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Optimal Design of Securities under Asymmetric Information

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Cited by:

  1. Habib, Michel A. & Johnsen, D. Bruce & Naik, Narayan Y., 1997. "Spinoffs and Information," Journal of Financial Intermediation, Elsevier, vol. 6(2), pages 153-176, April.
  2. Fulghieri, Paolo & Lukin, Dmitry, 2001. "Information production, dilution costs, and optimal security design," Journal of Financial Economics, Elsevier, vol. 61(1), pages 3-42, July.
  3. Mark J. Garmaise & Tobias J. Moskowitz, 2002. "Confronting Information Asymmetries: Evidence from Real Estate Markets," NBER Working Papers 8877, National Bureau of Economic Research, Inc.
  4. Michail Anthropelos & Constantinos Kardaras, 2014. "Equilibrium in risk-sharing games," Papers 1412.4208, arXiv.org, revised Jul 2016.
  5. repec:dau:papers:123456789/5521 is not listed on IDEAS
  6. Vladimirov, Vladimir, 2015. "Financing bidders in takeover contests," Journal of Financial Economics, Elsevier, vol. 117(3), pages 534-557.
  7. Babus, Ana & Hachem, Kinda, 2023. "Markets for financial innovation," Journal of Economic Theory, Elsevier, vol. 208(C).
  8. Allen N. Berger & Gregory F. Udell, 2002. "Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure," Economic Journal, Royal Economic Society, vol. 112(477), pages 32-53, February.
  9. Vladimir Asriyan & Victoria Vanasco, 2019. "Security Design in Non-Exclusive Markets with Asymmetric Information," Working Papers 1164, Barcelona School of Economics.
  10. 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.
  11. Bengt Holmstrom, 2015. "Understanding the role of debt in the financial system," BIS Working Papers 479, Bank for International Settlements.
  12. Stenzel, André, 2018. "Security design with interim public information," Journal of Mathematical Economics, Elsevier, vol. 76(C), pages 113-130.
  13. Thomas Philippon & Vasiliki Skreta, 2012. "Optimal Interventions in Markets with Adverse Selection," American Economic Review, American Economic Association, vol. 102(1), pages 1-28, February.
  14. Alex Edmans & William Mann, 2019. "Financing Through Asset Sales," Management Science, INFORMS, vol. 65(7), pages 3043-3060, July.
  15. Daniel M. Covitz & Paul Harrison, 2000. "The timing of debt issuance and rating migration: theory and evidence," Finance and Economics Discussion Series 2000-10, Board of Governors of the Federal Reserve System (U.S.).
  16. Botond Koszegi & Peter Kondor, 2015. "Cursed financial innovation," 2015 Meeting Papers 1098, Society for Economic Dynamics.
  17. Viral V. Acharya & Alberto Bisin, 2005. "Optimal Financial-Market Integration and Security Design," The Journal of Business, University of Chicago Press, vol. 78(6), pages 2397-2434, November.
  18. Bernhardt, Dan & Koufopoulos, Kostas & Trigilia, Giulio, 2022. "Separating equilibria, underpricing and security design," Journal of Financial Economics, Elsevier, vol. 145(3), pages 788-801.
  19. Bruno Biais & Thomas Mariotti, 2005. "Strategic Liquidity Supply and Security Design," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(3), pages 615-649.
  20. Farhi, Emmanuel & Tirole, Jean, 2015. "Liquid bundles," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 634-655.
  21. Vladimirov, Vladimir & Terovitis, Spyros, 2020. "How Financial Markets Create Superstars," CEPR Discussion Papers 15546, C.E.P.R. Discussion Papers.
  22. Kobayashi, Mami & Osano, Hiroshi, 2012. "Nonrecourse financing and securitization," Journal of Financial Intermediation, Elsevier, vol. 21(4), pages 659-693.
  23. Onur Bayar & Thomas J. Chemmanur & Mark H. Liu, 2015. "A Theory of Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous Beliefs," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 4(2), pages 258-320.
  24. John, Kose & Mateti, Ravi S. & Vasudevan, Gopala & Amira, Khaled, 2016. "Investor protection and firm value: Evidence from PIPE offerings," Journal of Financial Stability, Elsevier, vol. 26(C), pages 78-89.
  25. Laura Blattner & Scott Nelson & Jann Spiess, 2021. "Unpacking the Black Box: Regulating Algorithmic Decisions," Papers 2110.03443, arXiv.org, revised May 2024.
  26. Miglo, Anton, 2004. "Pecking order theory for government finance," MPRA Paper 89017, University Library of Munich, Germany, revised 2018.
