THE RELEVANCE OF ASYMMETRIC INFORMATION TO FINANCING DECISIONS非对称信息与融资决策的相关性.pdfVIP

Journal of Business Finance Accounling, 18(3), April 1991, 0306 686 X $2.50 THE RELEVANCE OF ASYMMETRIC INFORMATION TO FINANCING DECISIONS MARKE. BAYLESSA N D J . DAVIDDILTZ* INTRODUCTION Recently Myers and Majluf (1984), Narayanan (1988), and others have argued that the behavior of managers and investors responding to asymmetric information differs in fundamental ways from the behavior described by received finance theory. Myers and Majluf (1984), i