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作者：Carlin, Bruce Ian; Dorobantu, Florin; Viswanathan, S.
作者单位：University of California System; University of California Los Angeles; The Brattle Group; Duke University
摘要：How does trust evolve in markets? What is the optimal level of regulation and how does this affect trust formation and economic growth? In a theoretical model, we analyze these questions, given the value of social capital and the potential for growth in the market. When social capital is valuable, regulation and trustfulness are substitutes. In this case, regulation may cause lower aggregate investment and decreased economic growth. When the social capital is less valuable, regulation and trus...
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作者：Benmelech, Efraim; Bergman, Nittai K.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research
摘要：We examine how collateral affects the cost of debt capital. Using a novel data set of secured debt issued by U.S. airlines, we construct industry-specific measures of collateral redeployability. We show that debt tranches that are secured by more redeployable collateral exhibit lower credit spreads, higher credit ratings, and higher loan-to-value ratios-an effect which our estimates show to be economically sizeable. Our results suggest that the ability to pledge collateral, and in particular r...
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作者：Lee, Gemma; Masulis, Ronald W.
作者单位：Vanderbilt University; Seton Hall University
摘要：Flotation costs represent a significant loss of capital to firms and are positively related to information asymmetry between managers and outside investors. We measure a firm's information asymmetry by its accounting information quality based on two extensions of the Dechow and Dichev [2002. The quality of accruals and earnings: the role of accrual estimation errors. Accounting Review 77, 35-59] earnings accruals model, which is a more direct approach to assessing the information available to ...
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作者：Carlin, Bruce I.
作者单位：University of California System; University of California Los Angeles
摘要：There is mounting empirical evidence to suggest that the law of one price is violated in retail financial markets: there is significant price dispersion even when products are homogeneous. Also, despite the large number of firms in the market, prices remain above marginal cost and may even rise as more firms enter. in a non-cooperative oligopoly pricing model, I show that these anomalies arise when firms add complexity to their price structures. Complexity increases the market power of the fir...
