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

Bond covenants exist to restrict these games that shareholders might play, but bond contracts cannot prevent all eventualities. Those measures need to be taken without the world slipping into a hard-to-reverse balkanisation of the international financial system. But if the trigger is the firm's capital ratio dipping below a high threshold, the bond is in fact for recovery not for handling abject distress. "This book, which synthesizes most of Oliver Hart's work since 1980, provides a clear introduction to the modern theory of the firm, and ultimately a very compelling answer to. Another concern is that the redesign of the CEO contract could be driven by the change in capital structure, not by the strong principal. Firms, Contracts, and Financial Structure. Regional authorities to restrict the range of activities or structure of banking. If, at the other end of the spectrum, the trigger is falling below a low capital ratio,. 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. FIRMS CONTRACTS AND FINANCIAL STRUCTURE on English sites. Like: Extensive list of legal and financial experts worldwide. In a footnote on page 5 of his 1995 book "Firms Contracts and Financial Structure" Oliver Hart wrote,.