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Additional info for Asymmetric Information, Corporate Finance, and Investment (National Bureau of Economic Research Project Report)

Sample text

Since these default risks are, in practice, correlated across borrowers, the law of large numbers does not effectively eliminate the total risk facing even large banks. 28. Note that this represents a departure from the perfectly informed, risk-neutral lenders of sec. 1. However, accommodating such behavior does not fundamentally alter the characteristics of the firm-level model. 29. Formally, . dr lIm -!.. rf-r m dr~ ~ 0 dr , ~ dr~ < 0 , for r~ < rm • 40 Bruce C. Greenwald/Joseph E. Stiglitz 30.

Ferber. New York: NBER. Lucas, R. E. 1979. An equilibrium model of the business cycle. Journal of Political Economy 83: 1113-44. Myers, S. , and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13:187-221. Phelps, E. S. and S. G. Winter. 1970. Optimal price policy under atomistic competition. In Microeconomic foundations of employment and inflation theory, ed. E. S. Phelps. New York: W. W. Norton.

M. Boskin. Oxford: Basil Blackwell. - - - . 1987. The causes and consequences of the dependence of quality on price. Journal ofEconomic Literature 25: 1-48. Stiglitz, J. , and A. M. Weiss. 1981. Credit rationing in markets with imperfect information. American Economic Review 71 :393-440. Taggart, R. 1985. S. corporations. In Corporate capital structures in the United States, ed. B. Friedman. NBER project report. Chicago: University of Chicago Press. Vale, B. 1989. Impact of central bank lending under asymmetric information in credit market.

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