  27. Azarmsa, Ehsan & Cong, Lin William, 2020. "Persuasion in relationship finance," Journal of Financial Economics, Elsevier, vol. 138(3), pages 818-837.
  28. Peter M. DeMarzo & Ilan Kremer & Andrzej Skrzypacz, 2005. "Bidding with Securities: Auctions and Security Design," American Economic Review, American Economic Association, vol. 95(4), pages 936-959, September.
  29. Jimmy Melo, 2014. "Expectativas cambiarias, selección adversa y liquidez," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(1), pages 27-62, May.
  30. Mike Burkart & Samuel Lee, 2015. "Signalling to Dispersed Shareholders and Corporate Control," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(3), pages 922-962.
  31. Bernhardt Dan, 2012. "Screening and Financial Contracting in the Face of Outside Competition," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 12(1), pages 1-40, May.
  32. Kuong, John Chi-Fong & Zeng, Jing, 2021. "Securitization and optimal foreclosure," Journal of Financial Intermediation, Elsevier, vol. 48(C).
  33. Miglo, Anton, 2007. "Debt-equity choice as a signal of earnings profile over time," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(1), pages 69-93, March.
  34. Vladimirov, Vladimir, 2021. "Financing Skilled Labor," CEPR Discussion Papers 15751, C.E.P.R. Discussion Papers.
  35. Miglo, Anton, 2014. "Choice of financing mode as a stochastic bounded control problem," MPRA Paper 56323, University Library of Munich, Germany.
  36. David L. Dicks & James R. Garven, 2022. "Asymmetric information and insurance cycles," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(2), pages 449-474, June.
  37. Anton Miglo, 2023. "ICO vs. Equity Financing under Imperfect, Complex and Asymmetric Information," FinTech, MDPI, vol. 3(1), pages 1-23, December.
  38. Kobayashi, Mami & Osano, Hiroshi, 2011. "The new main bank system," Journal of the Japanese and International Economies, Elsevier, vol. 25(3), pages 336-354, September.
  39. Fulghieri, Paolo & Hackbarth, Dirk & Garcia, Diego, 2015. "Asymmetric information, security design, and the pecking (dis)order," CEPR Discussion Papers 10660, C.E.P.R. Discussion Papers.
  40. Emre Ozdenoren & Kathy Yuan & Shengxing Zhang, 2023. "Dynamic Asset-Backed Security Design," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(6), pages 3282-3314.
  41. Inderst, Roman & Vladimirov, Vladimir, 2012. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," MPRA Paper 53840, University Library of Munich, Germany.
  42. Mike Burkart & Samuel Lee, 2016. "Smart Buyers," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 5(2), pages 239-270.
  43. Wong, Tak-Yuen & Wong, Ho-Po Crystal, 2023. "Securities auctions with pre-project information management," International Journal of Industrial Organization, Elsevier, vol. 88(C).
  44. Li, Qi, 2022. "Security design without verifiable retention," Journal of Economic Theory, Elsevier, vol. 200(C).
  45. Parra, Álvaro & Winter, Ralph A., 2022. "Early-stage venture financing," Journal of Corporate Finance, Elsevier, vol. 77(C).
  46. Thomas H. Noe & Stephen D. Smith, 1997. "The buck stops where? The role of limited liability in economics," Economic Review, Federal Reserve Bank of Atlanta, vol. 82(Q 1), pages 46-56.
  47. Skrzypacz, Andrzej, 2013. "Auctions with contingent payments — An overview," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 666-675.
  48. Mohammad Abbas Rezaei, 2021. "Optimal Design of Limited Partnership Agreements," Papers 2104.07049, arXiv.org.
  49. Chemmanur, Thomas J. & Nandy, Debarshi & Yan, An & Jiao, Jie, 2014. "A theory of mandatory convertibles," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 352-370.
  50. Miglo Anton, 2021. "Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur," Entrepreneurship Research Journal, De Gruyter, vol. 11(4), pages 1-19, October.
  51. Inderst, Roman & Mueller, Holger, 2005. "Keeping the Board in the Dark: CEO Compensation and Entrenchment," CEPR Discussion Papers 5315, C.E.P.R. Discussion Papers.
  52. Burkart, Mike & Lee, Samuel, 2010. "Signalling in tender offer games," LSE Research Online Documents on Economics 119085, London School of Economics and Political Science, LSE Library.
  53. repec:diw:diwwpp:dp1364 is not listed on IDEAS
  54. Fang, Dawei, 2019. "Dry powder and short fuses: Private equity funds in emerging markets," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 48-71.
