Corporate Financing Policy with Heterogeneous Posterior Beliefs

被引：0
|
作者：
Niu, Weining [1 ]
Liu, Shancun [1 ]
机构：
[1] Beihang Univ, Sch Econ & Management, Beijing 100191, Peoples R China
来源：
2014 2ND INTERNATIONAL CONFERENCE ON SOCIAL SCIENCES RESEARCH (SSR 2014), PT 1 | 2014年 / 5卷
关键词：
Heterogeneous beliefs; Security issuance; Stock price effects; Corporate financing; MATURITY;
D O I：
10.5729/asbs.vol5.185
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We propose a model to analyze the firm's financing policy, and investigate the stock price effect from the perspective of rational expectation equilibrium when there are heterogeneous posterior beliefs on firm's future cash flow among outside investors and between manager and outside investors. It can be identified the factors that affect security issuance choice, stock price effects and financing amount, and their corresponding directions of influences.
引用
收藏
页码：185 / 191
页数：7
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