Some Determinants of the Price of Default Risk
In this paper we study the pricing of credit risk as reflected in the market for credit default swaps (CDS) between 2003 and 2008. This market has...
Liquidity and capital structure
This paper solves for a firm’s optimal cash holding policy within a continuous time, contingent claims framework that has been extended to incorporate...
A Model of corporate liquidity
We study a continuous time model of a levered firm with fixed assets generating a cash flow which fluctuates with business conditions. Since external...
Financial development, agency and the pace of adoption of new techniques
We study the relation of financial development and the pace of technological advance in a dynamic agency theoretic model. A firm which is financed by...
Financing and Corporate Growth Under Repeated Moral Hazard
This paper considers the impact of financial contracting on growth by exploring a model where entrepreneurs initially do R&D but subsequently need...
