Financial Contracting: A Survey of Empirical Research and Future Directions

被引：42
|
作者：
Roberts, Michael R. [1 ]
Sufi, Amir [2 ]
机构：
[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
[2] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA
来源：
ANNUAL REVIEW OF FINANCIAL ECONOMICS | 2009年 / 1卷
关键词：
security design; incentive conflicts; control rights; corporate finance; moral hazard; adverse selection; collateral; renegotiation; corporate governance; CORPORATE-FINANCE; CAPITAL STRUCTURE; LIQUIDATION VALUES; INCOMPLETE CONTRACTS; CREDIT MARKETS; GOING PRIVATE; AGENCY COSTS; SHORT-TERM; DEBT; INVESTMENT;
D O I：
10.1146/annurev-financial-071808-145241
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We review recent evidence and future directions for empirical research on financial contracting in the context of corporate finance. Specifically, we survey evidence pertaining to incentive conflicts, control rights, collateral, renegotiation, and interactions between financial contracts and other governance mechanisms. We also discuss directions for future research, concluding that the financial contracting approach offers a potentially fruitful perspective for empirical researchers seeking to better understand a variety of issues in corporate finance including capital structure, investment policy, payout policy, and corporate governance.
引用
收藏
页码：207 / 226
页数：20
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