English, Article, Journal or magazine article edition: A Model of Collateral, Investment, and Adverse Selection Alberto Martin

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Bookmark: http://trove.nla.gov.au/version/154201
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Model of Collateral, Investment, and Adverse Selection
Author
  • Alberto Martin
Physical Description
  • preprint
Notes
  • This paper characterizes the relationship between entrepreneurial wealth and aggregate investment under adverse selection. Its main finding is that such a relationship need not be monotonic. In particular, three results emerge from the analysis: (i) pooling equilibria, in which investment is independent of entrepreneurial wealth, are more likely to arise when entrepreneurial wealth is relatively low; (ii) separating equilibria, in which investment is increasing in entrepreneurial wealth, are most likely to arise when entrepreneurial wealth is relatively high and; (iii) for a given interest rate, an increase in entrepreneurial wealth may generate a discontinuous fall in investment.
  • Adverse Selection, Collateral, Investment, Lending Standards, Screening
  • RePEc:upf:upfgen:1136
Language
  • English
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