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Endogenous Debt Contracts With Undistorted Incentives

Author

Listed:
  • Povel, Paul

    (Sonderforschungsbereich 504)

  • Raith, Michael

    (Graduate School of Business, University of Chicago)

Abstract
We study a firm's incentives in an environment in which optimal contracts resemble debt. After agreeing to the terms of a financial contract, but before its earnings are realised, a firm has to take a decision which affects its cash flows. This decision cannot be observed by the lender; this is meant to capture risk-shifting possibilities fr

Suggested Citation

  • Povel, Paul & Raith, Michael, 1999. "Endogenous Debt Contracts With Undistorted Incentives," Sonderforschungsbereich 504 Publications 99-61, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    • Handle: RePEc:xrs:sfbmaa:99-61
    Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
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