  55. David J. Brophy & Wassim Mourtada, 1999. "Equity finance and the economic transition of rural America : a new framework for private-sector initiatives and positive economic public policy," Proceedings – Rural and Agricultural Conferences, Federal Reserve Bank of Kansas City, issue Aug, pages 107-164.
  56. Chang, Sean Tat & Ross, Donald, 2016. "Debt covenants and credit spread valuation: The special case of Chinese global bonds," Global Finance Journal, Elsevier, vol. 30(C), pages 27-44.
  57. Miglo, Anton & Zenkevich, Nikolay, 2005. "Non-hierarchical signalling: two-stage financing game," MPRA Paper 1264, University Library of Munich, Germany, revised 2006.
  58. repec:dau:papers:123456789/6311 is not listed on IDEAS
  59. Bajoori, Elnaz & Peeters, Ronald & Wolk, Leonard, 2024. "Security auctions with cash- and equity-bids: An experimental study," European Economic Review, Elsevier, vol. 163(C).
  60. Guembel, Alexander & White, Lucy, 2014. "Good cop, bad cop: Complementarities between debt and equity in disciplining management," Journal of Financial Intermediation, Elsevier, vol. 23(4), pages 541-569.
  61. Su, Dongwei, 2004. "Leverage, insider ownership, and the underpricing of IPOs in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(1), pages 37-54, February.
  62. Arnoud Boot & Vladimir Vladimirov, 2019. "(Non-)Precautionary Cash Hoarding and the Evolution of Growth Firms," Management Science, INFORMS, vol. 65(11), pages 5290-5307, November.
  63. Hartman-Glaser, Barney & Piskorski, Tomasz & Tchistyi, Alexei, 2012. "Optimal securitization with moral hazard," Journal of Financial Economics, Elsevier, vol. 104(1), pages 186-202.
  64. John Y Zhu, 2022. "Anticipating Disagreement in Dynamic Contracting [An incomplete contracts approach to financial contracting]," Review of Finance, European Finance Association, vol. 26(5), pages 1241-1265.
  65. Gersbach, Hans & Uhlig, Harald, 2006. "Debt contracts and collapse as competition phenomena," Journal of Financial Intermediation, Elsevier, vol. 15(4), pages 556-574, October.
  66. Zhenyu Wu & Jess H. Chua, 2012. "Second–Order Gender Effects: The Case of U.S. Small Business Borrowing Cost," Entrepreneurship Theory and Practice, , vol. 36(3), pages 443-463, May.
  67. Roman Inderst & Holger M. Mueller, 2006. "Informed Lending and Security Design," Journal of Finance, American Finance Association, vol. 61(5), pages 2137-2162, October.
  68. Miglo, Anton, 2006. "Debt-equity choice as a signal of profit profile over time," MPRA Paper 1283, University Library of Munich, Germany.
  69. Anton Miglo, 2020. "Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations," JRFM, MDPI, vol. 13(12), pages 1-25, November.
  70. Yrjö Koskinen & Michael J. Rebello & Jun Wang, 2014. "Private Information and Bargaining Power in Venture Capital Financing," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 23(4), pages 743-775, December.
  71. Inderst, Roman & Mueller, Holger, 2003. "Credit Risk Analysis and Security Design," CEPR Discussion Papers 3686, C.E.P.R. Discussion Papers.
  72. Kai Hao Yang & Alexander K. Zentefis, 2023. "Extreme Points of First-Order Stochastic Dominance Intervals: Theory and Applications," Cowles Foundation Discussion Papers 2355, Cowles Foundation for Research in Economics, Yale University.
  73. Ulf Axelson & Per Strömberg & Michael S. Weisbach, 2009. "Why Are Buyouts Levered? The Financial Structure of Private Equity Funds," Journal of Finance, American Finance Association, vol. 64(4), pages 1549-1582, August.
  74. Gottlieb, Daniel & Moreira, Humberto, 2022. "Simple contracts with adverse selection and moral hazard," LSE Research Online Documents on Economics 114348, London School of Economics and Political Science, LSE Library.
  75. Scheuer, Florian, 2013. "Adverse selection in credit markets and regressive profit taxation," Journal of Economic Theory, Elsevier, vol. 148(4), pages 1333-1360.
  76. Brendan Daley & Brett Green & Victoria Vanasco, 2016. "Designing securities for scrutiny," Economics Working Papers 1818, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2021.
  77. Inderst, Roman & Vladimirov, Vladimir, 2019. "Growth Firms and Relationship Finance: A Capital Structure Approach," CEPR Discussion Papers 13640, C.E.P.R. Discussion Papers.
