The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Long-Term Contracts, Short-Term Investment and Monitoring
Abstract
The paper presents a dynamic contracting model of myopic firm behaviour caused by the fear of early project termination by outside investors. Although the parties can conclude longterm contracts, asymmetric information between investors and firms can make it impossible to implement profitable long-term projects. The paper characterizes the structure of optimal, renegotiation-proof contracts for unmonitored and monitored finance. Monitoring by investors, although itself subject to distorting incentive constraints, is shown to be able to overcome the short-term bias of investment and thus to lengthen the firms' planning horizon.
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Citations
Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Cited by
Competition, Adverse Selection, and Information Dispersion in the Banking Industry: Table 1
Marquez, R. (2002) · Review of Financial Studies · doi:10.1093/rfs/15.3.901 · Cited by 417
Investment in Relationship-Specific Assets: Does Finance Matter?
Strieborny, M., & Kukenova, M. (2016) · Review of Finance · doi:10.1093/rof/rfv049 · Cited by 26
Metadata
- Authors
- von Thadden, E.-L.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1995-10-01
- Volume
- 62
- Issue
- 4
- Pages
- 557-575
- ISSN
- 0034-6527 (ISSN-L)
- 1467-937X
- OpenAlex
- W2146524607
- Cited by
- 573
- References
- 1
- FWCI
- 45.95
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
