کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10475848 929421 2015 89 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Contractual incompleteness, limited liability and asset price bubbles
ترجمه فارسی عنوان
ناقص بودن قرارداد، مسئولیت محدود و حباب قیمت دارایی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
When should we expect bubbles? Can levered intermediaries bid up risky asset prices through asset substitution? We study an economy with financial intermediaries that issue debt and equity to buy risky assets. Asset substitution alone cannot cause bubbles because it is priced into the intermediaries׳ securities. But incomplete contracts and managerial agency problems can make intermediaries take excessive risk to exploit limited liability, bidding up risky asset prices. This destroys welfare through misallocation of resources. We argue that incentives for private monitoring cannot solve this problem. Finally, even without agency problems, debt subsidies will create similar effects.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 116, Issue 2, May 2015, Pages 383-409
نویسندگان
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