  78. Agliardi, Elettra & Agliardi, Rossella & Spanjers, Willem, 2016. "Corporate financing decisions under ambiguity: Pecking order and liquidity policy implications," Journal of Business Research, Elsevier, vol. 69(12), pages 6012-6020.
  79. Anton Miglo, 2009. "Earnings‐Based Compensation Contracts Under Asymmetric Information," Manchester School, University of Manchester, vol. 77(2), pages 225-243, March.
  80. Langberg, Nisan, 2008. "Optimal financing for growth firms," Journal of Financial Intermediation, Elsevier, vol. 17(3), pages 379-406, July.
  81. Jan Starmans, 2023. "Technological Determinants of Financial Constraints," Management Science, INFORMS, vol. 69(5), pages 3003-3024, May.
  82. Hartman-Glaser, Barney, 2017. "Reputation and signaling in asset sales," Journal of Financial Economics, Elsevier, vol. 125(2), pages 245-265.
  83. Koskinen, Yrjö & Rebello, Michael & Wang, Jun, 2006. "Venture Capital Financing: The Role of Bargaining Power and the Evolution of Informational Asymmetry," CEPR Discussion Papers 5806, C.E.P.R. Discussion Papers.
  84. Laurent Augier & Mahdi Mokrane, 1998. "Asymétrie d'information, marchés financiers et pays émergents d'Asie du Sud-Est," Revue Économique, Programme National Persée, vol. 49(1), pages 181-194.
  85. Michail Anthropelos & Constantinos Kardaras, 2017. "Equilibrium in risk-sharing games," Finance and Stochastics, Springer, vol. 21(3), pages 815-865, July.
  86. Matthew Spiegel & S. Ravid, 1998. "Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion," Yale School of Management Working Papers ysm77, Yale School of Management, revised 01 Aug 2000.
  87. Goswami, Gautam & Shrikhande, Milind M., 1998. "Interest rate swaps and economic exposure," Global Finance Journal, Elsevier, vol. 9(1), pages 51-70.
  88. Glode, Vincent & Opp, Christian C. & Sverchkov, Ruslan, 2022. "To pool or not to pool? Security design in OTC markets," Journal of Financial Economics, Elsevier, vol. 145(2), pages 508-526.
  89. Koziol, Christian & Lawrenz, Jochen, 2010. "Optimal design of rating-trigger step-up bonds: Agency conflicts versus asymmetric information," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 182-204, April.
  90. Jin, Yu, 2012. "Essays on financial institutions and instability," ISU General Staff Papers 201201010800003361, Iowa State University, Department of Economics.
  91. Anton Miglo, 2008. "Project financing versus corporate financing under asymmetric information," Working Papers 0812, University of Guelph, Department of Economics and Finance.
  92. Segura, Anatoli & Zeng, Jing, 2020. "Off-balance sheet funding, voluntary support and investment efficiency," Journal of Financial Economics, Elsevier, vol. 137(1), pages 90-107.
  93. E. Agliardi & R. Agliardi & W. Spanjers, 2014. "Cash holdings and financing decisions under ambiguity," Working Papers wp979, Dipartimento Scienze Economiche, Universita' di Bologna.
  94. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
  95. Roman Inderst & Vladimir Vladimirov, 2019. "Growth Firms and Relationship Finance: A Capital Structure Perspective," Management Science, INFORMS, vol. 65(11), pages 5411-5426, November.
  96. Chang, Shih-Chung & Wang, Frank Yong, 2024. "Two-sided asymmetric information and convertible securities in venture financing," Economics Letters, Elsevier, vol. 237(C).
  97. Weisbach, Michael & Strömberg, Per & Axelson, Ulf, 2007. "Why are Buyouts Leveraged? The Financial Structure of Private Equity Firms," CEPR Discussion Papers 6133, C.E.P.R. Discussion Papers.
  98. Ming Yang, 2011. "Optimality of Securitized Debt with Endogenous and Flexible Information Acquisition," Working Papers 1328, Princeton University, Department of Economics, Econometric Research Program..
  99. Choi, Dong Beom & Eisenbach, Thomas M. & Yorulmazer, Tanju, 2021. "Watering a lemon tree: Heterogeneous risk taking and monetary policy transmission," Journal of Financial Intermediation, Elsevier, vol. 47(C).
  100. Tomasz Piskorski & Alexei Tchistyi & Barney Hartman-Glaser, 2009. "Optimal Securitization with Moral Hazard," 2009 Meeting Papers 1256, Society for Economic Dynamics.
  101. Madison, Florian, 2024. "Asymmetric information in frictional markets for liquidity: Collateralized credit vs asset sale," Journal of Economic Dynamics and Control, Elsevier, vol. 159(C).
