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The Economics of Imperfect Markets The Effects of Market Imperfections on Economic Decision-Making

:	Giorgio Calcagnini, Enrico Saltari
:	The Economics of Imperfect Markets The Effects of Market Imperfections on Economic Decision-Making
:	Physica-Verlag
:	9783790821314
:	1
:	CHF 85.30
:

:	Internationale Wirtschaft
:	English

:	234
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

The real world is characterized by the presence of imperfections in goods, financial and labour markets. These imperfections have the potential to create links among those markets that differ in a relevant way from those outlined in the standard model. In financial markets, imperfections can alter the efficiency of the economy and thus cause unintended effects on goods and labour markets. Moreover, in the presence of market distortions, the interaction between policies and institutions becomes a critical aspect. This book, which brings together essays from distinguished scholars on this subject, provides new insights on how these imperfections affect the outcomes of real-world markets.

	Preface	5
	Contents	6
	Contributors	8
	Introduction	10
	Part I Imperfections in Financial Markets	24
	1 What Can Cash Shortfalls and Windfalls Tell Us About Finance Constraints?	25
	Introduction	25
	Regression Discontinuity	27
	A Model of Pension Funding	30
	Technology and Financing	30
	Simulations	32
	Model Calibration	32
	Simulation Results	33
	Conclusion	39
	References	39
	2 Non-Tobin's q in Tests for Financial Constraints to Investment	41
	Introduction	41
	Background: q and Investment	42
	Tobin's q	43
	Non-Tobin's q	43
	Model	46
	Frictionless Capital Adjustment	47
	Costly Capital Adjustment	49
	A Tractable Special Case	51
	Estimation	52
	Concluding Remarks	55
	Appendix: Proof of Theorem 1	56
	References	56
	3 Cash Holdings, Firm Value and the Role of Market Imperfections. A Cross Country Analysis	58
	Introduction	58
	The Demand for Cash and Near-Cash Assets	60
	Trade Off Theory	62
	Pecking Order Theory	62
	Agency Cost Theory	63
	Empirical Specification	63
	The Investment-to-Total Asset and the Market-to-Book Value Ratios	64
	Firm Size	64
	Debt Issue	64
	Cash Flow	65
	Cash Flow Volatility	65
	Debt Maturity	65
	Collection and Credit Periods	65
	EPL	66
	Data and Estimation Results	67
	Firm Value and Labor Regulations	71
	Data and Estimation Results	73
	Concluding Remarks	76
	References	77
	4 Multiple Bank Relationships and the Main Bank System: Evidence from a Matched Sample of Japanese Small Firms and Main Banks	79
	Introduction	79
	Data Characteristics and Descriptive Statistics of Bank-Firm Relationships	81
	Determinants of Multiple Bank Relations and the Impact of Main Bank Relations on Loan Contracts	84
	Determinants of Multiple Bank Relations Under the Main Bank System	85
	Impact of a Main Bank Relationship on the LoanContract Terms	88
	Estimation Results and Their Implications to Main Bank Relationship	89
	Determinants of Multiple Bank Relationship under Main Bank System	89
	Impact of Main Bank Relationship on Loan Contracts	91
	Concluding Remarks	94
	References	95
	5 The Role of Fixed Assets in Reducing Asymmetric Information	97
	Introduction	97
	Related Literature	98
	Model	99
	Without Collateral	103
	With Collateral	104
	Conclusion<