Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1998. "Capital Flows with Debt-And Equity-Financed Invesment: Equilibrium Structure and Efficiency Implications," CEMA Working Papers: Serie Documentos de Trabajo. 136, Universidad del CEMA.
References listed on IDEAS
- Gordon, Roger H & Bovenberg, A Lans, 1996.
"Why Is Capital So Immobile Internationally? Possible Explanations and Implications for Capital Income Taxation,"
American Economic Review, American Economic Association, vol. 86(5), pages 1057-1075, December.
- Roger H. Gordon & A. Lans Bovenberg, 1994. "Why is Capital so Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," NBER Working Papers 4796, National Bureau of Economic Research, Inc.
- Gordon, R.H. & Bovenberg, A.L., 1994. "Why is capital so immobile internationally? : Possible explanations and implications for capital income taxation," Discussion Paper 1994-63, Tilburg University, Center for Economic Research.
- Gordon, R.H. & Bovenberg, A.L., 1994. "Why Is Capital So Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," Working Papers 358, Research Seminar in International Economics, University of Michigan.
- Bovenberg, A.L. & Gordon, R.H., 1996. "Why is capital so immobile internationally? Possible explanation and implications for capital income taxation," Other publications TiSEM 6a131c21-fd9a-4d83-8d9a-7, Tilburg University, School of Economics and Management.
- Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
- Myers, Stewart C. & Majluf, Nicholas S., 1984.
"Corporate financing and investment decisions when firms have information that investors do not have,"
Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
- Myers, Stewart C. & Majluf, Nicolás S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Jonathan Eaton & Mark Gersovitz, 1987. "Country Risk and the Organization of International Capital Transfer," NBER Working Papers 2204, National Bureau of Economic Research, Inc.
- Zhaohui Chen & Mr. Mohsin S. Khan, 1997. "Patterns of Capital Flows to Emerging Markets: A Theoretical Perspective," IMF Working Papers 1997/013, International Monetary Fund.
- Razin, Assaf & Sadka, Efraim & Yuen, Chi-WA, 1997.
"Channelling Domestic Savings Into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment,"
Foerder Institute for Economic Research Working Papers
275630, Tel-Aviv University > Foerder Institute for Economic Research.
- Razin, Assaf & Sadka, Efraim & Yuen, Chi-Wa, 1998. "Channelling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment," CEPR Discussion Papers 1837, C.E.P.R. Discussion Papers.
- Razin, A. & Sadka, E. & Yuen, C.-W., 1998. "Channelling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment," Papers 01-98, Tel Aviv.
- Razin, A. & Sadka, E. & Yuen, C.W., 1997. "Chanelling Domestic Saving into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment," Papers 36-97, Tel Aviv.
- Razin, Assaf & Sadka, Efraim & Yuen, Chi-WA, 1997.
"Channelling Domestic Savings Into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment,"
Foerder Institute for Economic Research Working Papers
275630, Tel-Aviv University > Foerder Institute for Economic Research.
- Razin, A. & Sadka, E. & Yuen, C.-W., 1998. "Channelling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment," Papers 01-98, Tel Aviv.
- Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1997. "Channeling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment," NBER Working Papers 6338, National Bureau of Economic Research, Inc.
- Razin, Assaf & Sadka, Efraim & Yuen, Chi-Wa, 1998. "Channelling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment," CEPR Discussion Papers 1837, C.E.P.R. Discussion Papers.
- Gertler, Mark & Rogoff, Kenneth, 1990. "North-South lending and endogenous domestic capital market inefficiencies," Journal of Monetary Economics, Elsevier, vol. 26(2), pages 245-266, October.
- Lane, Philip R, 1999.
"North-South Lending with Moral Hazard and Repudiation Risk,"
Review of International Economics, Wiley Blackwell, vol. 7(1), pages 50-58, February.
- Philip Lane, 1998. "North-South Lending with Moral Hazard and Repudiation Risk," Economics Technical Papers 989, Trinity College Dublin, Department of Economics.
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
- Tesar, Linda L & Werner, Ingrid M, 1995. "U.S. Equity Investment in Emerging Stock Markets," The World Bank Economic Review, World Bank, vol. 9(1), pages 109-129, January.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Mr. Philip R. Lane & Mr. Gian M Milesi-Ferretti, 2000.
