WebAghion and Bolton (1992) show that as the external financing capacity of the project increases (i.e. the higher the profitability of the project and the lower the conflicts of interest), control moves from more investor control to more entrepreneur control. Specifically, for projects with high external financing capacity, the WebApr 1, 1992 · Volume 36, Issues 2–3, April 1992, Pages 603-611. Distribution and growth in models of imperfect capital markets. Author links open overlay panel Philippe Aghion, Patrick Bolton. Show more. ... Aghion and Bolton, 1991. P. Aghion, P. Bolton. A trickle-down theory of growth and development with debt-overhang (1991) Mimeo. Google …
Aghion, P., & Bolton, P. (1992). An Incomplete Contracts …
WebAghion P and Bolton P (1992) An Incomplete Contracts Approach to Financial Contracting, Review of Economic Studies 59(3): 473-494. Aghion P and Howitt P (1992) A Model of Growth through Creative Destruction, Econometrica 60(2): 323-351. Aghion P, Hart O and Moore J (1992) The Economics of Bankruptcy Reform, Journal of Law, WebAghion and Bolton (1992) assume that cash ow rights are allocated via linear sharing rules: for some constants t 0;t 1, the investor would get cash ow y(a) [t 0 +t 1y(a)] and the entrepreneur would get cash ow t 0 + t 1y(a) plus a private bene t l(a). The allocation of control rights, on the other hand, is denoted by a probability , which ... jersey way apartments
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WebAghion P and Bolton P (1992) Distribution and Growth in Models of Imperfect Capital Markets, European Economic Review, Papers and Proceedings of the 6th Annual … http://www.fin.ntu.edu.tw/~cchen/lectures/ngt2024h5.pdf Web1993; Galor and Zeira, 1993; Aghion and Bolton, 1997; Piketty, 1997; Aghion, 2002; Townsend and Ueda, 2006). Indeed, empirical work finds that financial systems that ease credit constraints disproportionately boost the incomes of low-income individuals, putting downward pressures on income inequality (e.g., Beck, Demirgüç-Kunt, and jersey weather 14 day forecast