首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Alternative Solutions to Underinvestment, Under Equity and Credit Rationing
Authors:Yoram Kroll  & Assaf Cohen
Institution:Hebrew Univerity of Jerusalem and Baruch College, the City University of New York
Abstract:We compare alternative solutions to underinvestment (UI) problems in firms subject to limited access to equity markets, interest ceilings, and constraints on the volume of debt. Collaterals (assets or compensating balances) and credit insurance ('regular' or 'outcome' insurance whereby the premium is paid at the end of the insurance period) are compared on the basis to their costs and their effective use of financial sources. It is shown that when there is no moral hazard problem, credit insurance is the most effective instrument. Otherwise, 'outcome' insurance program is the most effective one.
Keywords:underinvestment  overinvestment  credit insurance  credit rationing
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号