Output contingent securities and efficient investment by firms
Author
Abstract
Suggested Citation
DOI: 10.1111/iere.12294
Note: View the original document on HAL open archive server: https://hal.science/hal-01097363v4
Download full text from publisher
Other versions of this item:
- Luis H. B. Braido & V. Filipe Martins†da†Rocha, 2018. "Output Contingent Securities And Efficient Investment By Firms," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 59(2), pages 989-1012, May.
- Luis H.B. Braido & V. Filipe Martins-da-Rocha, 2012. "Output contingent securities and efficient investment by firms," Levine's Working Paper Archive 786969000000000371, David K. Levine.
References listed on IDEAS
- Grossman, Sanford J & Hart, Oliver D, 1979.
"A Theory of Competitive Equilibrium in Stock Market Economies,"
Econometrica, Econometric Society, vol. 47(2), pages 293-329, March.
- Sanford Grossman & Oliver Hart, 1978. "A theory of competitive equilibrium in stock market economies," Special Studies Papers 115, Board of Governors of the Federal Reserve System (U.S.).
- James, Christopher, 1981. "The Technology of Risk and Return: Comment," American Economic Review, American Economic Association, vol. 71(3), pages 485-490, June.
- Luis H. B. Braido & V. Filipe Martins†da†Rocha, 2018.
"Output Contingent Securities And Efficient Investment By Firms,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 59(2), pages 989-1012, May.
- Luis H.B. Braido & V. Filipe Martins-da-Rocha, 2012. "Output contingent securities and efficient investment by firms," Levine's Working Paper Archive 786969000000000371, David K. Levine.
- Luis H. B. Braido & Victor Filipe Martins da Rocha, 2018. "Output contingent securities and efficient investment by firms," Post-Print hal-01097363, HAL.
- Hart, Oliver D, 1979. "On Shareholder Unanimity in Large Stock Market Economies," Econometrica, Econometric Society, vol. 47(5), pages 1057-1083, September.
- Louis Makowski, 1983. "Competitive Stock Markets," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(2), pages 305-330.
- John Geanakoplos & Heracles M. Polemarchakis, 1985.
"Existence, Regularity, and Constrained Suboptimality of Competitive Allocations When the Asset Market Is Incomplete,"
Cowles Foundation Discussion Papers
764, Cowles Foundation for Research in Economics, Yale University.
- Geanakoplos, J. & Polemarchakis, H., 1985. "Existence,regularity, and constrained suboptimality of competitive allocations when the asset market is incomplete," LIDAM Discussion Papers CORE 1985037, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- GEANAKOPLOS, John D. & POLEMARCHAKIS, Heraklis M., 1986. "Existence, regularity, and constrained suboptimality of competitive allocations when the asset market is incomplete," LIDAM Reprints CORE 711, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Allen, Franklin & Carletti, Elena & Marquez, Robert, 2007.
"Stakeholder capitalism, corporate governance and firm value,"
CFS Working Paper Series
2007/26, Center for Financial Studies (CFS).
- Franklin Allen & Elena Carletti & Robert Marquez, 2009. "Stakeholder Capitalism, Corporate Governance and Firm Value," Economics Working Papers ECO2009/10, European University Institute.
- Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614, Elsevier.
- Hayne E. Leland, 1974.
"Production Theory and the Stock Market,"
Bell Journal of Economics, The RAND Corporation, vol. 5(1), pages 125-144, Spring.
- Hayne E. Leland, 1973. "Production Theory and the Stock Market," Cowles Foundation Discussion Papers 361, Cowles Foundation for Research in Economics, Yale University.
- J. E. Stiglitz, 1972. "On the Optimality of the Stock Market Allocation of Investment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 86(1), pages 25-60.
- Eugene F. Fama, 1972. "Perfect Competition and Optimal Production Decisions under Uncertainty," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 509-530, Autumn.
- Stephen A. Ross, 1976.
"Options and Efficiency,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(1), pages 75-89.
- Stephen A. Ross, "undated". "Options and Efficiency," Rodney L. White Center for Financial Research Working Papers 03-74, Wharton School Rodney L. White Center for Financial Research.
- Stephen A. Ross, "undated". "Options and Efficiency," Rodney L. White Center for Financial Research Working Papers 3-74, Wharton School Rodney L. White Center for Financial Research.
- Michael C. Jensen & John B. Long Jr., 1972. "Corporate Investment under Uncertainty and Pareto Optimality in the Capital Markets," Bell Journal of Economics, The RAND Corporation, vol. 3(1), pages 151-174, Spring.
- Steinar Ekern, 1975. "On the Theory of the Firm in an Economy with Incomplete Markets: An Addendum," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 388-393, Spring.
- Steinar Ekern & Robert Wilson, 1974. "On the Theory of the Firm in an Economy with Incomplete Markets," Bell Journal of Economics, The RAND Corporation, vol. 5(1), pages 171-180, Spring.
