Publication

Corporate investment and financing under asymmetric information

Related publications (30)

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Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms is ...

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Agency conflicts and short- versus long-termism in corporate policies

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Agency conflicts around the world

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Corporate disclosure is the most important source of information about the firm for the outside investors. While some disclosure of public firms is mandated by regulation, firm managers can provide extra information at their discretion by making voluntary ...

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