The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Outside Equity
Abstract
Equity financing is modeled when cash flows and asset values are not verifiable. Investors have enforceable property rights to the firm's assets, but cannot prevent insiders (managers or entrepreneurs) from capturing cash flow. Insiders must coinvest and pay in each period a dividend sufficient to ensure outside investors' participation for at least one more period. Intervention by the investors must be limited by an agreement with insiders or by costs of collective action. Basic models are extended to show why firms go public and why agency costs necessarily arise when the act of investment is not immediately verifiable.
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Citations
Cites
Optimal contracts and competitive markets with costly state verification
Townsend, R. M. (1979) · Journal of Economic Theory · doi:10.1016/0022-0531(79)90031-0 · Cited by 3,204
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Cited by
Kaplan, S. N., & Stromberg, P. (2003) · Review of Economic Studies · doi:10.1111/1467-937x.00245 · Cited by 1,533
Zingales, L. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00262 · Cited by 1,495
Myers, S. C. (2001) · Journal of Economic Perspectives · doi:10.1257/jep.15.2.81 · Cited by 1,411
Self-citationAgency theory: Review of Theory and Evidence on Problems and Perspectives
Panda, B., & Leepsa, N. M. (2017) · Indian Journal of Corporate Governance · doi:10.1177/0974686217701467 · Cited by 732
Corporate governance and dividend policy in emerging markets
Mitton, T. (2004) · Emerging Markets Review · doi:10.1016/j.ememar.2004.05.003 · Cited by 437
Metadata
- Authors
- Myers, S. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2000-06
- Volume
- 55
- Issue
- 3
- Pages
- 1005-1037
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W4256234601
- Cited by
- 297
- References
- 2
- FWCI
- 41.36
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
