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Analysis of financial structure
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Analysis of financial structure
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Stocks are not the most important sources of external financing for businesses (figure 1) == Why? Issuing marketable debt and equity securities is not the primary way in which businesses finance their operations (figure 1) == Why? Indirect finance is many times more important than direct finance ((figure 1) == Why? Financial intermediaries are the most important source of external funds (figure 1) == Why? | Chapter 8 An Economic Analysis of Financial Structure Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Eight Basic Facts Stocks are not the most important sources of external financing for businesses (figure 1) ==> Why? Issuing marketable debt and equity securities is not the primary way in which businesses finance their operations (figure 1) ==> Why? Indirect finance is many times more important than direct finance ((figure 1) ==> Why? Financial intermediaries are the most important source of external funds (figure 1) ==> Why? Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Eight Basic Facts (cont’d) The financial system is among the most heavily regulated sectors of the economy Only large, well-established corporations have easy to issue securities to markets to finance their activities Collateral is a prevalent feature of debt contracts Debt contracts are . | Chapter 8 An Economic Analysis of Financial Structure Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Eight Basic Facts Stocks are not the most important sources of external financing for businesses (figure 1) ==> Why? Issuing marketable debt and equity securities is not the primary way in which businesses finance their operations (figure 1) ==> Why? Indirect finance is many times more important than direct finance ((figure 1) ==> Why? Financial intermediaries are the most important source of external funds (figure 1) ==> Why? Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Eight Basic Facts (cont’d) The financial system is among the most heavily regulated sectors of the economy Only large, well-established corporations have easy to issue securities to markets to finance their activities Collateral is a prevalent feature of debt contracts Debt contracts are extremely complicated legal documents that place substantial restrictive covenants on borrowers Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Transaction Costs Financial intermediaries have evolved to reduce transaction costs [ex: mutual funds] Economies of scale Expertise Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Asymmetric Information Adverse selection occurs before the transaction Moral hazard arises after the transaction Agency theory analyses how asymmetric information problems affect economic behavior Copyright © 2007 Pearson Addison-Wesley. All rights reserved. 8- Adverse Selection: The Lemons Problem If quality cannot be assessed, the buyer is willing to pay at most a price that reflects the average quality Sellers of good quality items will not want to sell at the price for average quality The buyer will decide not to buy at all because all that is left in the market is poor quality items This problem explains .
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