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| Author: | Heinkel, R. Zechner, J. |
| Title: | The role of debt and preferred stock as a solution to adverse investment incentives. |
| Journal: | Journal of Financial and Quantitative Analysis
1990 : MAR, VOL. 25:1, p. 1-24 |
| Index terms: | PORTFOLIO MANAGEMENT DEBT SHARES |
| Language: | eng |
| Abstract: | An analysis of the optimal mix of debt, common equity and preferred equity in a model with investment opportunity and asymmetric information about quality, showing an all-equity financed firm will overinvest. Model without corporate taxes. Technology. Information structure. Optimal time and financing and investment decisions. Capital structure decision. Use of preferred stock. Model with corporate taxes. Optimal structure without and with preferred stock. Empirical implications. Five Tables illustrate the study and the Appendix gives proof of propositions. |
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