Funding gaps: A symposium

• 成果类型: Article
• 署名作者: Cressy, R
• 署名单位: City St Georges, University of London
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/1468-0297.00680
• 发表日期: 2002
• 页码: F1-F16
• 关键词: cash flow sensitivities; INVESTMENT; MARKETS; CONTRACTS; credit

摘要

Theoretical and empirical foundations of government policies to plug alleged business funding gaps are highly controversial but rarely subject to wide-ranging in-depth debate. This symposium from major scholars in the field provides a counterbalance. Topics addressed cover the theory of lending under asymmetric information; its implications for overlending; relationship lending as a market solution to information asymmetries; government emulation of private sector decision-making to eliminate underprovision of high tech equity and theoretically-based empirical work testing for funding deficiencies in the high tech sector, Despite the very different and potentially contradictory contributions the result is, surprisingly, a set of mutually agreed policy conclusions.