执行不力时的合同签订：来自审计研究的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2024-07-13 DOI:10.1093/rof/rfae019

Rajkamal Iyer, Antoinette Schoar

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引用次数: 0

摘要

在法律执行不力的情况下，如何在特定关系投资中构建合同？通过使用一种新的审计方法，我们发现简单的金融合同与社会规范和声誉问题相结合，可以维持特定关系交易。印度钢笔市场的批发商使用预付款而非增加风险溢价来降低特定关系投资所带来的风险。印制钢笔的预付款仅占生产成本的 40%，这凸显了预付款作为筛选手段的重要性。对于印刷笔来说，事后重新谈判的可能性更大，但在相当一部分情况下，重新谈判都会失败。

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Contracting When Enforcement is Weak: Evidence from an Audit Study

How are contracts structured in the presence of relationship-specific investments when legal enforcement is weak? Using a new audit methodology, we show that simple financial contracts in combination with social norms and reputation concerns can sustain relationship-specific transactions. Wholesalers in the market for pens in India use upfront payments rather than increased risk premia to mitigate risks arising from relationship-specific investments. Upfront payments for printed pens cover only 40% of the production costs, highlighting the importance of upfront payments as a screening device. Ex-post, renegotiation is more likely for printed pens, but in a substantial fraction of cases renegotiation fails.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.