Bargaining Power Effects in Financial Contracting A Joint Analysis o
This work was accepted as a dissertation by the University of Muenster, Germany, in 2004. It was written while I was a teaching and research assistant at the Department of Banking. I own many debts - personal and intellectual - to Professor Dr. Andreas Pf
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Founding Editors: M. Beckmami H.P. Kiinzi Managing Editors: Prof. Dr. G. Fandel Fachbereic h Wirtschaftswissenschaften Fernuniversitat Hagen Feithstr. 140/AVZ II, 58084 Hagen, Germany Prof. Dr. W. Trockel Institut fiir Mathematische Wirtschaftsforschung (IMW) Universitat Bielefeld Universitatsstr. 25, 33615 Bielefeld, Germany Editorial Board: A. Basile, A. Drexl, H. Dawid, K. Inderfurth, W. Kiirsten, U. Schittko
Kai Rudolph
Bargaining Power Effects in Financial Contracting A Joint Analysis of Contract Type and Placement Mode Choices
With 25 Figures and 99 Tables
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Springer
Dr. Kai Rudolph Im Tiergarten 58 8055 Zurich Switzerland E-mail: [email protected]
ISBN-10 3-540-34495-0 Springer Berlin Heidelberg New York ISBN-13 978-3-540-34495-7 Springer Berlin Heidelberg New York This work is subject to copjTight. All rights are reserved whether the whole or part of the material is concerned speciiically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in ;iny other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations aie liable for prosecution under the German Copyriglit Law. Springer is a part of Springer Science-^Business Media springeronline.com © Springer-Verlag Berlin Heidelberg 2006 Printed in Germany The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such mimes are exemj3t from the relevant j^rotective laws and regulations and therefore free for general use. lyjiesetting: Camera ready by author Cover: Erich Kirchner, Heidelberg Production: LE-TjvX, Jelonek, Sclimidt & Vockler GbR, Leipzig SPIN 11760S70
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Preface
This work was accepted as a dissertation by the University of Muenster, Germany, in 2004. It was written while I was a teaching and research assistant at the Department of Banking. I own many debts - personal and intellectual - to Professor Dr. Andreas Pfingsten, my doctoral adviser, for his overall support while I was writing my dissertation. This thesis benefited much from his constructive criticism. I am also grateful that Professor Dr. Klaus Roder, Department of Finance, University of Regensburg, Germany, acted as my second advisor. Furthermore, I want to thank Dr. Alistair Milne, Sir John Cass Business School, City University, Great Britain, since he assisted me during a crucial phase of my dissertation project while I was staying as a visiting scholar at the Marie Curie Training Site in Corporate Finance, Capital Markets and Banking at Cass. This five month visit in London was financially supported by the European Commission (Fellowship Ref. No. HPMT-GH-01-00330-04). I am also indebted to my previous colleagues, mainly Dr. Hendrik Hakenes
