اعتبار و سهام سهمیه بندی در بازار با کژ گزینی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|50287||2000||24 صفحه PDF||سفارش دهید||9934 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : European Economic Review, Volume 44, Issue 2, February 2000, Pages 281–304
Previous theories of financial market rationing focussed on a single market, either the credit or the equity market. An interesting question is whether credit and equity rationing are mutually compatible, and how they interact. We consider a model with two-dimensional asymmetric information, where entrepreneurs have private information about both the expected returns and the risk of their projects. We show that credit and equity rationing may occur individually or simultaneously. Moreover, competition between the two markets may generate the adverse selection that leads to rationing outcomes.