Stabsseminar ved Tore Leite

Det er stabsseminar på Institutt for foretaksøkonomi ved førsteamanuensis Tore Leite, NHH fredag 18. januar.

17.01.2002 - Torunn G. Saunes

Tema: "Debt and Equity under Costly State Verification"
Tid: Fredag 18. januar, kl. 12.15-13.30
Sted: Karl Borchs aud.

Abstract:
"In this paper we show that with a simple reformulation of the classic CSV model from Townsend (1979) and Gale & Hellwig (1985), it can tackle several criticisms raised against it, such as lack of subgame-perfection and its inability to encompass both debt and equity contracts. Furthermore, the implications drawn from this reformulation of the model is shown to be consistent with a number of empirical regularities, such as repudiation of debt obligations, violations of absolute priority rules, a high debt ratio for low-return projects, and low debt ratio for high risk projects."

Kontaktpersoner: Tore Leite (59343) og Hans K. Hvide (59283)