The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
A Theory of Capital Structure Relevance under Imperfect Information
Abstract
Firms raise debt and equity capital to finance a positive net present value project in perfectly competitive capital markets; firm insiders know the function generating the random firm cash flow but potential capital suppliers do not. Taking into account the incentives of insiders to misrepresent their firm type, capital suppliers attempt to design financing mixes of debt and equity that eliminate the adverse incentives of insiders and correctly price securities. Necessary conditions for a costless separating equilibrium are developed to show that the amount of debt used by a firm is monotonically related to its unobservable true value.
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Citations
Cites
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
The Determination of Financial Structure: The Incentive‐Signalling Approach,
Ross, S. A. (1977) · The Bell Journal of Economics · doi:10.2307/3003485 · Cited by 4,168
Cited by
Dividend Policy under Asymmetric Information
MILLER, M. H., & ROCK, K. (1985) · The Journal of Finance · doi:10.1111/j.1540-6261.1985.tb02362.x · Cited by 3,441
Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy
Kim, W. S., & Sorensen, E. H. (1986) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2330733 · Cited by 632
Metadata
- Authors
- HEINKEL, R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1982-12
- Volume
- 37
- Issue
- 5
- Pages
- 1141-1150
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2144687916
- Cited by
- 257
- References
- 2
- FWCI
- 6.95
- Type
- journal article
- Language
- en
- Open access
- closed
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- HEINKEL, R. (1982). A Theory of Capital Structure Relevance under Imperfect Information. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1982.tb03608.x
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