A principal optimally preserves outside-finance exposure in the contract to screen types via non-pledgeable contingent transfers, with two sufficient statistics determining the advance share and explaining mixed payment forms across markets.
Optimal equity auctions with two-dimensional types
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The Screening Cost of Liquidity
A principal optimally preserves outside-finance exposure in the contract to screen types via non-pledgeable contingent transfers, with two sufficient statistics determining the advance share and explaining mixed payment forms across markets.