Efficient Signalling with Dividends and Investments
构建了一个股利与投资（或净新股发行）的高效信号均衡模型，发现企业会同时发放股利并偏离最优投资，股利对股价有正面影响，而新股公告效应取决于内幕信息类型。
An efficient signalling equilibrium with dividends and investments or, equivalently, dividends and net new issues of stock is constructed, and its properties are identified. Because corporate insiders can exploit multiple signals, the efficient mix must minimize dissipative costs. In equilibrium, many firms both distribute dividends and deviate from first-best investment. Also, the impact of dividends on stock prices is positive. By contrast, the announcement effect of new stock is negative for firms with private information primarily about assets in place and positive for firms with inside information mainly about opportunities to invest.