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Imperfect Information, Uncertainty, and Credit Rationing
I. Introduction, 651.—II. The model of borrowing behavior, 652.—III. Lender and market behavior under competitive conditions, 658.—IV. Market solutions under monopoly, 663.—V. Conclusion, 664.—VI.Expand
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Contingent Convertible Bonds and Capital Structure Decisions
This paper provides a formal model of contingent convertible bonds (CCBs), a new instrument offering potential value as a component of corporate capital structures for all types of firms, as well asExpand
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Catastrophe Insurance, Capital Markets and Uninsurable Risks
This paper examines the causes of the failure of the private market for catastrophe insurance and examines some public solutions. Although the standard explanations of insurance market failureExpand
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Diversification disasters
The recent financial crisis has revealed significant externalities and systemic risks that arise from the interconnectedness of financial intermediaries’ risk portfolios. We develop a model in whichExpand
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Nondiversification Traps in Catastrophe Insurance Markets
We develop a model for markets for catastrophic risk. The model explains why insurance providers may choose not to offer insurance for catastrophic risks and not to participate in reinsuranceExpand
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On the Application of Portfolio Theory to Depository Financial Intermediaries
It has long been recognized that the useful application of the portfolio selection theory of Markowitz [10] and Tobin [19], [20] is limited by the restrictive assumptions placed on the utilityExpand
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Legitimate Violence, Violent Attitudes, and Rape: A Test of the Cultural Spillover Theory a
This article examines the relationship between cultural support for violence and the incidence of rape in the 50 American states and the District of Columbia. Legitimate violence was measured with aExpand
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A Theory and Test of Credit Rationing
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CREDIT RATIONING AND THE COMMERCIAL‐LOAN MARKET*
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Chapter 16 Credit rationing
Publisher Summary Credit markets differ from standard markets in two important respects. First, standard markets, which are the focus of classical competitive theory, involve a number of agents whoExpand
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