Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview
4.
The debt-forgiveness or debt-write-off literature has grown recently. Sachs ( 1986a. 1986b) and Krugman ( 1987) considered various effects on lenders and borrowers from debt write-offs.
5.
John and Nachman ( 1985) applied the Kreps and Wilson ( 1982) sequential equilibrium concept to show that endogenous reputation results in a partial resolution of the classic agency problem of underinvestment in corporate finance.

REFERENCES

Barnea A., R. A. Haugen, and L. W. Senbet. ( 1985). Agency Problems and Financial Contracting. Englewood Cliffs, NJ.: Prentice-Hall.

Bulow Jeremy I., and Kenneth Rogoff. ( 1986). "A Constant Recontracting Model of Sovereign Debt." Hoover Institution Working Paper no. P-86-6, December.

Eaton Jonathan. ( 1986). "Lending with Costly Enforcement of Repayment and Potential Fraud." Journal of banking and Finance 10: 281-293.

Eaton J., and M. Gersovitz. ( 1986). "Country Risk and the Organization of International Capital Transfer." Paper presented at the Conference on Debt, Stabilization, and Development, Helsinki, Finland, August.

Gersovitz Mark, and Jonathan Eaton. ( 1981). "Debt with Potential Repudiation: Theoretical and Empirical Analysis." Review of Economic Studies 48: 289-309.

Heffernan Shelagh A. ( 1986). Sovereign Risk Analysis. London: Allen and Unwin.

John Kose, and David C. Nachman. ( 1985). "Risky Debt, Investment Incentives, and Reputation in a Sequential Equilibrium." Journal of Finance 40, no. 3 (July): 863-880.

Kalai E. ( 1977). "Nonsymmetric Nash Solutions and Replications of 2-Person Bargaining." International Journal of Game Theory 6, no. 3: 129-133.

Kreps D., and R. Wilson. ( 1982). "Reputation and Imperfect Information." Journal of Economic Theory 27: 253-279.

Krugman Paul. ( 1989). "Financing vs Forgiving a Debt Overhang." Journal of Development Economics 29: 253-268.

Myers Stewart C. ( 1977). "Determinants of Corporate Borrowing." Journal of Financial Economics 5 (November): 147-175.

Nash F. J. ( 1950). "The Bargaining Problem." Econometrica 18: 155-162.

Ozler Sule. ( 1986). "The Motives for International Bank Rescheduling, 1978-1983: Theory and Evidence." UCLA Working Paper 401. May.

Sachs Jeffrey. ( 1984). Theoretical Issues in International Borrowing. Princeton Studies in International Finance, Princeton: Princeton University, no. 54, July.

-----. ( 1986a). "The Debt Overhang of Developing Countries." Paper presented at the conference on Debt, Stabilization, and Development, Helsinki, Finland, August.

-----. ( 1987b). "Testimony to the Subcommittee on International Trade." Senate Finance Committee, Summary, May 13.

-----. ( 1982). "LDC Debt in the 1980s: Risk and Reforms" in P. Wachtel, ed. Crisis in the Economic and Financial Structure. Lexington, Mass.: Lexington Books.

Sachs J. D., and D. Cohen. ( 1982). "LDC Borrowing with Default Risk." NBER Working Paper 925 (July).

-330-

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