By Kai Rudolph
This paintings was once authorised as a dissertation by way of the collage of Muenster, Germany, in 2004. It was once written whereas i used to be a educating and learn assistant on the division of Banking. I personal many bills - own and highbrow - to Professor Dr. Andreas Pfingsten, my doctoral adviser, for his total help whereas i used to be writing my dissertation. This thesis benefited a lot from his optimistic feedback. i'm additionally thankful that Professor Dr. Klaus Roder, division of Finance, college of Regensburg, Germany, acted as my moment consultant. in addition, i need to thank Dr. Alistair Milne, Sir John Cass enterprise college, urban collage, nice Britain, considering the fact that he assisted me in the course of an important part of my dissertation undertaking whereas i used to be staying as a traveling student on the Marie Curie education website in company Finance, Capital Markets and Banking at Cass. This 5 month stopover at in London used to be financially supported by way of the ecu fee (Fellowship Ref. No. HPMT-GH-01-00330-04). i'm additionally indebted to my prior colleagues, usually Dr. Hendrik Hakenes and Dr. Markus Ricke, for his or her encouragement and beneficial discussions all through my complete dissertation undertaking. The dissertation additionally benefited from reviews on a primary operating paper concerning the dissertation's subject by means of members of analysis seminars on the Universities of Constance, Tuebingen and Osnabrueck, Germany, and on the 2003 Annual assembly of the ecu monetary organization, Stockholm, Sweden.
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Extra info for Bargaining Power Effects in Financial Contracting: A Joint Analysis of Contract Type and Placement Mode Choices
Hence, firms with greater ex-ante uncertainty such as younger firms will issue more private t h a n public debt, since private lenders mitigate the contracting costs due to adverse selection difficulties. This hypothesis is empiricaUy confirmed by Blackwell and Kidwell (1988). They find t h a t firms with only private debt are significantly younger and have higher levels of ex-ante informational asymmetry t h a n firms which issue public debt. Furthermore, Mackie-Mason (1990) reveals t h a t problems due to ex-ante informational asymmetry are a significant determinant of a firm's placement mode choice even after controlling for the security type (debt or equity).
As for debt financing, the aspect of costly information disclosure, put forward by Dhaliwal et al. (2003), is relevant for the firm's equity placement mode choice. Increased public disclosure above the optimal level might decrease the firm's competitive advantage a n d / o r bargaining power (cf. Admati and Pfleiderer (2000)). Therefore, private equity placements become preferable to conceal valuable information from the firm's competitors. An argument against private equity financing in the presence of an exante informational asymmetry a la Rajan's argument against private debt financing (cf.
E. investors hold either short or long-term claims, which strengthens investors' bargaining power in renegotiations. An investor with short and long-term claims partly internalizes the impact of his short-run behavior and thereby weakens his short-run ex-post bargaining position. Similar to Bolton and Scharfstein the firm's debt structure is determined by a tradeoff between the desire to discourage the firm from strategic defaults and the wish to limit inefficiencies in liquidity defaults. This tradeoff determines endogenously the costs of financial distress.