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Information production, dilution costs, and optimal security design
16 references·16 citing·30 second hopsampled
Information production, dilution costs, and optimal security design (2001)Information production, dilution costs, a…Testing static tradeoff against pecking order models of capital structure1This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massachusetts, Ohio State University, University of California at Los Angeles and the NBER, especially Eugene Fama and Robert Gertner. The usual disclaimers apply. Funding from MIT and the Tuck School at Dartmouth College is gratefuly acknowledged. We also thank two reviewers, Richard S. Ruback and Clifford W. Smith, Jr., for helpful comments.1 (1999)Testing static tradeoff again…A Liquidity-based Model of Security Design (1999)A Liquidity-based Model of Se…Financial Innovation and Risk Sharing. (1995)Financial Innovation and Risk…Testing Static Trade-off Against Pecking Order Models of Capital Structure (1994)Testing Static Trade-off Agai…The Theory of Capital Structure (1991)The Theory of Capital Structu…Asymmetric Information, Corporate Finance, and Investment (1990)Asymmetric Information, Corpo…Efficient Financing under Asymmetric Information (1987)Efficient Financing under Asy…Why new issues are underpriced (1986)Why new issues are underpricedPerfect sequential equilibrium (1986)Perfect sequential equilibriumThe Capital Structure Puzzle (1984)The Capital Structure PuzzleCorporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)Corporate Financing and Inves…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Capital Structure Puzzle (1984)Capital Structure PuzzleEfficient and Durable Decision Rules with Incomplete Information (1983)Efficient and Durable Decisio…On the Impossibility of Informationally Efficient Markets (1980)On the Impossibility of Infor…Determinants of corporate borrowing (1977)Determinants of corporate bor…Incentives for Information Production in Markets where Prices Affect Real Investment (2017)Incentives for Information Pr…Government Intervention and Information Aggregation by Prices (2015)Government Intervention and I…Skin in the Game and Moral Hazard (2014)Skin in the Game and Moral Ha…Trading frenzies and their impact on real investment (2013)Trading frenzies and their im…Feedback effects of credit ratings (2013)Feedback effects of credit ra…Why do public firms issue private and public securities? (2012)Why do public firms issue pri…Securitization, Transparency, and Liquidity (2012)Securitization, Transparency,…The Real Effects of Financial Markets (2011)The Real Effects of Financial…Equity or Debt Financing: Does Good Corporate Governance Matter? (2011)Equity or Debt Financing: Doe…Capital Structure, Cost of Capital, and Voluntary Disclosures (2011)Capital Structure, Cost of Ca…A new information share measure (2009)A new information share measu…How do firms finance their investments? (2008)How do firms finance their in…Financial Flexibility and Capital Structure Decision (2008)Financial Flexibility and Cap…Feedback Effects and Asset Prices (2008)Feedback Effects and Asset Pr…Exit Options in Corporate Finance: Liquidity versus Incentives (2004)Exit Options in Corporate Fin…Debt vs. Equity and Asymmetric Information: A Review (2002)Debt vs. Equity and Asymmetri…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)A Survey of Corporate Governance (1997)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Testing Tradeoff and Pecking Order Predictions About Dividends and Debt (1999)Capital structure choice: macroeconomic conditions and financial constraints (2003)Corporate cash holdings: An empirical investigation of UK companies (2003)A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues (1982)Investment banking, reputation, and the underpricing of initial public offerings (1986)Initial Public Offerings and Underwriter Reputation (1990)Information and the Cost of Capital (2004)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Risk and Valuation of Collateralized Debt Obligations (2001)The Pooling and Tranching of Securities: A Model of Informed Intermediation (2004)Neglected risks, financial innovation, and financial fragility (2011)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Determinants of Capital Structure Choice (1988)Event Studies in Economics and Finance (1997)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Firms, Contracts, and Financial Structure (1995)What Do We Know about Capital Structure? Some Evidence from International Data (1995)The determinants and implications of corporate cash holdings (1999)Testing Trade-Off and Pecking Order Predictions About Dividends and Debt (2002)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)The theory and practice of corporate finance: evidence from the field (2001)Noise Trader Risk in Financial Markets (1990)Efficient Capital Markets: II (1991)Investor Psychology and Security Market Under‐ and Overreactions (1998)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)
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References

  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1977Determinants of corporate borrowing13,160 cited
  • 1984The Capital Structure Puzzle7,520 cited
  • 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have6,535 cited
  • 1991The Theory of Capital Structure4,371 cited
  • 1980On the Impossibility of Informationally Efficient Markets3,640 cited
  • 1986Why new issues are underpriced2,788 cited
  • 1999Testing static tradeoff against pecking order models of capital structure1This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massachusetts, Ohio State University, University of California at Los Angeles and the NBER, especially Eugene Fama and Robert Gertner. The usual disclaimers apply. Funding from MIT and the Tuck School at Dartmouth College is gratefuly acknowledged. We also thank two reviewers, Richard S. Ruback and Clifford W. Smith, Jr., for helpful comments.11,755 cited
  • 1994Testing Static Trade-off Against Pecking Order Models of Capital Structure1,164 cited
  • 1999A Liquidity-based Model of Security Design739 cited
  • 1984Capital Structure Puzzle684 cited
  • 1990Asymmetric Information, Corporate Finance, and Investment679 cited
  • 1983Efficient and Durable Decision Rules with Incomplete Information

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670 cited
  • 1987Efficient Financing under Asymmetric Information431 cited
  • 1995Financial Innovation and Risk Sharing.390 cited
  • 1986Perfect sequential equilibrium380 cited
  • Cited by

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    • 2011The Real Effects of Financial Markets233 cited
    • 2015Government Intervention and Information Aggregation by Prices215 cited
    • 2013Feedback effects of credit ratings203 cited
    • 2012Why do public firms issue private and public securities?172 cited
    • 2012Securitization, Transparency, and Liquidity162 cited
    • 2004Exit Options in Corporate Finance: Liquidity versus Incentives159 cited
    • 2009A new information share measure156 cited
    • 2011Capital Structure, Cost of Capital, and Voluntary Disclosures147 cited
    • 2008Feedback Effects and Asset Prices122 cited
    • 2008How do firms finance their investments?115 cited
    • 2014Skin in the Game and Moral Hazard115 cited
    • 2002Debt vs. Equity and Asymmetric Information: A Review110 cited
    • 2017Incentives for Information Production in Markets where Prices Affect Real Investment106 cited
    • 2011Equity or Debt Financing: Does Good Corporate Governance Matter?105 cited
    • 2008Financial Flexibility and Capital Structure Decision105 cited