Matches in SemOpenAlex for { <https://semopenalex.org/work/W3022128532> ?p ?o ?g. }
Showing items 1 to 99 of
99
with 100 items per page.
- W3022128532 endingPage "173" @default.
- W3022128532 startingPage "146" @default.
- W3022128532 abstract "We consider a model of external financing in which entrepreneurs are privately informed about the quality of their projects and seek funds from competitive financiers. The literature restricts attention to monotonic, or “manipulation proof,” securities and finds that straight debt is the uniquely optimal contract. Monotonicity is commonly justified by the argument that it would endogenously arise if the entrepreneur can window dress the realized earnings before contract maturity. We explicitly characterize the optimal contracts when entrepreneurs engage in window dressing and/or output diversion and derive necessary and sufficient conditions for straight debt to be optimal. Contrary to conventional wisdom, debt is often suboptimal, and it is never uniquely optimal. Optimal contracts are nonmonotonic and induce profit manipulation in equilibrium. They can be implemented as performance-sensitive debt. Received: March 24, 2018; Editorial decision September 22, 2018 Editor: Uday Rajan" @default.
- W3022128532 created "2020-05-13" @default.
- W3022128532 creator A5015036235 @default.
- W3022128532 creator A5053805705 @default.
- W3022128532 creator A5071301847 @default.
- W3022128532 date "2018-11-28" @default.
- W3022128532 modified "2023-09-26" @default.
- W3022128532 title "Optimal Security Design under Asymmetric Information and Profit Manipulation" @default.
- W3022128532 cites W1513696628 @default.
- W3022128532 cites W1979131559 @default.
- W3022128532 cites W2002877396 @default.
- W3022128532 cites W2019524172 @default.
- W3022128532 cites W2027605407 @default.
- W3022128532 cites W2063413469 @default.
- W3022128532 cites W2077595963 @default.
- W3022128532 cites W2087660433 @default.
- W3022128532 cites W2090681977 @default.
- W3022128532 cites W2092516588 @default.
- W3022128532 cites W2109183455 @default.
- W3022128532 cites W2109991025 @default.
- W3022128532 cites W2129881428 @default.
- W3022128532 cites W2140281938 @default.
- W3022128532 cites W2147560556 @default.
- W3022128532 cites W2148337281 @default.
- W3022128532 cites W2155653170 @default.
- W3022128532 cites W2790611468 @default.
- W3022128532 cites W3022916377 @default.
- W3022128532 cites W3121690985 @default.
- W3022128532 cites W3122362577 @default.
- W3022128532 cites W3124114405 @default.
- W3022128532 cites W3124839260 @default.
- W3022128532 doi "https://doi.org/10.1093/rcfs/cfy008" @default.
- W3022128532 hasPublicationYear "2018" @default.
- W3022128532 type Work @default.
- W3022128532 sameAs 3022128532 @default.
- W3022128532 citedByCount "1" @default.
- W3022128532 countsByYear W30221285322022 @default.
- W3022128532 crossrefType "journal-article" @default.
- W3022128532 hasAuthorship W3022128532A5015036235 @default.
- W3022128532 hasAuthorship W3022128532A5053805705 @default.
- W3022128532 hasAuthorship W3022128532A5071301847 @default.
- W3022128532 hasBestOaLocation W30221285322 @default.
- W3022128532 hasConcept C10138342 @default.
- W3022128532 hasConcept C120527767 @default.
- W3022128532 hasConcept C134306372 @default.
- W3022128532 hasConcept C137577040 @default.
- W3022128532 hasConcept C144133560 @default.
- W3022128532 hasConcept C162324750 @default.
- W3022128532 hasConcept C175444787 @default.
- W3022128532 hasConcept C181622380 @default.
- W3022128532 hasConcept C185592680 @default.
- W3022128532 hasConcept C2781426361 @default.
- W3022128532 hasConcept C33923547 @default.
- W3022128532 hasConcept C55493867 @default.
- W3022128532 hasConcept C556758197 @default.
- W3022128532 hasConcept C72169020 @default.
- W3022128532 hasConcept C98184364 @default.
- W3022128532 hasConceptScore W3022128532C10138342 @default.
- W3022128532 hasConceptScore W3022128532C120527767 @default.
- W3022128532 hasConceptScore W3022128532C134306372 @default.
- W3022128532 hasConceptScore W3022128532C137577040 @default.
- W3022128532 hasConceptScore W3022128532C144133560 @default.
- W3022128532 hasConceptScore W3022128532C162324750 @default.
- W3022128532 hasConceptScore W3022128532C175444787 @default.
- W3022128532 hasConceptScore W3022128532C181622380 @default.
- W3022128532 hasConceptScore W3022128532C185592680 @default.
- W3022128532 hasConceptScore W3022128532C2781426361 @default.
- W3022128532 hasConceptScore W3022128532C33923547 @default.
- W3022128532 hasConceptScore W3022128532C55493867 @default.
- W3022128532 hasConceptScore W3022128532C556758197 @default.
- W3022128532 hasConceptScore W3022128532C72169020 @default.
- W3022128532 hasConceptScore W3022128532C98184364 @default.
- W3022128532 hasIssue "1" @default.
- W3022128532 hasLocation W30221285321 @default.
- W3022128532 hasLocation W30221285322 @default.
- W3022128532 hasLocation W30221285323 @default.
- W3022128532 hasLocation W30221285324 @default.
- W3022128532 hasLocation W30221285325 @default.
- W3022128532 hasLocation W30221285326 @default.
- W3022128532 hasLocation W30221285327 @default.
- W3022128532 hasOpenAccess W3022128532 @default.
- W3022128532 hasPrimaryLocation W30221285321 @default.
- W3022128532 hasRelatedWork W1976388880 @default.
- W3022128532 hasRelatedWork W1991668648 @default.
- W3022128532 hasRelatedWork W2100307741 @default.
- W3022128532 hasRelatedWork W3121632130 @default.
- W3022128532 hasRelatedWork W3121986622 @default.
- W3022128532 hasRelatedWork W3122573770 @default.
- W3022128532 hasRelatedWork W3123234645 @default.
- W3022128532 hasRelatedWork W3123942639 @default.
- W3022128532 hasRelatedWork W3125395820 @default.
- W3022128532 hasRelatedWork W3154611616 @default.
- W3022128532 hasVolume "8" @default.
- W3022128532 isParatext "false" @default.
- W3022128532 isRetracted "false" @default.
- W3022128532 magId "3022128532" @default.
- W3022128532 workType "article" @default.