G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w6561
来源IDWorking Paper 6561
Outside Equity Financing
Stewart C. Myers
发表日期1998-05-01
出版年1998
语种英语
摘要This paper explores the necessary conditions for outside equity financing when insiders, that is managers or entrepreneurs, are self-interested and cash flows are not verifiable. Two control mechanisms are contrasted: a partnership,' in which outside investors can commit assets for a specified period, and a corporation,' in which assets are committed for an indefinite period but insiders can be ejected at any time. The paper also shows how going public to reduce outsiders' power can be efficient if it preserves appropriate incentives for insiders. The concluding section explains how the difficulty of verifying the act of investment leads to monitoring costs and insiders' pursuit of private benefits of control.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w6561
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/564075
推荐引用方式
GB/T 7714
Stewart C. Myers. Outside Equity Financing. 1998.
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