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Financial Intermediation, Loanable Funds, and the Real Sector

by Bengt Holmstrom, Jean Tirole - Quarterly Journal of Economics , 1997

"... We study an incentive model of ®nancial intermediation in which ®rms as well as intermediaries are capital constrained. We analyze how the distribution of wealth across ®rms, intermediaries, and uninformed investors affects investment, interest rates, and the intensity of monitoring. We show that al ..."

Abstract - Cited by 494 (5 self) - Add to MetaCart

We study an incentive model of ®nancial intermediation in which ®rms as well as intermediaries are capital constrained. We analyze how the distribution of wealth across ®rms, intermediaries, and uninformed investors affects investment, interest rates, and the intensity of monitoring. We show that all forms of capital tightening (a credit crunch, a collateral squeeze, or a savings squeeze) hit poorly capitalized ®rms the hardest, but that interest rate effects and the intensity of monitoring will depend on relative changes in the various components of capital. The predictions of the model are broadly consistent with the lending patterns observed during the recent ®nancial crises. I.

Risk-management: coordinating corporate investment and financing policies

by Kenneth A. Froot, David S. Scharfstein, Jeremy C. Stein , 1993

"... This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it ..."

Abstract - Cited by 540 (15 self) - Add to MetaCart

This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent

The lexical nature of syntactic ambiguity resolution

by Maryellen C Macdonald, Neal J Pearlmutter, Mark S Seidenberg - Psychological Review , 1994

"... Ambiguity resolution is a central problem in language comprehension. Lexical and syntactic ambiguities are standardly assumed to involve different types of knowledge representations and be resolved by different mechanisms. An alternative account is provided in which both types of ambiguity derive fr ..."

Abstract - Cited by 556 (23 self) - Add to MetaCart

of apparently conflicting results concerning the roles of lexical and contextual information in sentence processing, explains differences among ambiguities in terms of ease of resolution, and provides a more unified account of language comprehension than was previously available. One of the principal goals

Estimating Wealth Effects without Expenditure Data— or Tears

by Deon Filmer, Lant Pritchett - Policy Research Working Paper 1980, The World , 1998

"... Abstract: We use the National Family Health Survey (NFHS) data collected in Indian states in 1992 and 1993 to estimate the relationship between household wealth and the probability a child (aged 6 to 14) is enrolled in school. A methodological difficulty to overcome is that the NFHS, modeled closely ..."

Abstract - Cited by 832 (16 self) - Add to MetaCart

closely on the Demographic and Health Surveys (DHS), measures neither household income nor consumption expenditures. As a proxy for long-run household wealth we construct a linear index from a set of asset indicators using principal components analysis to derive the weights. This “asset index ” is robust

Credit Rationing in Markets with Imperfect Information

by Joseph E. Stiglitz, Andrew Weiss - AMERICAN ECONOMIC REVIEW , 1981

"... ..."

Abstract - Cited by 2146 (39 self) - Add to MetaCart

Abstract not found

Fairness and Retaliation: The Economics of Reciprocity

by Ernst Fehr, Simon Gächter - JOURNAL OF ECONOMIC PERSPECTIVES , 2000

"... This paper shows that reciprocity has powerful implications for many economic domains. It is an important determinant in the enforcement of contracts and social norms and enhances the possibilities of collective action greatly. Reciprocity may render the provision of explicit incentive inefficient b ..."

Abstract - Cited by 553 (12 self) - Add to MetaCart

This paper shows that reciprocity has powerful implications for many economic domains. It is an important determinant in the enforcement of contracts and social norms and enhances the possibilities of collective action greatly. Reciprocity may render the provision of explicit incentive inefficient because the incentives may crowd out voluntary co-operation. It strongly limits the effects of competition in markets with incomplete contracts and gives rise to noncompetitive wage differences. Finally, reciprocity it is also a strong force contributing to the existence of incomplete contracts.