| 000 -LEADER |
|---|
| fixed length control field |
01294nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
201014b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Halac, Marina, Ilan, Kremer, and Winter, Eyal |
| 245 ## - TITLE STATEMENT |
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| Title |
Raising capital from heterogeneous investors |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The American Economic Review |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
110(3), Mar, 2020: p.889-921 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
A firm raises capital from multiple investors to fund a project. The project succeeds only if the capital raised exceeds a stochastic threshold, and the firm offers payments contingent on success. We study the firm's optimal unique-implementation scheme, namely the scheme that guarantees the firm the maximum payoff. This scheme treats investors differently based on size. We show that if the distribution of the investment threshold is log-concave, larger investors receive higher net returns than smaller investors. Moreover, higher dispersion in investor size increases the firm's payoff. Our analysis highlights strategic risk as an important potential driver of inequality. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Investment banking, Venture capital, Brokerage, Ratings and ratings agencies, Capital and ownership structure, Value of firms, Goodwill |
| 9 (RLIN) |
18620 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
The American Economic Review |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
FIRM BEHAVIOR |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
