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Bargaining Power Effects In Financial Contracting: a Joint Analysis Of Contract Type And Placement Mode

Bargaining Power Effects In Financial Contracting: a Joint Analysis Of Contract Type And Placement Mode

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  • ISBN:9783540344957
  • Editorial: Springer
  • Fecha de la edición:
  • Encuadernación:Rústica
  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:336
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The primary objective of this book is to demonstrate that a firm's financing decision depends among other things on bargaining power considerations and to illustrate potential reasons for this dependency. Based on a principal-agent analysis where a lender (principal) and a firm (agent) bargain how to finance the firms risky project it is e.g. shown that

- the advantages of debt financing increase with the firm's bargaining power;

- the favorability of private placements in comparison to public offerings increases with a firm's bargaining power;

- the firm's contract type and placement mode choice are interrelated and must be treated jointly when determining the firms optimal financing decision;

- in the presence of an ex-ante informational asymmetry about the firm's financing and the lenders' profit alternatives the contract agreement probability depends (in a non-monotonous way) on the firm's bargaining power.

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