Corporate underinvestment in the presence of symmetric and asymmetric information:
Saved in:
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | Volltext https://nbn-resolving.org/urn:nbn:de:bvb:355-epub-256545 Inhaltsverzeichnis |
| Physical Description: | VII, 194 S. graph. Darst. |
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Record in the Search Index
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| adam_text | IMAGE 1
V
C O N T E N T S
I I N T R O D U C T I O N 1
1 O V E R V I E W A N D S T R U C T U R E 1
I I C O R P O R A T E U N D E R I N V E S T M E N T A N D A S Y M M E T
R I C I N F O R M A T I O N 6
2 T H E M Y E R S A N D M A J L U F ( 1 9 8 4 ) M O D E L 6
2.1 MODEL S E T U P 7
2.2 UNDERINVESTMENT - T H E MODEL 12
2.3 W H Y A N ISSUE ANNOUNCEMENT IS PERCEIVED AS B A D NEWS 17
2.3.1 SEO ANNOUNCEMENT RETURNS - EVIDENCE FROM T H E REAL WORLD 19
2.4 ONE SMALL CHANGE IN T H E ASSUMPTIONS, ONE BIG CHANGE IN T H E
OUTCOME 24
2.5 D E B T FINANCING 29
2.5.1 T H E IMPACT OF NEW DEBT ON SHARE PRICES 3 3
2.G PECKING ORDER 36
2.6.1 ...DOES IT WORK? 40
2.7 SECURITIES IN T H E CAPITAL S T R U C T U R E - SECURITY DESIGN 44
2.8 CASH HOLDINGS 47
2.9 SOME FINAL COMMENTS - RESTORING T H E IRRELEVANCE OF FINANCING 48
I I I C O R P O R A T E U N D E R I N V E S T M E N T A N D S Y M M E T
R I C I N F O R M A T I O N 5 1
3 C O R P O R A T E U N D E R I N V E S T M E N T I N T H E P R E S E N
C E O F S Y M M E T R I C I N F O R M A T I O N 5 1
3.1 T H E ORIGINAL UNDERINVESTMENT PROBLEM 51
3.2 APPLICATIONS A N D QUANTIFICATIONS 58
3.3 EMPIRICAL EVIDENCE ON UNDERINVESTMENT 70
4 U N D E R I N V E S T M E N T I N T H E R E C O N S T I T U T I O N O
F D A M A G E D A S S E T S 7 8
4.1 T H E MODEL A N D ITS ASSUMPTIONS A N D MODEL S E T U P 78
4.2 INTRODUCING INSURANCE 86
4.3 EMPIRICAL FINDINGS ON T H E UNDERINVESTMENT PROBLEM 93
4.4 INSURANCE PREMIUM WITH A SAFETY LOADING 96
HTTP://D-NB.INFO/1027089364
IMAGE 2
VI CONTENTS
4.5 T H E INFLUENCE OF CHANGING DEBT, LEVELS 011 A FIRM S DECISION T O
INSURE - A GRAPH
ICAL CORRECTION 100
4.6 A MATHEMATICAL CORRECTION 102
4.7 T H E LINEAR-UNIFORM SPECIAL CASE 10G
4.8 T H E GENERAL CASE I L L
4.9 CONDITIONS FOR CONCAVITY 116
4.10 INTRODUCING B A N K R U P T C Y COSTS 117
4.11 T H E UNDERINVESTMENT- PROBLEM WITH T H E FINANCING CONDITION 132
4.11.1 SAFETY LOADING 141
4.11.2 CHANGING D E B T LEVELS A N D THE DECISION T O INSURE 145
4.11.2.1 (PARTLY) INEFFICIENT D E B T LEVELS 153
4.11.2.2 EFFICIENT, DEBT LEVELS 159
4.11.3 INSURING VERSUS NOT INSURING 164
I V C O N C L U S I O N 1 7 2
5 S U M M A R Y 1 7 2
R E F E R E N C E S 1 7 4
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| spelling | Hartl, Johannes Verfasser (DE-588)1017960100 aut Corporate underinvestment in the presence of symmetric and asymmetric information vorgelegt von Johannes Hartl 2012 VII, 194 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Regensburg, Univ., Diss., 2012 Investition (DE-588)4027556-5 gnd rswk-swf Unterlassung (DE-588)4125635-9 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Asymmetrische Information (DE-588)4120934-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Unternehmen (DE-588)4061963-1 s Kapitalstruktur (DE-588)4125993-2 s Investition (DE-588)4027556-5 s Unterlassung (DE-588)4125635-9 s Asymmetrische Information (DE-588)4120934-5 s b DE-604 Erscheint auch als Online-Ausgabe urn:nbn:de:bvb:355-epub-256545 http://epub.uni-regensburg.de/25654/ Verlag kostenfrei Volltext https://nbn-resolving.org/urn:nbn:de:bvb:355-epub-256545 Resolving-System DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025261092&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hartl, Johannes Corporate underinvestment in the presence of symmetric and asymmetric information Investition (DE-588)4027556-5 gnd Unterlassung (DE-588)4125635-9 gnd Unternehmen (DE-588)4061963-1 gnd Kapitalstruktur (DE-588)4125993-2 gnd Asymmetrische Information (DE-588)4120934-5 gnd |
| subject_GND | (DE-588)4027556-5 (DE-588)4125635-9 (DE-588)4061963-1 (DE-588)4125993-2 (DE-588)4120934-5 (DE-588)4113937-9 |
| title | Corporate underinvestment in the presence of symmetric and asymmetric information |
| title_auth | Corporate underinvestment in the presence of symmetric and asymmetric information |
| title_exact_search | Corporate underinvestment in the presence of symmetric and asymmetric information |
| title_full | Corporate underinvestment in the presence of symmetric and asymmetric information vorgelegt von Johannes Hartl |
| title_fullStr | Corporate underinvestment in the presence of symmetric and asymmetric information vorgelegt von Johannes Hartl |
| title_full_unstemmed | Corporate underinvestment in the presence of symmetric and asymmetric information vorgelegt von Johannes Hartl |
| title_short | Corporate underinvestment in the presence of symmetric and asymmetric information |
| title_sort | corporate underinvestment in the presence of symmetric and asymmetric information |
| topic | Investition (DE-588)4027556-5 gnd Unterlassung (DE-588)4125635-9 gnd Unternehmen (DE-588)4061963-1 gnd Kapitalstruktur (DE-588)4125993-2 gnd Asymmetrische Information (DE-588)4120934-5 gnd |
| topic_facet | Investition Unterlassung Unternehmen Kapitalstruktur Asymmetrische Information Hochschulschrift |
| url | http://epub.uni-regensburg.de/25654/ https://nbn-resolving.org/urn:nbn:de:bvb:355-epub-256545 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025261092&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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