  102. Axelson, Ulf, 2005. "Security Design with Investor Private Information," SIFR Research Report Series 37, Institute for Financial Research.
  103. Kai Hao Yang & Alexander K. Zentefis, 2023. "Monotone Function Intervals: Theory and Applications," Papers 2302.03135, arXiv.org, revised Apr 2024.
  104. repec:lic:licosd:16205 is not listed on IDEAS
  105. Jorge, José & Kahn, Charles M., 2020. "Illiquidity as a signal," Journal of Financial Stability, Elsevier, vol. 50(C).
  106. Anatoli Segura, 2017. "Why did sponsor banks rescue their SIVs?," Temi di discussione (Economic working papers) 1100, Bank of Italy, Economic Research and International Relations Area.
  107. Koufopoulos, Kostos & Kozhan, Roman & Trigilia, Giulio, 2014. "Optimal Security Design under Asymmetric Information and Profit Manipulation," The Warwick Economics Research Paper Series (TWERPS) 1050, University of Warwick, Department of Economics.
  108. Shimizu, Makoto, 2023. "Pecking order of convertible security financing for start-up ventures and overinvestment," The North American Journal of Economics and Finance, Elsevier, vol. 68(C).
  109. Chemla, Gilles & Hennessy, Christopher, 2011. "Security Design: Signaling versus Speculative Markets," CEPR Discussion Papers 8336, C.E.P.R. Discussion Papers.
  110. Terovitis, Spyros, 2022. "Information disclosure and the feedback effect in capital markets," Journal of Financial Intermediation, Elsevier, vol. 49(C).
  111. Kondor, Peter & Koszegi, Botond, 2017. "Financial choice and financial information," LSE Research Online Documents on Economics 118973, London School of Economics and Political Science, LSE Library.
  112. Martin Szydlowski, 2021. "Optimal Financing and Disclosure," Management Science, INFORMS, vol. 67(1), pages 436-454, January.
  113. Tucker, Jon & Stoja, Evarist, 2011. "Industry membership and capital structure dynamics in the UK," International Review of Financial Analysis, Elsevier, vol. 20(4), pages 207-214, August.
  114. Andrikopoulos, Andreas, 2015. "Truth and financial economics: A review and assessment," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 186-195.
  115. Praveen Kumar & Nisan Langberg, 2009. "Corporate fraud and investment distortions in efficient capital markets," RAND Journal of Economics, RAND Corporation, vol. 40(1), pages 144-172, March.
  116. Chaigneau, Pierre, 2023. "Capital Structure with Information about the Upside and the Downside," MPRA Paper 121397, University Library of Munich, Germany.
  117. Paolo Fulghieri & Diego García & Dirk Hackbarth, 2020. "Asymmetric Information and the Pecking (Dis)Order," Review of Finance, European Finance Association, vol. 24(5), pages 961-996.
  118. Gautam Goswami & Milind M. Shrikhande, 1997. "Interest rate swaps and economic exposure," FRB Atlanta Working Paper 97-6, Federal Reserve Bank of Atlanta.
  119. Anton Miglo & Victor Miglo, 2019. "Market imperfections and crowdfunding," Small Business Economics, Springer, vol. 53(1), pages 51-79, June.
  120. Vauhkonen, Jukka, 2003. "Are adverse selection models of debt robust to changes in market structure?," Bank of Finland Research Discussion Papers 28/2003, Bank of Finland.
  121. Koufopoulos, Kostas & Kozhan, Roman & Trigilia, Giulio, 2014. "Optimal Security Design under Asymmetric Information and Profit Manipulation," Economic Research Papers 270233, University of Warwick - Department of Economics.
  122. Glode, Vincent & Opp, Christian C. & Zhang, Xingtan, 2018. "Voluntary disclosure in bilateral transactions," Journal of Economic Theory, Elsevier, vol. 175(C), pages 652-688.
  123. Anatoli Segura, 2018. "Why Did Sponsor Banks Rescue Their SIVs? A Signaling Model of Rescues [Securitization without risk transfer]," Review of Finance, European Finance Association, vol. 22(2), pages 661-697.
  124. Alex Gershkov & Benny Moldovanu & Philipp Strack & Mengxi Zhang, 2024. "Optimal Security Design for Risk-Averse Investors," ECONtribute Discussion Papers Series 325, University of Bonn and University of Cologne, Germany.
  125. Anton Miglo, 2006. "Optimal compensation contracts under asymmetric information concerning expected earnings," Working Papers 0613, University of Guelph, Department of Economics and Finance.
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