摘要: It has long been argued that firms prefer internal to external finance for funding investment. Modern literatures in industrial organization, macroeconomics, and argue this preference is caused by information asymmetries. There are, however, important disagreements about the effect of Asymmetries may lead binding financing constraints, or they allow managers use free cash flow unprofitable projects. Each model predicts a different relationship between investment changes debt paper estimates using firm-level data. The principal findings are both constraints agency costs affect manner consistent with life cycle firm.
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