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【PPT精品课件】货币金融学7版英文课件--8-大学课件20.pptx

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该【【PPT精品课件】货币金融学7版英文课件--8-大学课件20 】是由【小屁孩】上传分享，文档一共【16】页，该文档可以免费在线阅读，需要了解更多关于【【PPT精品课件】货币金融学7版英文课件--8-大学课件20 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter8AnEconomicAnalysisofFinancialStructure???. Stocksarenotmostimportantsourceofexternalfinanceforbusinesses2. Issuingmarketablesecuritiesnotprimaryfundingsourceforbusinesses3. Indirectfinance(financialintermediation)isfarmoreimportantthandirectfinance4. Banksaremostimportantsourceofexternalfinance5. Financialsystemisamongmostheavilyregulatedsectorsofeconomy6. Onlylarge,esstosecuritiesmarkets7. Collateralisprevalentfeatureofdebtcontracts8. plicatedlegaldocumentswithrestrictivecovenants4?. Takeadvantageofeconomiesofscale Example:MutualFunds2. Developexpertisetolowertransactioncosts ExplainsPuzzle35?andMoralHazard:DefinitionsAdverseSelection:1. urs2. esareonesmostlikelytoseekloansandbeselectedMoralHazard:1. urs2. Hazardthatborrowerhasincentivestoengageinundesirable(immoral)activitiesmakingitmorelikelythatwon’tpayloanback6?andFinancialStructureLemonsProbleminSecuritiesMarkets1. Ifcan’tdistinguishbetweengoodandbadsecurities,willingtopayonlyaverageofgoodandbadsecurities’. Result:Goodsecuritiesundervaluedandfirmswon’tissuethem;badsecuritiesovervalued,. Investorswon’twanttobuybadsecurities,somarketwon’tfunctionwell. ExplainsPuzzle2andPuzzle1. AlsoexplainsPuzzle6:Lessasymmetricinformationforwellknownfirms,sosmallerlemonsproblem7?(Lemons)Problem1. PrivateProductionandSaleofInformation Free-riderprobleminterfereswiththissolution2. GovernmentRegulationtoIncreaseInformation ExplainsPuzzle53. FinancialIntermediationA. Analogytosolutiontolemonsproblemprovidedbyused-cardealersB. Avoidfree-riderproblembymakingprivateloans ExplainsPuzzles3and44. Worth ExplainsPuzzle78?:DebtversusEquityMoralHazardinEquity:Principal-AgentProblem1. Resultofseparationofownershipbystockholders(principals)fromcontrolbymanagers(agents)2. Managersactinownratherthanstockholders’interestToolstoHelpSolvethePrincipal-AgentProblem1. Monitoring:productionofinformation2. Governmentregulationtoincreaseinformation3. Financialintermediation4. DebtcontractsExplainsPuzzle1:Whydebtusedmorethanequity9?:borrowerwantstotakeontoomuchriskToolstoHelpSolveMoralHazard1. Networth2. Monitoringandenforcementofrestrictive covenants3. Financialintermediation Banksandotherintermediarieshavespecial advantagesinmonitoring ExplainsPuzzles1–?2005PearsonEducationCanadaInc.

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