ACAP

Acency Costs and Asset Pricing

Coordinatore	FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES    more Spiacenti, non ci sono informazioni su questo coordinatore. Contattare Fabio per maggiori infomrazioni, grazie.
Nazionalità Coordinatore	France [FR]
Totale costo	1˙000˙000 €
EC contributo	1˙000˙000 €
Programma	FP7-IDEAS-ERC Specific programme: "Ideas" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013)
Code Call	ERC-2007-StG
Funding Scheme	ERC-SG
Anno di inizio	2008
Periodo (anno-mese-giorno)	2008-11-01   -   2014-10-31

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES  Organization address address: ALLEE DE BRIENNE, Manufacture des Tabacs 21 city: TOULOUSE postcode: 31000 contact info Titolo: Dr. Nome: Thomas Cognome: Mariotti Email: send email Telefono: +33 5 61 12 86 16 Fax: +33 5 61 12 86 37	FR (TOULOUSE)	hostInstitution	0.00
2	FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES  Organization address address: ALLEE DE BRIENNE, Manufacture des Tabacs 21 city: TOULOUSE postcode: 31000 contact info Titolo: Ms. Nome: Celine Cognome: Claustre Email: send email Telefono: +33 5 67 73 27 64 Fax: +33 5 61 12 86 37	FR (TOULOUSE)	hostInstitution	0.00

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 Obiettivo del progetto (Objective)

'The main objective of this research project is to contribute at bridging the gap between the two main branches of financial theory, namely corporate finance and asset pricing. It is motivated by the conviction that these two aspects of financial activity should and can be analyzed within a unified framework. This research will borrow from these two approaches in order to construct theoretical models that allow one to analyze the design and issuance of financial securities, as well as the dynamics of their valuations. Unlike asset pricing, which takes as given the price of the fundamentals, the goal is to derive security price processes from a precise description of firm’s operations and internal frictions. Regarding the latter, and in line with traditional corporate finance theory, the analysis will emphasize the role of agency costs within the firm for the design of its securities. But the analysis will be pushed one step further by studying the impact of these agency costs on key financial variables such as stock and bond prices, leverage, book-to-market ratios, default risk, or the holding of liquidities by firms. One of the contributions of this research project is to show how these variables are interrelated when firms and investors agree upon optimal financial arrangements. The final objective is to derive a rich set of testable asset pricing implications that would eventually be brought to the data.'