skip to primary navigationskip to content
 

F&S Seminar Series

When Oct 13, 2011
from 10:30 AM to 12:00 PM
Where Room W2.01, CJBS
Contact Name
Add event to calendar vCal
iCal

Robert Marquez (BU) will present his paper 'Specialization, Productivity and Financing Constraints'

Co-authored with Deniz Yavuz (Purdue University)

Abstract:

We analyze financial contracting when the specificity of investments is endogenous. Specialization decreases the liquidation value of assets, but it also improves the firm’s long term productivity. While the first effect is known to make financing more difficult we show that the second effect can ease financing constraints by improving an entrepreneur’s incentive to pay. An entrepreneur’s inability to commit to a given level of specialization introduces inefficiencies and may result in over or under specialization depending on which of the above effects dominates. The trade off we identify persists across various forms of specialized investments, the possibility of renegotiation, the ability to invest in stages, and generates new predictions.

« January 2017 »
January
MoTuWeThFrSaSu
1
2345678
9101112131415
16171819202122
23242526272829
3031

RSS Feed Latest news

CERF PhD Scholarship competition 2017 - now open

Nov 08, 2016

For the fifth year, Cambridge Endowment for Research in Finance is offering a scholarship scheme.

View all news

Upcoming events

Cambridge Finance Workshop - Bart Lambrecht

Jan 26, 2017

Room W4.03, Cambridge Judge Business School

Cambridge Finance Workshop - Agostino Capponi

Feb 23, 2017

Room W4.03, Cambridge Judge Business School

Previous events

Upcoming events