"External Capital Structure: Theory and Evidence,"
IMF Working Papers
2000/152, International Monetary Fund.
- Milesi-Ferretti, Gian Maria & Lane, Philip, 2000. "External Capital Structure: Theory and Evidence," CEPR Discussion Papers 2583, C.E.P.R. Discussion Papers.
- Inder Sekhar Yadav & Debasis Pahi & Rajesh Gangakhedkar, 2019. "Financial Markets Development and Financing Choice of Firms: New Evidence from Asia," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 26(4), pages 429-451, December.
- Madiha Bashir & Attiya Yasmin Javid, 2014. "Financial Flows, External Capital Structure, Institutions and Economic Growth in Asian Developing Economies," PIDE-Working Papers 2014:108, Pakistan Institute of Development Economics.
- Hasan, Zubair, 2018. "Debt, equity, universal banking and Islamic finance: note," MPRA Paper 86292, University Library of Munich, Germany.
- Al-Jarhi, Mabid, 2016. "An economic theory of Islamic finance," MPRA Paper 72698, University Library of Munich, Germany.
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.- Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 2001. "Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows," NBER Working Papers 8659, National Bureau of Economic Research, Inc.
- Assaf Razin & Efraim Sadka & Chi-Wa Yuen, "undated".
"Quantitative Implications of the Home Bias: Foreign Underinvestment, Domestic Oversaving, and Corrective Taxation,"
EPRU Working Paper Series
97-27, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Razin, Assaf & Sadka, Efraim & Yuen, Chi-Wa, 1997. "Quantitative Implications of the Home Bias: Foreign Underinvestment, Domestic Oversaving and Corrective Taxation," Foerder Institute for Economic Research Working Papers 275629, Tel-Aviv University > Foerder Institute for Economic Research.
- Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1997. "Quantitative Implications of the Home Bias: Foreign Underinvestment, Domestic Oversaving, and Corrective Taxation," NBER Working Papers 6339, National Bureau of Economic Research, Inc.
- Razin, A. & Sadka, E. & Yuen, C.W., 1997. "Quantitative Implications of the Home Bias: Foreign Underinvestment, Domestic Oversaving and Corrective Taxation," Papers 33-97, Tel Aviv.
- Gorman, Gary G. & Rosa, Peter J. & Faseruk, Alex, 2005. "Institutional lending to knowledge-based businesses," Journal of Business Venturing, Elsevier, vol. 20(6), pages 793-819, November.
- Valérie Revest & Alessandro Sapio, 2012.
"Financing technology-based small firms in Europe: what do we know?,"
Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
- Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Post-Print halshs-00606802, HAL.
- Gabriele Angori & David Aristei, 2020. "Heterogeneity and state dependence in firms’ access to credit: Microevidence from the euro area," SEEDS Working Papers 0220, SEEDS, Sustainability Environmental Economics and Dynamics Studies, revised Feb 2020.
- Carter Bloch, 2005. "R&D investment and internal finance: the cash flow effect," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(3), pages 213-223.
- Poitevin, Michel, 1989. "Information et marchés financiers : une revue de littérature," L'Actualité Economique, Société Canadienne de Science Economique, vol. 65(4), pages 555-589, décembre.
- Greenwald, Bruce C. & Stiglitz, Joseph E., 1987.
"Imperfect information, credit markets and unemployment,"
European Economic Review, Elsevier, vol. 31(1-2), pages 444-456.
- Bruce C. Greenwald & Joseph E. Stiglitz, 1986. "Imperfect Information, Credit Markets and Unemployment," NBER Working Papers 2093, National Bureau of Economic Research, Inc.
- Francesco Cohen & Alessandro Fedele & Paolo M. Panteghini, 2016.
"Corporate taxation and financial strategies under asymmetric information,"
Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 33(1), pages 9-34, April.
- Francesco Cohen & Alessandro Fedele & Paolo Panteghini, 2014. "Corporate Taxation and Financial Strategies Under Asymmetric Information," CESifo Working Paper Series 4772, CESifo.
- Mark Gertler, 1988.
"Financial structure and aggregate economic activity: an overview,"
Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
- Gertler, Mark, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 559-588, August.
- Mark L. Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," NBER Working Papers 2559, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 1991.
