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Corporate Finance, Governance And Business Cycles: Theory And International Comparisons

Corporate Finance, Governance And Business Cycles: Theory And International Comparisons

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  • ISBN:9780444510495
  • Editorial: Elsevier Science Publishers
  • Fecha de la edición:
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:334
  • Idiomas:Ingles

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"Corporate Finance, Governance, and Business Cycles" describes a model of how a financial system co-ordinates and shapes certain stylized facts of business cycles. The model is based on a conflict of interest between more risk-averse bondholders and less risk-averse stockholders whose risk aversion changes over time. The corporate governance resolution of this conflict assigns the operating decisions of the firm to stockholders and the financing decisions to bondholders. Financing decisions are then linked to operating decisions in a way that coalesces the welfare of bondholders and stockholders over the business cycle. Evidence from the non-financial business sector of the G-7 countries does not reject the predictions of the model

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