Investment and financing choices by time-inconsistent managers

doi:10.1016/j.najef.2018.03.008

CORC > 上海财经大学 > 上海财经大学

	Investment and financing choices by time-inconsistent managers
	Gan, Liu 1; Xia, Xin 2; Chen, Yifei 3
刊名	NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
	2018-11
卷号	46 页码:29-48
关键词	Agency conflicts Investment Financing policy Time inconsistency
ISSN号	1062-9408
DOI	10.1016/j.najef.2018.03.008
英文摘要	This paper provides an analytically tractable continuous-time model in which a time-inconsistent manager can divert part of the firm's cash flows as private benefits at the expense of outside shareholders. We endogenously determine the investment scale, investment threshold, optimal coupon and default threshold under managerial discretion. We demonstrate that time-inconsistent managers each have a trade-off between the timing and scale of investment.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE INC
WOS记录号	WOS:000449038300003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/485]
专题	上海财经大学
通讯作者	Xia, Xin
作者单位	1.Jiangxi Univ Finance & Econ, Sch Finance, Nanchang, Jiangxi, Peoples R China; 2.Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China; 3.Shanghai Univ Finance & Econ, Sch Econ, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Gan, Liu,Xia, Xin,Chen, Yifei. Investment and financing choices by time-inconsistent managers[J]. NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE,2018,46:29-48.
APA	Gan, Liu,Xia, Xin,&Chen, Yifei.(2018).Investment and financing choices by time-inconsistent managers.NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE,46,29-48.
MLA	Gan, Liu,et al."Investment and financing choices by time-inconsistent managers".NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE 46(2018):29-48.