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

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

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 comparative statics are analytically intractable ... considering an appropriate change to the termination payoffs. PROPOSITION 4: The optimal debt and credit line with agency parameter and termination payoffs (λ, R, L) are the same as with parameters...
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Tài liệu Default and the Maturity Structure in Sovereign Bonds∗ docx

Tài liệu Default and the Maturity Structure in Sovereign Bonds∗ docx

... fo r d efa ult. Ad-ditionally for computational convenience we are assuming that after default any savings thatthe 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 onlytwo endogenous states.13We could alternatively assume that savings contracts also carry the defaultable ... government’s inability to commit to r ep ay ing, r ath er thanfrom variation in t he lender ’s mar ginal rate of substitution.4.3 Summary In a standard incomplete markets model with fluctuating output a...
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Tài liệu Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012 ppt

Tài liệu Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012 ppt

... EVCA / PEREP Analytics *Buyout funds including Growth capital and Mezzanine funds | Creating lasting value YearBook 2011 | Creating lasting value Yearbook 2012 Fundraising Academic institutions1.1%Banks11.1% Capital ... EVCA / PEREP Analytics | Creating lasting value YearBook 2011 | Creating lasting value Yearbook 2012 Fundraising Academic institutions0.4%Banks17.5% Capital markets0.0%Corporate investors1.8%Endowments ... Replacement capital Rescue/Turnaround Growth capital Later stage venture Start-up SeedVenture Capital | Creating lasting value YearBook 2011 | Creating lasting value Yearbook 2012 Investments...
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Tài liệu Design, Lifestyles and Sustainability. Aesthetic Consumption in a World of Abundance pptx

Tài liệu Design, Lifestyles and Sustainability. Aesthetic Consumption in a World of Abundance pptx

... more becoming a matter of practice: eating at particular restaurants,staying at particular hotels or choosing particular means of transportation. Cultural capital, in Holt’sinterpretation, is ... tourists and organizations. In the words of Barbara Czarniawska, today’s organizations are facedwith thefrantic production of images which are circulated; a frantic translation of incoming images into ... (Borgerson and Schroeder, 2002). Information, sensi-bility and attitudes gleaned from images influence thinking and understanding about personal, ethnic, organizational and national identity (Sassen,...
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Reproductive senescence and dynamic oviposition behaviour in insects potx

Reproductive senescence and dynamic oviposition behaviour in insects potx

... limitation and host availability. We begin by using Rosenheim's framework to compare egglimitation 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 sizesavailable to insects exhibiting dynamic behaviour and was observed ... a major source of variability in insect foraging and oviposition behaviour. Oikos 65, 134±142.Morrison, G. and Strong, D.R. (1981) Spatial variation in egg density and the intensity of parasitism...
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Báo cáo khoa học: A possible physiological function and the tertiary structure of a 4-kDa peptide in legumes potx

Báo cáo khoa học: A possible physiological function and the tertiary structure of a 4-kDa peptide in legumes potx

... mentioning that among the insulin pharmaco-phore, IleA2-ValA3 at the A- chain N-terminus, TyrA19 atthe A- chain C-terminus, and ValB12 and TyrB16 at theB-chain central helix assume essentially ... followingoligonucleotide primers: the 4-kDa peptide N-terminalprimer: 5¢-AACCATGGCTAAAGCAGATTGTAATGGTGCATGT-3¢; the 4-kDa peptide C-terminal primer:5¢-AAGAATTCTTATTATCCAGTTGGATGTATGCAGAA-3¢. ... Research/Graduate School of Integrated Science, Totsuka, Yokohama, Japan;3Kamakura Woman’s University,Iwase, Kamakura, Japan;4Peptide Institute Inc, Protein Research Foundation, Minoh, Osaka, JapanPreviously,...
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Textile and Apparel Barriers and Rules of Origin in a Post-ATC World

Textile and Apparel Barriers and Rules of Origin in a Post-ATC World

... 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 demand for capital, the ... and apparel inputs. This paper uses the USAGE–ITC model to estimate U.S. welfare gains and sectoral effects of removing all textile and apparel restraints in 2005. Liberalization is estimated...
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Tài liệu Use Wildcards and Ranges of Values in a SQL Query pdf

Tài liệu Use Wildcards and Ranges of Values in a SQL Query pdf

... '" & _ 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 fill ... that was created to fill the dtResults data table. Last, the data table is set as the data source for dgResults. Listing 6.7 frmHowTo6_3.vb: Generating Data Using LIKE and BETWEEN Statements...
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Tài liệu Republican Legal Theory The History, Constitution and Purposes of Law in a Free State ppt

Tài liệu Republican Legal Theory The History, Constitution and Purposes of Law in a Free State ppt

... wars hadapproached republican doctrine in the spirit of litigants, quarrying historyfor partisan advantage, without real interest in learning from the past orunderstanding republican legal ... to generate dramatic social reforms. Law professorsdisagree, if at all, over issues at the margins of reality (“critical legal studies”against “law and economics”; “natural law” against “positivism”) ... trivial tinkering at the margins of consensus intomajor conflicts of principle. This natural lack of imagination stabilizes law and society by making judicial behavior predictable. When lawyers...
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