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| Tekijä: | Matsusaka, J.G. Nanda, V. |
| Otsikko: | Internal capital markets and corporate refocusing |
| Lehti: | Journal of Financial Intermediation
2002 : APR, VOL. 11:2, p. 176-211 |
| Asiasana: | CAPITAL MARKETS CORPORATE STRUCTURE TRANSACTION COSTS |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a theory of organization based on the benefits and costs of internal capital market. A central assumption is that the transaction cost of raising external funds is greater than the cost of internal funds. The benefit on internal resource allocation is that it gives the firm a real option to avoid external capital markets (and the associated deadweight transaction costs) in more states of the world than single-business firms. |
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