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Firms, contracts, and financial structure Oliver Hart
Publisher: OUP

Firms, Contracts, and Financial Structure. FIRMS CONTRACTS AND FINANCIAL STRUCTURE on English sites. An interesting development of the 1980s, however, was the John Graham and Campbell Harvey (2001) surveyed chief financial officers to gather information about their perspective on the determinants of their firms' financial structure and found support for both the trade-off theory and the pecking order view. Bond covenants exist to restrict these games that shareholders might play, but bond contracts cannot prevent all eventualities. This paper presents a model of the financial structure of private equity firms. For those interested in the economics of contracting: Oliver Hart, Firms, Contracts and Financial Structure (1995). But if human capital is so important, elementary property rights economics tells us that workers, not capitalists, should control firms. Hart, Oliver, Firms, Contracts and Financial Structure, Oxford: Clarendon. In the model, the general First, the firm should be financed by a combination of fund capital raised before deals are encountered, and capital that is raised to finance a specific deal. Like: Extensive list of legal and financial experts worldwide. Hilborn, Robert C., “Sea Gulls, Butterflies, and Grasshoppers: A Brief. Increasingly, boards of directors have hired CEOs outside their firm. Second, the fund investors' claim on fund cash flow is a combination of debt and levered equity, while the general partner receives a claim similar to the carry contracts received by real-world practitioners. Herbet Simon, "A Formal Theory of the Employment Relationship," Econometrica, July 1951.