Chemla, Gilles

Faure-Grimaud, Antoine

English

LSE Research Online

_______________________________________________FINANCIAL MARKETS GROUPAN ESRC RESEARCH CENTRE_______________________________________________LONDON SCHOOL OF ECONOMICSAny opinions expressed are those of the author and not necessarily those of the Financial Markets Group.ISSN 0956-8549-288Dynamic Adverse Selection and DebtByGilles Chemla andAntoine Faure-GrimaudDISCUSSION PAPER 288April 1998Dynamic Adverse Selection and Debt ¤Gilles ChemlaUniversity of British Columbia and CEPRandAntoine Faure-GrimaudLondon School of Economics and CEPRFirst Draft: March 1996This draft: March 10, 1998¤We would like to thank Patrick Bolton, Xavier Freixas, Ron Giammarino, Denis Gromb,Eric Maskin, Jean Tirole as well as seminar participants at the 1996 Econometric Society Eu-ropean Meeting, the European Summer Symposium in Financial Markets 1997 (Gerzensee),the University of British Columbia, the LSE Financial Markets Group Lunchtime Seminar,IAE (Universitat Autonoma de Barcelona), Universitat Pompeu Fabra, Universiteit Leu-ven and GREMAQ-IDEI (Universit¶e de Toulouse) for helpful comments. Financial supportfrom the Fondation du Cr¶edit National and from the European Commission is gratefullyacknowledged. All errors are ours.

Dynamic adverse selection and debt

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Dynamic adverse selection and debt

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