Efficient Signalling with Dividends, Investment, and Stock Repurchases
计算了拥有内部信息的企业在风险实物资产回报率不确定时，如何通过股利、投资和股票回购的组合实现高效信号传递，发现最优策略是分配股利、投资于风险实物资产、不持有金融证券并发行新股。
ABSTRACT The efficient mix of dissipative dividends, investments in real and financial assets, and repurchases of stock is computed for a continuum of firms with inside information about the return on risky real assets. In the efficient signalling equilibrium, the representative firm optimally distributes dividends, invests in risky real assets to maximize net present value, holds no financial securities, and sells new stock in the market. This firm finances its value‐maximizing investment first from internal funds and second from stock sold to new investors.