Investment, perception of risk and financial constraints
This thesis studies how firms’ investment and credit are affected by different financial imperfections related to firm and bank learning, relationship lending and financial wealth. After reviewing in chapter 2 the related literature, in chapter 3 I investigate the main determinants of different type...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2011 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/22670 |
| Acceso en línea: | http://hdl.handle.net/10803/22670 |
| Access Level: | acceso abierto |
| Palabra clave: | Financial constraints capital market imperfections investment-cash flow bank competition internal funds Restricciones Financieras Imperfecciones del Mercado de capital tipos de interés competencia bancaria costes de quiebra 33 |
| Sumario: | This thesis studies how firms’ investment and credit are affected by different financial imperfections related to firm and bank learning, relationship lending and financial wealth. After reviewing in chapter 2 the related literature, in chapter 3 I investigate the main determinants of different types of financial constraints, such as credit rationing and excessive cost of debt, by constructing new measures of these problems based on qualitative data. I then develop in chapter 4 a model of firm investment with financial constraints and Bayesian learning that provides a new framework to analyze the problem of asymmetric learning between a bank and a firm and its effect on a firm’s investment decision. This model is used to investigate, theoretically and empirically, the relationship between firms’ investment and internal funds in the presence of limited information, learning and bankruptcy costs, providing new arguments to support a ushaped curve theory of investment and internal funds. Finally, in chapter 5 this model is used to analyze how relationship lending affects the evolution of interest rates during the life cycle of firms. |
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