The Capital Budgeting Process: Incentives and Information
研究企业内部资本分配过程，解释预算流程如何应对分散信息和激励问题，并分析资本生产率高低时投资不足或过度投资的现象，以及预算过程如何随企业特征变化。
ABSTRACT We study the capital allocation process within firms. Observed budgeting processes are explained as a response to decentralized information and incentive problems. It is shown that these imperfections can result in underinvestment when capital productivity is high and overinvestment when it is low. We also investigate how the budgeting process may be expected to vary with firm or division characteristics such as investment opportunities and the technology for information transfer.