The Risky Spread, Investment, and Monetary Policy Transmission: Evidence on the Role of Asymmetric Information.

摘要: Financing constraints can arise when there are important information asymmetries in financial markets. Using Canadian panel data, the authors reject a symmetric specification of investment behavior favor an agency cost which shadow finance diverge from market interest rate. The authors' empirical estimates suggest that shocks to net worth, as reflected risky spread and firm-specific balance sheet variables, dramatically increase finance. Tests draw on distinctive institutional features economy show it is firms weak informational position tend be responsible for this result. Copyright 1996 by MIT Press.