By Kai Rudolph
This paintings was once approved as a dissertation by way of the collage of Muenster, Germany, in 2004. It used to be written whereas i used to be a instructing and examine assistant on the division of Banking. I personal many accounts - 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 positive feedback. i'm additionally thankful that Professor Dr. Klaus Roder, division of Finance, collage of Regensburg, Germany, acted as my moment consultant. additionally, i would like to thank Dr. Alistair Milne, Sir John Cass enterprise institution, urban college, nice Britain, on account that he assisted me in the course of a vital part of my dissertation venture whereas i used to be staying as a traveling pupil on the Marie Curie education web site in company Finance, Capital Markets and Banking at Cass. This 5 month stopover at in London used to be financially supported through the eu fee (Fellowship Ref. No. HPMT-GH-01-00330-04). i'm additionally indebted to my past colleagues, typically Dr. Hendrik Hakenes and Dr. Markus Ricke, for his or her encouragement and worthy discussions all through my entire dissertation venture. The dissertation additionally benefited from reviews on a primary operating paper in regards to the dissertation's subject by means of contributors of study 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
Krishnaswami et al. (1999) observe t h a t firms with greater moral hazard problems hold higher proportions of private debt. ^'* Denis and Mihov (2003) find as well t h a t private lenders' concentrated holdings and superior access to information constrain managerial discretion. s Placement Mode As it has been put forward by Cronqvist and Nilsson (2003) a new equity issue obviously affects a firm's control structure and thereby the firm's controUing parties' ability to use their discretion over the firm's decisions to extract private benefits.
However, if public disclosure has to be increased above this level further information relevant to the firm's competitors is revealed and causes the firm to lose its competitive advantage or bargaining power (cf. Admati and Pfleiderer (2000)). Any information disclosure above the optimal level is harmful for the firm. Yosha (1995) finds that private placements help to protect valuable firm-specific information from being pubhcly disclosed. Additionally, private lenders are less hkely to reveal their private information since they are concerned about the borrower's success.
2 . 1 . 2 . 1 Debt's Placement Mode Each firm's debt placement mode choice is affected by ex-ante informational asymmetries between lender and borrower, since each borrowing decision causes adverse selection difficulties for financial contracting (cf. Leland and Pyle (1977)). These difficulties can arise since the managers, acting in the interest of the current shareholders, only issue securities to new investors if investors See, e. g.. Heron and Lie (2004) for a comparison of a regular and an (uninsured) rights offering's information content.
Bargaining Power Effects in Financial Contracting: A Joint Analysis of Contract Type and Placement Mode Choices by Kai Rudolph