Optimal security design and dynamic capital structure in a countinous time agency model DEMARZO & SANNIKOV

... Design and Dynamic Capital Structure in a Continuous -Time Agency Model PETER M. DEMARZO AND YULIY SANNIKOV * Abstract We derive the optimal dynamic contract in a continuous -time ... credit line, debt, and the agent’s and investors’ initial payoffs depend on the parameters of the model? In the discrete -time setting, many of these co...

Ngày tải lên: 12/01/2014, 22:16

... fo r d efa ult. Ad- ditionally for computational convenience we are assuming that after default any savings that the go vern m e nt has in intern ationa l financial m ark ets are d issipated. 12 ... dissipated, we can maintain risk-free savings and defaultable short- and long-term debt with only two endogenous states. 13 We could alternatively assume that savings contracts also carry the...

Ngày tải lên: 16/02/2014, 02:20

... EVCA / PEREP Analytics *Buyout funds including Growth capital and Mezzanine funds | Creating lasting value YearBook 2011 | Creating lasting value Yearbook 2012 Fundraising Academic institutions 1.1% Banks 11.1% Capital ... EVCA / PEREP Analytics | Creating lasting value YearBook 2011 | Creating lasting value Yearbook 2012 Fundraising Academic institutions 0.4% Banks 17....

Ngày tải lên: 19/02/2014, 09:20

... more becoming a matter of practice: eating at particular restaurants, staying at particular hotels or choosing particular means of transportation. Cultural capital, in Holt’s interpretation, is ... tourists and organizations. In the words of Barbara Czarniawska, today’s organizations are faced with the frantic production of images which are circulated; a frantic translation of inco...

Ngày tải lên: 19/02/2014, 17:20

Ngày tải lên: 15/03/2014, 14:20

... limitation and host availability. We begin by using Rosenheim's framework to compare egg limitation under static and dynamic host clutch size behaviour, and expand this approach by using a dynamic ... between static and dynamic models is greatest when maximum clutch size is large. This re¯ects the greater range in clutch sizes available to insects exhibiting dynamic b...

Ngày tải lên: 22/03/2014, 12:20

... mentioning that among the insulin pharmaco- phore, IleA2-ValA3 at the A- chain N-terminus, TyrA19 at the A- chain C-terminus, and ValB12 and TyrB16 at the B-chain central helix assume essentially ... following oligonucleotide primers: the 4-kDa peptide N-terminal primer: 5¢-AACCATGGCTAAAGCAGATTGTAATGG TGCATGT-3¢; the 4-kDa peptide C-terminal primer: 5¢-AAGAATTCTTATTATCCAGTTGGATGTATGCA G...

Ngày tải lên: 31/03/2014, 07:20

... welfare effects. Because China is a larger trade partner, the elimination of Chinese quantitative restraints results in a correspondingly larger increase in imports and a smaller increase in ... demand for capital. In the current period capital is in fixed supply, as investment augments the capital stock with a lag of one period. In response to the increase in...

Ngày tải lên: 12/04/2013, 16:17

... '" & _ Me.txtCustomerID.Text & "' AND " strSQL &= "Orders.OrderDate BETWEEN '" & Me.txtFromDate.Text strSQL &= "' AND ... AND '" & Me.txtToDate.Text & "'" ' Store the SQL String Me.lblSQLString.Text = strSQL ' Use the SQL String to build the data adapter and...

Ngày tải lên: 14/12/2013, 20:16

... wars had approached republican doctrine in the spirit of litigants, quarrying history for partisan advantage, without real interest in learning from the past or understanding republican legal ... to generate dramatic social reforms. Law professors disagree, if at all, over issues at the margins of reality (“critical legal studies” against “law and economics”; “natural law” against “posi...

Ngày tải lên: 18/02/2014, 11:20