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Majluf

Journal of Financial Economics 13 (1984) 187-221. North ...

Myers und N.S. Majluf, Investment andfinancingpolicy with differentiul information 213 features that prompt managers to follow this rule.

Critical Inquiry Summer 1997

"Ce n'est pas le Pérou," or, the Failure of Authenticity: Marginal Cosmopolitans at the Paris Universal Exhibition of 1855 Natalia Majluf Critical Inquiry, Vol. 23, No. 4.

The Pecking Order Theory and Time-Varying Adverse Selection Costs

Myers and Majluf (1984) show that because adverse selection costs are always larger for equity issues than for debt issues, issuing equity is never optimal.

Costly External Financing and the Capital Shock Theory of the ...

2 Costly External Financing and the Capital Shock Theory of the Insurance Cycle Abstracts: The costly external financing assumption in capital shock theories of insurance cycles are often attributed to Myers and Majluf (1984).

Equity financing ina Myers-Majlufframework with private ...

In Myersand Majluf (1984) , because Bis assumed to be truncated at zero, we have the conditionsA ¯ (MV) VA ¯ (MV+M) VA ¯ (M), meaning that the expected value of assets-in-place conditional onadecisionto issue cannot be higher than the expected value of assets-in-X. Wu, Z. Wang/Journal of Corporate ...

CORPORATE FINANCING AND INVESTMENT DECISIONS WHEN FIRMS HAVE ...

-2-CORPORATE FINANCING AND INVESTMENT DECISIONS WHEN FIRMS HAVE INFORMATION THAT INVESTORS DO NOT HAVE Stewart C. Myers and Nicholas S. Majluf ABSTRACT This paper considers a firm that must issue common stock to raise cash to undertake a valuable investment opportunity.

Arnoldo C. Hax 242 Otis St. West Newton, MA 02165 Telephone ...

ed with Nicolas Majluf), European Management Journal, December 1994. “Managerial and Technological Innovations at Saturn Corporation” (coauthored with Richard LeFauve), MIT Manageme

Testing of Pecking Order Theory in ISE (Istanbul Stock ...

Pecking Order Theory According to pecking order theory, developed by Myers and Majluf (1984), in decisions concerning capital structure, a hierarchical order that considers financial benefits of the resources which will be used should be followed (Myers and Majluf, 1984).

Testing Static Tradeoff Against Pecking Order Models Of ...

An alternative model (Myers and Majluf, 1984) emphasizes frictions due to asymmetric information between managers and outside investors. In this Pecking Order Model, a financial hierarchy descends from internal funds, to debt, to external equity.

Dynamics of Asymmetric Information and Capital Structure

Since the seminal research by Myers (1984) and Myers and Majluf (1984) it has been recognized that when it is impossible or costly for firms to convey the true value of their assets to outside investors, firms may be forced to forgo projects with positive net present value.