Obiettivo 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. Parole chiave Corporate finance asset pricing Programma(i) 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) Argomento(i) ERC-SG-SH1 - ERC Starting Grant - Individuals, institutions and markets Invito a presentare proposte ERC-2007-StG Vedi altri progetti per questo bando Meccanismo di finanziamento ERC-SG - ERC Starting Grant Istituzione ospitante FONDATION JEAN JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES Contributo UE € 1 000 000,00 Indirizzo 5E ETAGE, 1 ESP DE L'UNIVERSITE 31080 Toulouse Francia Mostra sulla mappa Regione Occitanie Midi-Pyrénées Haute-Garonne Tipo di attività Research Organisations Contatto amministrativo Celine Claustre (Ms.) Ricercatore principale Thomas Mariotti (Dr.) Collegamenti Contatta l’organizzazione Opens in new window Costo totale Nessun dato Beneficiari (1) Classifica in ordine alfabetico Classifica per Contributo UE Espandi tutto Riduci tutto FONDATION JEAN JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES Francia Contributo UE € 1 000 000,00 Indirizzo 5E ETAGE, 1 ESP DE L'UNIVERSITE 31080 Toulouse Mostra sulla mappa Regione Occitanie Midi-Pyrénées Haute-Garonne Tipo di attività Research Organisations Contatto amministrativo Celine Claustre (Ms.) Ricercatore principale Thomas Mariotti (Dr.) Collegamenti Contatta l’organizzazione Opens in new window Costo totale Nessun dato