The Determination of Financial Structure: the Incentive Signaling Approach

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罗斯的著作。
The determination of financial structure:the incentive-signallinga pproach
Stephen A. Ross
Professor of Economics and Finance
University of Pennsylvania

The Modigliani-Miller theorem on the irrelevancy offinancial structure
implicitly assumes that the market possesses full information
about the activities of firms. If managers possess inside information,
however, then the choice of a managerial incentive schedule and of a
financial structure signals information to the market, and in competitive
equilibrium the inferences drawn from the signals will be validated.
One empirical implication of this theory is that in a cross
section, the values of firms will rise with leverage, since increasing
leverage increases the market's perception of value.

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关键词：Incentive signaling financial Structure Approach activities structure schedule however choice

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The Determination of Financial Structure: The Incentive-Signalling Approach的翻译

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https://bbs.pinggu.org/thread-427935-1-1.html

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