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Pennacchi, George G. Sopranzetti, Benito, Jr 2011-05-07T12:13:00Z 2011-05-07T12:13:00Z 10000-01-01 1995 In Chapter I, the firm's accounts receivable sales decision is modeled both in the case where it is constrained to sell the entire receivable (factoring) and in the case where it has the flexibility to sell a portion of the receivable (receivables securitization.) It is found that because of a moral hazard problem on behalf of the firm, the factoring contract is characterized by the firm selling its highest credit quality receivables without recourse, its intermediate credit quality receivables with recourse, and keeping its poorest credit quality receivables. In contrast to factoring, the receivables securitization contract is characterized by the firm retaining a proportion of the receivable that is increasing in the receivable's credit risk. Chapter II demonstrates when and how the sale of accounts receivable can be used to mitigate an underinvestment problem. Lastly, Chapter II presents three rationales for factoring, and lays down the empirical groundwork for further productive research. Made available in DSpace on 2011-05-07T12:13:00Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9543730.pdf: 2397262 bytes, checksum: ef8ba09369f027dca2a283b3261223c6 (MD5) Previous issue date: 1995 Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:38:13Z Item is restricted indefinitely. Restriction data tranferred 2014-07-01T11:15:53-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission ETDs are only available to UIUC Users without author permission U of I Only AAI9543730 (UMI)AAI9543730 http://hdl.handle.net/2142/19611 eng Copyright 1995 Sopranzetti, Benito, Jr Business Administration, Accounting Economics, Finance The economics of factoring and securitizing accounts receivable text Finance Finance University of Illinois at Urbana-Champaign Dissertation Ph.D.