"Asymmetric Information and Financial Crises: A Historical Perspective,"
NBER Chapters, in: Financial Markets and Financial Crises, pages 69-108,
National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 1990. "Asymmetric Information and Financial Crises: A Historical Perspective," NBER Working Papers 3400, National Bureau of Economic Research, Inc.
- Hanna Hottenrott & Bettina Peters, 2012.
"Innovative Capability and Financing Constraints for Innovation: More Money, More Innovation?,"
The Review of Economics and Statistics, MIT Press, vol. 94(4), pages 1126-1142, November.
- Hottenrott, Hanna & Peters, Bettina, 2009. "Innovative capability and financing constraints for innovation: More money, more innovation?," ZEW Discussion Papers 09-081, ZEW - Leibniz Centre for European Economic Research.
- Hottenrott, Hanna & Peters, Bettina, 2012. "Innovative capability and financing constraints for innovation: More money, more innovation?," ZEW Discussion Papers 09-081 [rev.2], ZEW - Leibniz Centre for European Economic Research.
- Hottenrott, Hanna & Peters, Bettina, 2011. "Innovative capability and financing constraints for innovation: More money, more innovation?," ZEW Discussion Papers 09-081 [rev.], ZEW - Leibniz Centre for European Economic Research.
- Mario Tirelli & Luca Spinesi, 2021.
"R&D financing and growth,"
Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 30(1), pages 24-47, January.
- Luca, Spinesi & Mario, Tirelli, 2018. "R&D financing and growth," MPRA Paper 86860, University Library of Munich, Germany.
- Luca Spinesi & Mario Tirelli, 2019. "R&D Financing And Growth," Departmental Working Papers of Economics - University 'Roma Tre' 0249, Department of Economics - University Roma Tre.
- Charles W. Calomiris, 1993. "Financial Factors in the Great Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 61-85, Spring.
- Li, Xiafei & Luo, Di, 2019. "Financial constraints, stock liquidity, and stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
- Lensink, Robert & Sterken, Elmer, 2000.
"Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic,"
Economic Change and Restructuring, Springer, vol. 33(1-2), pages 53-70.
- Lensink, R. & Sterken, Elmer, 1999. "Capital market imperfections, uncertainty and corporate investment in the Czech Republic," Research Report 99E51, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
- Paul Gompers & Josh Lerner, 2003. "Short-Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation," NBER Chapters, in: Innovation Policy and the Economy, Volume 3, pages 1-28, National Bureau of Economic Research, Inc.
- Valentina Peruzzi, 2017.
"Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs,"
Applied Economics, Taylor & Francis Journals, vol. 49(43), pages 4378-4393, September.
- Valentina Peruzzi, 2015. "Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs," Mo.Fi.R. Working Papers 112, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Valentina Peruzzi, 2017. "Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs," CERBE Working Papers wpC16, CERBE Center for Relationship Banking and Economics.
- Miguel Faria-e-Castro & Joseba Martinez & Thomas Philippon, 2017.
"Runs versus Lemons: Information Disclosure and Fiscal Capacity,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(4), pages 1683-1707.
- Thomas Philippon & Joseba Martinez & Miguel de Faria e Castro, 2015. "Runs versus Lemons: Information Disclosure and Fiscal Capacity," 2015 Meeting Papers 1146, Society for Economic Dynamics.
- Philippon, Thomas & Faria e castro, Miguel & Martinez, Joseba, 2016. "Runs versus Lemons: Information Disclosure and Fiscal Capacity," CEPR Discussion Papers 11408, C.E.P.R. Discussion Papers.
- Miguel Faria-e-Castro & Joseba Martinez & Thomas Philippon, 2015. "Runs versus Lemons: Information Disclosure and Fiscal Capacity," NBER Working Papers 21201, National Bureau of Economic Research, Inc.
- Philippon, Thomas & Martinez, Joseba & Faria e castro, Miguel, 2015. "Runs versus Lemons: Information Disclosure and Fiscal Capacity," CEPR Discussion Papers 10614, C.E.P.R. Discussion Papers.
- An, Xudong & Deng, Yongheng & Gabriel, Stuart A., 2011. "Asymmetric information, adverse selection, and the pricing of CMBS," Journal of Financial Economics, Elsevier, vol. 100(2), pages 304-325, May.
More about this item
Keywords
WP; market value; debt market; firm;All these keywords.
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CFN-1999-01-18 (Corporate Finance)
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:imf:imfwpa:1998/159. 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: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.