完全信息下的资本配给制

IF 0.6 Q3 Economics, Econometrics and Finance Economics Bulletin Pub Date : 2015-04-09 DOI:10.2139/SSRN.2433923
A. Chand, Amit R k
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引用次数: 0

摘要

本文讨论了在完全信息环境下,两个部门经理从一个公司为其项目争夺资本的资本结构情况。我们考虑可验证的利润,并研究要么接受要么放弃的合同,在这种合同中,经理们私下或公开地向公司要求资金,并向公司提供部分利润。在资本约束下,我们证明了在私人会议中,纯策略不存在子博弈完全纳什均衡(SPNE);但在连续的公开会议中,SPNE存在于纯战略中,对于公司来说,最好在资本约束下运营,以增加管理人员之间的竞争。
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Capital rationing under perfect information
In this paper, we discuss a scenario in capital structure where two divisional managers compete for capital from a firm for their projects in a perfect information setting. We consider verifiable profits and study take-it-or-leave-it contracts where the managers ask for capital from the firm privately or sequentially in public and offer a part of the profit to the firm. Under capital constraint, we demonstrate that in private meeting, there is no sub game perfect Nash equilibrium (SPNE) in pure strategies; but in sequential public meeting, SPNE exists in pure strategies and, for the firm it is better to operate under capital constraint to increase the competition among managers.
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来源期刊
Economics Bulletin
Economics Bulletin ECONOMICS-
CiteScore
1.60
自引率
0.00%
发文量
2
期刊介绍: The Economic Bulletin is an open-access letters journal founded in 2001 with the mission of providing free and extremely rapid scientific communication across the entire community of research economists. EB publishes original notes, comments, and preliminary results. We are especially interested in publishingmanuscripts that keep the profession informed about on-going research programs. Our publication standard is that a manuscript be original, correct and of interest to a specialist. Submissions in these categories are refereed and our objective is to make a decision within two months. Accepted papers are published immediately. It is expected that in many cases, manuscripts published in these categories will form the foundation for more complete works to besubsequently submitted to other journals. In all cases, submissions are restricted to seven printed pages exclusive of references, tables, figures, and appendices, and must be in PDF format. EB also publishes non-refereed letters to the editor, conference announcements and research announcements.
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