte des cycles financiers," Revue d'Économie Financière, Programme National Persée, vol. 26(3), pages 109-144.
    2. Gangopadhyay, Shubhashis & Mukhopadhyay, Bappaditya, 2002. "Multiple bank lending and seniority in claims," Journal of Economics and Business, Elsevier, vol. 54(1), pages 7-30.
    3. Mukhopadhyay, B., 2005. "Theory of Bank Lending with Monitoring and Application to Rural Banking in India 2002-2003," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 2(2), pages 85-100.
    4. Peter Nigro & Kevin Jacques, 2000. "Financial Turmoil, Failed Bank Acquisitions, and Bank Business Lending Behavior," Journal of Financial Services Research, Springer;Western Finance Association, vol. 17(2), pages 149-164, August.
    5. Bappaditya Mukhopadhyay, 2002. "Costly state verification and optimal investment," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(3), pages 233-248, September.
    6. Gangopadhyay, Shubhashis & Wihlborg, Clas, 2001. "The Impact of Bankruptcy Rules on Risky Project Choice and Skill Formation under Credit Rationing," Working Papers 2001-5, Copenhagen Business School, Department of Finance.
    7. Luis Araujo & Bernardo Guimaraes & Diego Rodrigues, 2020. "Financial constraints and collateral crises," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 238-250, October.

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    Keywords

    Capital; Investments;

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