- Greenberg, Edward & Marshall, William J & Yawitz, Jess B, 1978. "The Technology of Risk and Return," American Economic Review, American Economic Association, vol. 68(3), pages 241-251, June.
- Bisin, Alberto; & Gottardi, Piero; & Ruta, Guido, 2014.
"Equilibrium corporate finance and intermediation,"
Economics Working Papers
ECO2014/09, European University Institute.
- Piero Gottardi & Guido Ruta & Alberto Bisin, 2015. "Equilibrium Corporate Finance and Intermediation," 2015 Meeting Papers 358, Society for Economic Dynamics.
- Robert C. Merton & Marti G. Subrahmanyam, 1974. "The Optimality of a Competitive Stock Market," Bell Journal of Economics, The RAND Corporation, vol. 5(1), pages 145-170, Spring.
- Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
- BEWLEY, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," LIDAM Reprints CORE 122, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Luis H. B. Braido & V. Filipe Martins†da†Rocha, 2018.
"Output Contingent Securities And Efficient Investment By Firms,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 59(2), pages 989-1012, May.
- Luis H.B. Braido & V. Filipe Martins-da-Rocha, 2012. "Output contingent securities and efficient investment by firms," Levine's Working Paper Archive 786969000000000371, David K. Levine.
- Luis H. B. Braido & Victor Filipe Martins da Rocha, 2018. "Output contingent securities and efficient investment by firms," Post-Print hal-01097363, HAL.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Jean-Marc Robin & Stéphane Bonhomme & Koen Jochmans, 2014.
"Estimating Multivariate Latent-Structure Models,"
Sciences Po publications
2014-18, Sciences Po.
- Luis Braido & Victor Filipe Martins da Rocha, 2016. "Output contingent securities and efficient investment by firms," Working Papers hal-01097363, HAL.
- Stéphane Bonhomme & Koen Jochmans & Jean-Marc Robin, 2016. "Estimating Multivariate Latent-Structure Models," Sciences Po publications info:hdl:2441/etefo8s8r89, Sciences Po.
- Jean-Marc Robin & Stéphane Bonhomme & Koen Jochmans, 2014. "Estimating Multivariate Latent-Structure Models," Sciences Po Economics Discussion Papers 2014-18, Sciences Po Departement of Economics.
- Tom Arnold & Richard Shockley, 2010. "Real Options Analysis and the Assumptions of Corporate Finance: A Non-Technical Review," Multinational Finance Journal, Multinational Finance Journal, vol. 14(1-2), pages 29-71, March-Jun.
- Bejan, Camelia, 2008. "Production and financial decisions under uncertainty," MPRA Paper 11033, University Library of Munich, Germany.
- Douglas Gale & Piero Gottardi, 2017.
"Equilibrium Theory of Banks' Capital Structure,"
CESifo Working Paper Series
6580, CESifo.
- Piero Gottardi & Douglas Gale, 2017. "Equilibrium Theory of Banks' Capital Structure," 2017 Meeting Papers 380, Society for Economic Dynamics.
- GALE, Douglas; GOTTARDI, Piero, 2017. "Equilibrium theory of banks’ capital structure," Economics Working Papers ECO2017/02, European University Institute.
- Camelia Bejan, 2020. "Investment and financing in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 149-182, February.
- Gale, Douglas & Gottardi, Piero, 2020. "A general equilibrium theory of banks' capital structure," Journal of Economic Theory, Elsevier, vol. 186(C).
- David M. Kreps, 1982. "Multiperiod Securities and the Efficient Allocation of Risk: A Comment on the Black-Scholes Option Pricing Model," NBER Chapters, in: The Economics of Information and Uncertainty, pages 203-232, National Bureau of Economic Research, Inc.
- William J. Marshall & Jess B. Yawitz & Edward Greenberg, 1984. "Incentives for Diversification and the Structure of the Conglomerate Firm," NBER Working Papers 1280, National Bureau of Economic Research, Inc.
- José Azar & Xavier Vives, 2018.
"Oligopoly, Macroeconomic Performance, and Competition Policy,"
CESifo Working Paper Series
7189, CESifo.
- Vives, Xavier & Azar, José, 2018. "Oligopoly, Macroeconomic Performance, and Competition Policy," CEPR Discussion Papers 13000, C.E.P.R. Discussion Papers.
- Michael Magill, 2000. "Equity, Options and Efficiency in the Presence of Moral Hazard," Econometric Society World Congress 2000 Contributed Papers 1845, Econometric Society.
- Douglas Gale & Piero Gottardi, 2018. "A General Equilibrium Theory of Capital Structure," 2018 Meeting Papers 264, Society for Economic Dynamics.
- Hervé Crès & Mich Tvede, 2001.
"Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent,"
Working Papers
hal-01065004, HAL.
- CRES, Herve & TVEDE, Mich, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," HEC Research Papers Series 726, HEC Paris.
- Hervé Crès & Mich Tvede, 2001. "Proxy fights in incomplete markets: when majority voting and sidepayments are equivalent," Working Papers hal-00597200, HAL.
