IDEAS home Printed from https://ideas.repec.org/p/del/abcdef/96-14.html
   My bibliography  Save this paper

Asymétrie d'information, coûts de mandat et financement des entreprises françaises, 1890-1936

Author

Listed:
  • Hautcoeur, P.C.

Abstract

[eng] This article studies, within the matching model of equilibrium unemployment, the macroeconomic consequences of discriminatory recruitment decisions. Unemployed workers can be distinguished according to an extrinsec characteristic which does not affect their productivity (the impact of unemployement exposure on mental-health for instance). A discrimination against some of the unemployed individuals leads to higher real wages and a higher unemployment rate. The welfare of employed workers is improved. At the opposite, discrimination is harmful to both firms and long-term unemployed. [fre] Asymmetric information, agency costs and the financing of french firms, 1890-1936. . The period from 1890 to 1939 is characterized by a paradox: on one side, high agency costs should hinder the development of a market for private securities and especially for shares, since information is seldom and highly asymmetric between savers and firm's managers, and a very unrestrictive regulation allows the owner-managers to appropriate easily the firm's assets. At the same time, the capital market registers an important growth of private quotations and issues. This paper presents this paradox and examines the influence of agency costs on individual
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Hautcoeur, P.C., 1996. "Asymétrie d'information, coûts de mandat et financement des entreprises françaises, 1890-1936," DELTA Working Papers 96-14, DELTA (Ecole normale supérieure).
  • Handle: RePEc:del:abcdef:96-14
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:del:abcdef:96-14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/deltafr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.