A Theory of Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous Beliefs
研究了在卖空限制和内外投资者异质信念下，企业内幕人士如何选择股权、债务和可转换债务融资，并分析了资本结构、证券发行价格影响和长期股票回报的新预测。
We study an environment with short-sale constraints and heterogeneous beliefs among outsiders and between insiders and outsiders. Firm insiders choose between equity, debt, and convertible debt to raise external financing. We analyze two settings: one in which heterogeneous beliefs is the only market imperfection and another in which there are significant security issue and financial distress costs. Our model generates a pecking order of external financing different from asymmetric information models, and new predictions for capital structure, sequential tranching of securities, the price impact of security issues, and long-run stock returns. We also provide a new rationale for convertible debt issuance.