Download PDF by Kai Rudolph: Bargaining Power Effects in Financial Contracting: A Joint

Download PDF by Kai Rudolph: Bargaining Power Effects in Financial Contracting: A Joint

By Kai Rudolph

This paintings was once approved as a dissertation via the college of Muenster, Germany, in 2004. It was once written whereas i used to be a educating and study assistant on the division of Banking. I personal many money owed - own and highbrow - to Professor Dr. Andreas Pfingsten, my doctoral adviser, for his total help whereas i used to be writing my dissertation. This thesis benefited a lot from his confident feedback. i'm additionally thankful that Professor Dr. Klaus Roder, division of Finance, college of Regensburg, Germany, acted as my moment consultant. additionally, i need to thank Dr. Alistair Milne, Sir John Cass company institution, urban college, nice Britain, considering he assisted me in the course of a vital section of my dissertation venture whereas i used to be staying as a traveling student on the Marie Curie education website in company Finance, Capital Markets and Banking at Cass. This 5 month stopover at in London was once financially supported through the eu fee (Fellowship Ref. No. HPMT-GH-01-00330-04). i'm additionally indebted to my past colleagues, more often than not Dr. Hendrik Hakenes and Dr. Markus Ricke, for his or her encouragement and beneficial discussions all through my complete dissertation undertaking. The dissertation additionally benefited from reviews on a primary operating paper in regards to the dissertation's subject via contributors of study seminars on the Universities of Constance, Tuebingen and Osnabrueck, Germany, and on the 2003 Annual assembly of the eu financial organization, Stockholm, Sweden.

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Example text

Mackie-Mason (1990)). ^^ Additionally, Ramakrishnan and Thakor (1984) demonstrate t h a t private lenders have a comparative advantage to public lenders in producing firmspecific information since they possess information which is not publicly available. Hence, firms with greater ex-ante uncertainty such as younger firms will issue more private t h a n public debt, since private lenders mitigate the contracting costs due to adverse selection difficulties. This hypothesis is empiricaUy confirmed by Blackwell and Kidwell (1988).

He analyzes the bargaining process between a venture capitalist and an entrepreneur in face of a double sided moral hazard problem. ^® In this setting Fairchild shows that total welfare is only maximized when the venture capitalist possesses high value-adding capabilities and the entrepreneur has all bargaining power. Empirically, Gompers and Lerner (1996) find that venture capital funds in the United States are able to reduce the number of restrictive covenants imposed by their investors in years with high capital supply.

2003). The authors argue t h a t public offerings are not only costly due to potential adverse selection difficulties. In addition, the public disclosure of information may convey information to the firm's competitors harming the firm's prospects. Of course, an optimal level of public disclosure exists balancing the costs and the benefits of 12 This consequence of an ex-ante informational asymmetry has firstly been illustrated by Akerlof's "market for lemons" (cf. Akerlof (1970)). Akerlof demonstrated that the market for used cars can collapse if the sellers are better informed about the quality of their cars than the potential buyers since the buyers anticipate their disadvantage and are only willing to pay a price for an expected average quality car.

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