Financial Signalling by Committing to Cash Outflows
分析企业如何通过股利和债务服务义务等财务政策承诺现金流出，以向市场传递自身质量信号，并发现高质量企业会同时使用更高的股利和杠杆。
We analyze a model in which firms signal their quality by using financial policies to commit to cash outflows. Two financial policies may be used: dividend and debt-service obligations. We find sufficient conditions for the informational equilibrium to entail concommitant use of both dividends and leverage in the cost-minimizing combination of the commitment signal. In this equilibrium, better firms pay higher dividends and are more highly levered than lower quality firms.