Information Aggregation, Security Design, and Currency Swaps

Mark Grinblatt, Bhagwan Chowdhry and David Levine

Yale School of Management Working Papers from Yale School of Management

Abstract: A security design model shows that multinational firms needing to finance their operations should issue different securities to investors in different countries in order to aggregate their disparate information about domestic and foreign cash flows. However, if the firm becomes bankrupt, investors may face uncertain costs of reorganizing assets in a foreign country and thus ma

Date: 2002-02-01
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Journal Article: Information Aggregation, Security Design, and Currency Swaps (2002)
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