- Claudio Mattalia, 2003. "Existence of solutions and asset pricing bubbles in general equilibrium models," ICER Working Papers - Applied Mathematics Series 02-2003, ICER - International Centre for Economic Research.
- Jacques H. Drèze & Oussama Lachiri & Enrico Minelli, 2007.
"Shareholder-efficient production plans in a multi-period economy,"
Documents de travail du Centre d'Economie de la Sorbonne
b07065, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Jacques H. Drèze & Oussama Lachiri & Enrico Minelli, 2007. "Shareholder-efficient production plans in a multi-period economy," Post-Print halshs-00188336, HAL.
- DREZE, Jacques H. & LACHIRI, Oussama & MINELLI, Enrico, 2007. "Shareholder-efficient production plans in a multi-period economy," LIDAM Discussion Papers CORE 2007082, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jacques H., DREZE & Oussama, LACHIRI & Enrico, MINELLI, 2007. "Shareholder-efficient production plans in multi-period economy," Discussion Papers (ECON - Département des Sciences Economiques) 2007042, Université catholique de Louvain, Département des Sciences Economiques.
- Jacques H. Drèze & Oussama Lachiri & Enrico Minelli, 2007. "Shareholder-efficient production plans in a multi-period economy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00188336, HAL.
- Charalambos Aliprantis & Rabee Tourky, 2009.
"Equilibria in incomplete assets economies with infinite dimensional spot markets,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 38(2), pages 221-262, February.
- Aliprantis, C. D. & Tourky, Rabee, 2004. "Equilibria in Incomplete Assets Economies with Infinite Dimensional Spot Markets," Purdue University Economics Working Papers 1169, Purdue University, Department of Economics.
- Levine, David K. & Zame, William R., 1996.
"Debt constraints and equilibrium in infinite horizon economies with incomplete markets,"
Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 103-131.
- David K. Levine & William R. Zame, 1992. "Debt Constraints and Equilibrium in Infinite Horizon Economies with Incomplete Markets," UCLA Economics Working Papers 666, UCLA Department of Economics.
- David K. Levine & William Zame, 1996. "Debt Constraints and Equilibrium in Infinite Horizon Economies with Incomplete Markets," Levine's Working Paper Archive 1954, David K. Levine.
- David K. Levine & William R. Zame, 1993. "Debt Constraints and Equilibrium in Infinite Horizon Economies with Incomplete Markets," UCLA Economics Working Papers 703, UCLA Department of Economics.
- Azar, José, 2017. "Portfolio Diversification, Market Power, and the Theory of the Firm," IESE Research Papers D/1170, IESE Business School.
- Miguel Antón & Florian Ederer & Mireia Giné & Martin Schmalz, 2023.
"Common Ownership, Competition, and Top Management Incentives,"
Journal of Political Economy, University of Chicago Press, vol. 131(5), pages 1294-1355.
- Miguel Anton & Florian Ederer & Mireia Gine & Martin Schmalz, 2016. "Common Ownership, Competition, and Top Management Incentives," Cowles Foundation Discussion Papers 2046R, Cowles Foundation for Research in Economics, Yale University, revised Oct 2017.
- Miguel Anton & Florian Ederer & Mireia Gine & Martin C. Schmalz, 2022. "Common Ownership, Competition, and Top Management Incentives," NBER Working Papers 30785, National Bureau of Economic Research, Inc.
- Schmalz, Martin & Ederer, Florian & Gine, Mireia & Antón, Miguel, 2018. "Common Ownership, Competition, and Top Management Incentives," CEPR Discussion Papers 12674, C.E.P.R. Discussion Papers.
- Miguel Antón & Florian Ederer & Mireia Giné & Martin C. Schmalz, 2016. "Common Ownership, Competition, and Top Management Incentives," CESifo Working Paper Series 6178, CESifo.
- Miguel Anton & Florian Ederer & Mireia Gine & Martin Schmalz, 2016. "Common Ownership, Competition, and Top Management Incentives," Cowles Foundation Discussion Papers 2046, Cowles Foundation for Research in Economics, Yale University.
- Magill, Michael & Quinzii, Martine, 1996.
"Incomplete markets over an infinite horizon: Long-lived securities and speculative bubbles,"
Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 133-170.
- Magill, M. & Quinzii, M., 1993. "Icomplete Markets Over an Infinite Horizon: Long-Lived Securities and Speculative Bubbles," Papers 9321, Southern California - Department of Economics.
- repec:hal:spmain:info:hdl:2441/10282 is not listed on IDEAS
- David P. Baron, 1977. "On the Relationship Between Complete and Incomplete Financial Markets Models," Discussion Papers 241, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
More about this item
Keywords
Endogenous risk; Efficiency; CAPM; Competitive equilibrium; Production; Investment; Incomplete markets;All these keywords.
Statistics
Access and download statisticsCorrections
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:hal:journl:hal-01097363. 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.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.