DEBT EQUITY CHOICE UNDER ASYMMETRIC INFORMATION AND TAXES

被引：5
|
作者：
KALE, JR
NOE, TH
机构：
[1] Georgia State University, Atlanta
来源：
ECONOMICS LETTERS | 1991年 / 35卷 / 02期
关键词：
D O I：
10.1016/0165-1765(91)90172-H
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Under asymmetric information regarding the quality of investment opportunities and a tax advantage to debt, it is demonstrated that a separating equilibrium in which higher-quality firms issue equity and lower-quality firms issue debt may exist. Thus, the 'pecking order' theory may break down when debt financing enjoys a tax advantage. © 1991.
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页码：215 / 219
页数：5
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