文章基本信息

标题：The Choice of Financing: a Theoretical Model
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作者：Cláudio R. Lucinda ; Richard Saito
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2009
卷号：7
期号：1
页码：51-71
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：This paper aims to understand under which circumstances the employment of the services of a ﬁnancial intermediary is preferred to the decentralized capital market, as well as to provide some reasons why these types of ﬁnancing coexist. In order to do that, it will be developed a model in which the free-rider effects lead to proﬁt opportunities for an intermediary when asymmetric information between lenders and borrowers is present. The analysis is extended to a multi-period setting, where the focus is ascertain if, under repeated interaction between the agents, the availability of information on payment history of a borrower alters the previous results.
其他摘要：This paper aims to understand under which circumstances the employment of the services of a ﬁnancial intermediary is preferred to the decentralized capital market, as well as to provide some reasons why these types of ﬁnancing coexist. In order to do that, it will be developed a model in which the free-rider effects lead to proﬁt opportunities for an intermediary when asymmetric information between lenders and borrowers is present. The analysis is extended to a multi-period setting, where the focus is ascertain if, under repeated interaction between the agents, the availability of information on payment history of a borrower alters the previous results.
关键词：debt;ﬁnancing choices.;dívida;escolha de ﬁnanciamento.
其他关键词：debt; ﬁnancing choices.