演講者簡介 : Professor Piero Gottardi received his PhD from the University of Cambridge in 1991. He is currently a Professor at the University of Essex. His research fields are Microeconomics, Information and Uncertainty, General Equilibrium, Public Finance, Labor Markets, and Fiscal Policy Macroeconomics and Growth.
演講摘要 : We develop a general equilibrium model with production and incomplete markets. As households’ demand for hedging increases, firms issue more debt and destine only part of the greater proceeds to investment – the remainder going to shareholders. How much more debt, depends on the availability of competing risk-sharing instruments. When the capital structure is jointly shaped by hedging demand and agency (asset–substitution), the greater risk induced by asymmetric information has countervailing effects on debt: Debt is reduced to nudge shareholders into choosing lower risk. However, the greater risk in production affects the state prices and calls for more debt.
