Managerial discretion and optimal financing policies
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13,489 citations
Cites background from "Managerial discretion and optimal f..."
...Stulz (1990), Diamond (1991), Harris and Raviv (1990), and Hart and Moore (1995) present some of the main models incorporating these ideas, whereas Lang, Ofek, and Stulz (1996) present evidence indicating that leverage indeed curtails investment by firms with poor prospects....
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3,150 citations
Cites background from "Managerial discretion and optimal f..."
...A version of this argument raised by Stulz (1990) is that diversified firms, by creating a larger internal capital market, reduce the underinvestment problem described by Myers (1977)....
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...Overinvestment and the value loss in diversljiedfirms Jensen (1986) and Stulz (1990) argue that overinvestment is a potential source of value loss from diversification....
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...A version of this argument raised by Stulz (1990) is that diversified firms, by creating a larger internal capital market, reduce the underinvestment problem described by Myers (1977)....
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...Jensen (1986) and Stulz (1990) argue that overinvestment is a potential source of value loss from diversification....
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References
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