메뉴 건너뛰기




Volumn 51, Issue 2, 1996, Pages 637-660

Asymmetric information, managerial opportunism, financing, and payout policies

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0039015451     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1540-6261.1996.tb02697.x     Document Type: Article
Times cited : (59)

References (36)
  • 1
    • 84977431848 scopus 로고
    • Quarterly dividend and earnings announcements and stockholder returns: An empirical analysis
    • Aharony, J., and I. Swary, 1980, Quarterly dividend and earnings announcements and stockholder returns: An empirical analysis, Journal of Finance 35, 1-12.
    • (1980) Journal of Finance , vol.35 , pp. 1-12
    • Aharony, J.1    Swary, I.2
  • 2
    • 84977708705 scopus 로고
    • Efficient signaling for dividends and investments
    • Ambarish, R., K. John, and J. Williams, 1987, Efficient signaling for dividends and investments, Journal of Finance 42, 321-343.
    • (1987) Journal of Finance , vol.42 , pp. 321-343
    • Ambarish, R.1    John, K.2    Williams, J.3
  • 3
    • 84993839692 scopus 로고
    • The maturity structure of corporate debt
    • Barclay, M., and C. Smith, 1995, The maturity structure of corporate debt, Journal of Finance 50, 609-631.
    • (1995) Journal of Finance , vol.50 , pp. 609-631
    • Barclay, M.1    Smith, C.2
  • 4
    • 84993661346 scopus 로고
    • Alternative information sources and the information content of bank loans
    • Best, R., and H. Zhang, 1993, Alternative information sources and the information content of bank loans, Journal of Finance 48, 1507-1522.
    • (1993) Journal of Finance , vol.48 , pp. 1507-1522
    • Best, R.1    Zhang, H.2
  • 6
    • 0002689871 scopus 로고
    • The theory of predation based on agency problems in financial contracting
    • Bolton, P., and D. Scharfstein, 1990, The theory of predation based on agency problems in financial contracting, American Economic Review 80, 93-106.
    • (1990) American Economic Review , vol.80 , pp. 93-106
    • Bolton, P.1    Scharfstein, D.2
  • 8
    • 0000232757 scopus 로고
    • Strategic stability and uniqueness in signaling games
    • Cho, I., and J. Sobel, 1990, Strategic stability and uniqueness in signaling games, Journal of Economic Theory 50, 381-414.
    • (1990) Journal of Economic Theory , vol.50 , pp. 381-414
    • Cho, I.1    Sobel, J.2
  • 9
    • 49049148412 scopus 로고
    • Common stock repurchases: An analysis of returns to bondholders and stockholders
    • Dann, L., 1981, Common stock repurchases: An analysis of returns to bondholders and stockholders, Journal of Financial Economics 9, 113-138.
    • (1981) Journal of Financial Economics , vol.9 , pp. 113-138
    • Dann, L.1
  • 10
    • 0002447529 scopus 로고
    • Proxy contests and the governance of publicly-held corporations
    • DeAngelo, L., and H. DeAngelo, 1989, Proxy contests and the governance of publicly-held corporations, Journal of Financial Economics 19, 29-59.
    • (1989) Journal of Financial Economics , vol.19 , pp. 29-59
    • DeAngelo, L.1    DeAngelo, H.2
  • 11
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook, F., 1984, Two agency-cost explanations of dividends, American Economic Review 74, 650-659.
    • (1984) American Economic Review , vol.74 , pp. 650-659
    • Easterbrook, F.1
  • 13
    • 84977721089 scopus 로고
    • Theory of capital structure
    • Harris, M., and A. Raviv, 1991, Theory of capital structure, Journal of Finance 46, 297-356.
    • (1991) Journal of Finance , vol.46 , pp. 297-356
    • Harris, M.1    Raviv, A.2
  • 14
    • 84960599817 scopus 로고
    • A theory of debt based on the inalienability of human capital
    • Hart, O., and J. Moore, 1994, A theory of debt based on the inalienability of human capital, Quarterly Journal of Economics 109, 841-879.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 841-879
    • Hart, O.1    Moore, J.2
  • 15
    • 0013114163 scopus 로고
    • Is there a pecking order? Evidence from a panel of IPO firms
    • Board of Governors, Federal Reserve System
    • Helwege, J., and N. Liang, 1994, Is there a pecking order? Evidence from a panel of IPO firms, Finance and Economic Discussion Series 94-22, Board of Governors, Federal Reserve System.
    • (1994) Finance and Economic Discussion Series 94-22
    • Helwege, J.1    Liang, N.2
  • 16
    • 84977703461 scopus 로고
    • Capital structure and the market for corporate control: The defensive role of debt financing
    • Israel, R., 1991, Capital structure and the market for corporate control: The defensive role of debt financing, Journal of Finance 46, 1391-1410.
    • (1991) Journal of Finance , vol.46 , pp. 1391-1410
    • Israel, R.1
  • 17
    • 0002441212 scopus 로고
    • The returns to acquiring firms in tender offers: Evidence from three decades
    • Jarrell, G., and A. Poulsen, 1989, The returns to acquiring firms in tender offers: Evidence from three decades, Financial Management 18, 12-19.
    • (1989) Financial Management , vol.18 , pp. 12-19
