Search Results
Report
Vesting and control in venture capital contracts
Skeie, David R.
(2007)
Vesting of equity payments to an entrepreneur, which is a form of time-contingent compensation, is very common in venture capital contracts. Empirical research suggests that vesting is used to help overcome asymmetric information and agency problems. We show in a theoretical model that vesting equity to an entrepreneur over a long period of time acts as a screening device against a bad entrepreneur type. But incomplete contracts due to hold-up by the venture capitalist imply that equity compensation, in the form of either short-term or long-term vesting, cannot provide standard contractible ...
Staff Reports
, Paper 297
Journal Article
Recent shifts in corporate financing patterns
anonymous
(1976-09)
Federal Reserve Bulletin
, Issue Sep
Journal Article
Financing business investment
anonymous
(1958-06)
Federal Reserve Bulletin
, Issue Jun
, Pages 641-647
Conference Paper
The changing nature of debt and equity; a legal perspective
Normandin, Charles P.
(1989)
Conference Series ; [Proceedings]
, Volume 33
, Pages 49-79
Working Paper
The external finance premium and the macroeconomy: US post-WWII evidence
De Graeve, Ferre
(2008)
The central variable of theories of financial frictions--the external finance premium--is unobservable. This paper distils the external finance premium from a DSGE model estimated on U.S. macroeconomic data. Within the DSGE framework, movements in the premium can be given an interpretation in terms of shocks driving business cycles. A key result is that the estimate--based solely on nonfinancial macroeconomic data--picks up over 70 percent of the dynamics of lower grade corporate bond spreads. The paper also identifies a gain in fitting key macroeconomic aggregates by including financial ...
Working Papers
, Paper 0809
Report
When is there a strong transfer risk from the sovereigns to the corporates? Property rights gaps and CDS spreads
Bai, Jennie; Wei, Shang-Jin
(2012)
When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one reason why international investment in private companies has to take into account the sovereign risk. But the likelihood of sovereign risk transferring to corporates and increasing their risk of default may be mitigated by legal institutions that provide strong property rights protection. Using a novel credit default swaps (CDS) data set covering government and corporate entities across thirty countries, we study both the average strength of the transfer risks and the role of ...
Staff Reports
, Paper 579
Speech
Strategic risk management in an interconnected world: a speech at the Risk Management Association Annual Risk Management Conference, Baltimore, Maryland, October 20, 2008
Kroszner, Randall S.
(2008)
Speech
, Paper 428
Working Paper
Tobin's Q, investment, and endogenous adjustment of financial structure
Osterberg, William P.
(1988)
An analysis of a q model of investment in which financial structure affects firm value, using a perfect foresight model of general equilibrium that includes a debt-related agency cost; uses the comparative statics and dynamics of changing the corporate tax rate as an illustration.
Working Papers (Old Series)
, Paper 8801
Working Paper
On the Keynesian investment function and the investment function(s) of Keynes
Chirinko, Robert S.
(1993)
Research Working Paper
, Paper 93-07
Journal Article
A panel study of investment: sales, cash flow, the cost of capital, and leverage
Howrey, Mark M.; Kopcke, Richard W.
(1994-01)
This article compares the investment spending for each of 396 corporations during the late 1980s and early 1990s to projections of their spending derived from several basic models of investment. According to these models, capital spending, on average, adheres closely to output, profits, and the cost of capital. The pattern of average forecast errors derived from the statistical models does not correspond very closely to measures of indebtedness, liquidity, size, or type of business. It is not surprising that these variables should influence capital spending so little, once the general ...
New England Economic Review
, Issue Jan
, Pages 9-30
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