| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10660 |
| DP10660 Asymmetric information, security design, and the pecking (dis)order | |
| Paolo Fulghieri; Dirk Hackbarth | |
| 发表日期 | 2015-06-21 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study a security design problem under asymmetric information, in the spirit of Myers and Majluf (1984). We introduce a new condition on the right tail of the firm-value distribution that determines the optimality of debt versus equity-like securities. When asymmetric information has a small impact on the right-tail, risky debt is preferred for low capital needs, but convertible debt is optimal for larger capital needs. In addition, we show that warrants are the optimal financing instruments when the firm has already pre-existing debt in its capital structure. Finally, we provide conditions that generate reversals of the standard pecking order. |
| 主题 | Financial Economics |
| 关键词 | Debt-equity choice Asymmetric information Pecking order Security design |
| URL | https://cepr.org/publications/dp10660 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539492 |
| 推荐引用方式 GB/T 7714 | Paolo Fulghieri,Dirk Hackbarth. DP10660 Asymmetric information, security design, and the pecking (dis)order. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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