Structure financière optimale et sensibilité informationnelle des titres
AbstractIn an asymetric information framework, Myers and Majluf  introduced the pecking order theory. This theory specifies a hierarchy beetween the different sources of corporate funds: firms prefer to rely on internal sources of funds and prefer debt to equity if external financing is required. According to this theory, there is no reason to issue equity. In this paper, I show that the firm has an incentive to issue equity when we allow investors to get information on the firm at some cost. Indeed, when the cost of information is not too high, the optimal financial structure includes both debt and equity.
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Bibliographic InfoArticle provided by ENSAE in its journal Annals of Economics and Statistics.
Volume (Year): (2000)
Issue (Month): 58 ()
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- Tanseli Savaser, 2007.
"Exchange Rate Response to Macro News: Through the Lens of Microstructure,"
Department of Economics Working Papers
2007-02, Department of Economics, Williams College.
- Savaser, Tanseli, 2011. "Exchange rate response to macronews: Through the lens of microstructure," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(1), pages 107-126, February.
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