    • Jarrell, G.1    Poulsen, A.2
  • 18
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M., 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 19
    • 84977713363 scopus 로고
    • Insider trading around dividend announcements: Theory and evidence
    • John, K., and L. Lang, 1991, Insider trading around dividend announcements: Theory and evidence, Journal of Finance 46, 1361-1390.
    • (1991) Journal of Finance , vol.46 , pp. 1361-1390
    • John, K.1    Lang, L.2
  • 21
    • 0001731473 scopus 로고
    • The effect of business risk on corporate capital structure: Theory and evidence
    • Kale, J., T. Noe, and G. Ramírez, 1991, The effect of business risk on corporate capital structure: Theory and evidence, Journal of Finance 46, 1693-1716.
    • (1991) Journal of Finance , vol.46 , pp. 1693-1716
    • Kale, J.1    Noe, T.2    Ramírez, G.3
  • 22
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, S., 1989, The effects of management buyouts on operating performance and value, Journal of Financial Economics 24, 217-254.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-254
    • Kaplan, S.1
  • 23
    • 0040481628 scopus 로고
    • The investment-financing nexus: Some empirical evidence
    • J. Stern and D. Chew, ed.: Basil Blackwell, Cambridge, MA
    • Long, M., and I. Malitz, 1992, The investment-financing nexus: some empirical evidence, in J. Stern and D. Chew, ed.: The Revolution in Corporate Finance (Basil Blackwell, Cambridge, MA).
    • (1992) The Revolution in Corporate Finance
    • Long, M.1    Malitz, I.2
  • 24
    • 33747078364 scopus 로고
    • Valuation effects of security offerings and the issuance process
    • Mikkelson, W., and M. Partch, 1986, Valuation effects of security offerings and the issuance process, Journal of Financial Economics 15, 31-60.
    • (1986) Journal of Financial Economics , vol.15 , pp. 31-60
    • Mikkelson, W.1    Partch, M.2
  • 25
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S., and N. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 26
    • 21344495656 scopus 로고
    • Optimal design of securities under asymmetric information
    • Nachman, D., and T. Noe, 1994, Optimal design of securities under asymmetric information, Review of Financial Studies 7, 1-44.
    • (1994) Review of Financial Studies , vol.7 , pp. 1-44
    • Nachman, D.1    Noe, T.2
  • 28
    • 0001170419 scopus 로고
    • Capital structure as a bargaining tool: The role of leverage in contract renegotiation
    • Perotti, E., and K. Spier, 1993, Capital structure as a bargaining tool: The role of leverage in contract renegotiation, American Economic Review 83, 1131-1141.
    • (1993) American Economic Review , vol.83 , pp. 1131-1141
    • Perotti, E.1    Spier, K.2
  • 30
    • 84986465448 scopus 로고
    • Growth, beta and agency costs as determinants of dividend payout ratios
    • Rozeff, M., 1982, Growth, beta and agency costs as determinants of dividend payout ratios, Journal of Financial Research 5, 249-259.
    • (1982) Journal of Financial Research , vol.5 , pp. 249-259
    • Rozeff, M.1
  • 31
    • 84993858224 scopus 로고
    • Ownership concentration, corporate control activity, and firm value: Evidence from the death of inside blockholders
    • Slovin, M., and M. Sushka, 1993, Ownership concentration, corporate control activity, and firm value: Evidence from the death of inside blockholders, Journal of Finance 48, 1293-1322.
    • (1993) Journal of Finance , vol.48 , pp. 1293-1322
    • Slovin, M.1    Sushka, M.2
  • 32
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith, C., Jr., and R. Watts, 1992, The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics 32, 263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith C., Jr.1    Watts, R.2
  • 33
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financial policies and the market for corporate control
    • Stulz, R., 1988, Managerial control of voting rights: Financial policies and the market for corporate control, Journal of Financial Economics 20, 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 34
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, R., 1990, Managerial discretion and optimal financing policies, Journal of Financial Economics 26, 3-28.
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-28
    • Stulz, R.1
  • 35
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, M., 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, 461-492.
    • (1988) Journal of Financial Economics , vol.20 , pp. 461-492
    • Weisbach, M.1
  • 36
    • 0039888652 scopus 로고
    • Dividend cuts: Do they always signal bad news?
    • J. Stern and D. Chew, ed.: Basil Blackwell, Cambridge, MA
    • Woolridge, R., and C. Ghosh, 1992, Dividend cuts: Do they always signal bad news? in J. Stern and D. Chew, ed.: The Revolution in Corporate Finance (Basil Blackwell, Cambridge, MA).
    • (1992) The Revolution in Corporate Finance
    • Woolridge, R.1    Ghosh, C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.