The Relationship between Ownership, Financing Decisions and Firm Performance: A Signaling Model
构建了一个信号模型，揭示逆向选择和道德风险如何共同决定企业的所有权结构、融资和投资决策，并推导出内部人持股、托宾Q值与债务权益比等财务指标之间关系的可检验假设。
We develop a signaling model to show how adverse selection and moral hazard interact to determine a firm's ownership structure and financing and investment decisions endogenously. Testable implications are derived regarding the relationship between insider ownership, performance measures such as Tobin's Q ratio, and elements of financial structure such as the debt-equity ratio.