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Attracting Attention: Cheap Managerial Talk and Costly Market Monitoring
We provide a theory of informal communication-cheap talk-between firms and capital markets that incorporates the role of agency conflicts between managers and shareholders. The analysis suggests thatExpand
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Interlinkage, investment and adverse selection
Abstract The paper explores the nature of interlinked contract under adverse selection where agents intertemporal preferences are private information. Our principal findings are: 1. (a) More patientExpand
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Corporate cash holdings: Causes and consequences
The considerable growth in corporate cash holdings around the world has prompted scholarly interest. Consequently, there is now a large academic literature examining cash holdings and their impact onExpand
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Universal Banking Under Bilateral Information Asymmetry
The Gramm–Leach–Bliley (GLB) Act of 1999 repealed many provisions of the Glass–Steagall Act that curtailed competition between banks and commercial firms. Significantly, however, the GLB Act did notExpand
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Financial Intermediation and Endogenous Fluctuations in a Real Economy
In this paper, we pose the following question: can the ̄nancial system in an economy be itself the raison d'etre for endogenous cyclical °uctuations in the economy? The focus here is on theExpand
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Optimal Financial and Contractual Structure for Building Infrastructure using Limited-Recourse Project Financing
We theoretically analyze the optimal financial and contractual structure of public-private partnerships (PPPs) to implement infrastructure projects under a limited-recourse project financingExpand
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Tournaments and Sharecropping
This paper explores the incentive effects of a renewal clause in a lease. The basis of selection is rank-order performance. The authors' findings, in the context of a principal-agent model, are asExpand
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The sovereign spread in Asian emerging economies: The significance of external versus internal factors
This paper investigates the dynamic relations between external factors, domestic macroeconomic factors with sovereign spreads, debt to GDP ratio, etc. in Asian emerging countries. First, we develop aExpand
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Superior mesenteric artery syndrome.
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New Thinking on Corporate Bond Market in India
What are major factors behind underdevelopment of corporate bond market in India? One of the major bottlenecks to the development of this market lies in relatively larger costs of financing whichExpand
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