کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067672 1372618 2008 27 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Direct versus intermediated finance: An old question and a new answer
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Direct versus intermediated finance: An old question and a new answer
چکیده انگلیسی

We consider a closed economy where a risk neutral bank competes with a competitive bond market. Firms can finance a risky project either by a bank credit or by issuing a bond which is directly sold to risk averse investors who also hold safe deposits at the bank. We show that the bank tends to allocate more capital to lower quality projects but there are some interesting qualifications. If the asymmetric information concerns only the success probability, then we observe adverse selection while if it concerns only the expected return, bad types are driven out of the market.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 52, Issue 1, January 2008, Pages 28-54
نویسندگان
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