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- W3122462543 abstract "This paper analyzes a firm's choice of debt instruments based in a microeconomic model of costly state verification with competitive lending markets and heterogeneous borrowers. In equilibrium, firms with abundant internal funds issue bonds, firms with intermediate resources borrow from banks, and firms with scarce internal funds are credit rationed. These results are derived from two assumptions: first, that intermediaries are better at handling distressed firms than bondholders. The second assumption is that intermediaries have limited internal funds and a risky loan portfolio, and thus a higher cost of capital than bondholders. At an aggregate level, the model provides an investment function with intuitively appealing properties: investment drops with an increase in the risk free interest rate, and with a deterioration of aggregate bank or company financial health." @default.
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- W3122462543 date "1995-02-01" @default.
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- W3122462543 title "A Theory of Corporate Capital Structure and Investment" @default.
- W3122462543 hasPublicationYear "1995" @default.
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