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• W159139042 abstract "We use a simple model of investment financing under moral hazard and risk aversion, to demonstrate how limited liability rules can make it optimal for companies to use warrants. We first show that, when there is no legal constraint on the issuer’s ability to choose a liability regime, issuing external equity and unlimited liability straight debt controls the agency conflict satisfactorily. Next, we show that judicial limited liability mandates can produce large deadweight losses. Finally we show that, under limited liability, granting absolute priority to debt holders -while a key ingredient of the optimal financing package -is not enough to control the agency costs effectively: the issuer must also use warrants alongside the equity and the limited liability straight debt. Nineteenth-century English data that would support our results is currenly being processed. JEL-Classification: G32, D82" @default.
• W159139042 created "2016-06-24" @default.
• W159139042 creator A5040127441 @default.
• W159139042 date "1999-01-01" @default.
• W159139042 modified "2023-09-27" @default.
• W159139042 title "Moral Hazard, Warrants and the Cost of Limited Liability Rules" @default.
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• W159139042 hasPublicationYear "1999" @default.
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