题目: Strategic Alliances, Externalities and Financial Constraints
主讲人: 洪洁瑛
时间：2015年12月22日（周二）下午1:30
地点：国际经管学院会议室（诚明楼三层）
主办方：国际经济管理学院
Abstract: This paper models a financially constrained entrepreneur and a deep-pocket incumbent developing an innovative product through strategic alliance. We find that i) in contrast to traditional corporate finance theories, the financial constraint of the entrepreneur can be tightened by an increase in his endowment or a reduction in agency conflicts; ii) the main agency conflict in alliances is the free-riding problem between the two collaborators, and a third party—an outside investor—is introduced to address this problem; and iii) the incentive compatible financial claims of alliances include debt, equity, warrants, convertible debt, and preferred equity, which are consistent with empirical observations.
主讲人简介: 洪洁瑛, Assistant Professor at ESSEC Business School. Primary fields: Corporate Finance, Behavioral Finance, Asset Bubbles. Secondary fields: Contract Theory, Organizational Economics
