INVESTOR-MANAGER HETEROGENEOUS BELIEFS AND CORPORATE FINANCING DECISION

Jian Ma; Zhixin Liu

Research.Publish.Connect.

*Please fill out at least one Field. *Value must be an number!

Title:
ISBN:
Year:
Acronym:
Subject:

Advanced Search Proceedings Search

If you're looking for an exact phrase use quotation marks on text fields.

*Please fill out at least one Field.

Title:
Author:
Affiliation:
Subject:

Advanced Search Papers Search

If you're looking for an exact phrase use quotation marks on text fields.

*Please fill out at least one Field.

Name:
Affiliation:
Country:
Conference:
Subject:

Advanced Search Authors Search

If you're looking for an exact phrase use quotation marks on text fields.

*Please fill out at least one Field.

Name:
Country:
Subject:

Advanced Search Affiliations Search

If you're looking for an exact phrase use quotation marks on text fields.

Proceedings

Proceedings Search *Please fill out at least one Field. *Value must be an number!

Title:
ISBN:
Year:
Acronym:
Subject:

Advanced Search Proceedings Search

If you're looking for an exact phrase use quotation marks on text fields.

Papers

Papers Search *Please fill out at least one Field.

Title:
Author:
Affiliation:
Subject:

Advanced Search Papers Search

If you're looking for an exact phrase use quotation marks on text fields.

Authors

Authors Search *Please fill out at least one Field.

Name:
Affiliation:
Country:
Conference:
Subject:

Advanced Search Authors Search

If you're looking for an exact phrase use quotation marks on text fields.

Advanced Search

Paper

INVESTOR-MANAGER HETEROGENEOUS BELIEFS AND CORPORATE FINANCING DECISION

Topics: Enterprise Engineering; Enterprise Knowledge Engineering and Management

In Proceedings of the 13th International Conference on Enterprise Information Systems - Volume 3: ICEIS, 384-388, 2011 , Beijing, China

Authors: Jian Ma and Zhixin Liu

Affiliation: BeiHang University, China

Keyword(s): Investor-Manager, Heterogeneous belief, Financing decision.

Related Ontology Subjects/Areas/Topics: e-Business ; Enterprise Engineering ; Enterprise Information Systems

Abstract: This paper considers a firm that may issue common stock or debt to undertake an investment opportunity when the investors and the manager have different estimates of the expected return from the investment. Firstly, an equilibrium model is developed to reveal the impact of investor-manager heterogeneous beliefs on corporate financing decision, and the model concludes that the greater the investors’ belief relative to the manager, the more likely the firm is to choose to issue equity rather than debt. Secondly, using a sample of debt and seasoned equity issues from Chinese listed firms we empirically analyze the conclusion above. We find empirical results support for the conclusion.

CC BY-NC-ND 4.0

Guest: Register as new SciTePress user now for free.

SciTePress user: please login.

My Papers

You are not signed in, therefore limits apply to your IP address 18.190.176.176

In the current month:

Recent papers: 100 available of 100 total

2⁺ years older papers: 200 available of 200 total

Paper citation in several formats:

Ma, J. and Liu, Z. (2011). INVESTOR-MANAGER HETEROGENEOUS BELIEFS AND CORPORATE FINANCING DECISION . In Proceedings of the 13th International Conference on Enterprise Information Systems - Volume 3: ICEIS; ISBN 978-989-8425-56-0; ISSN 2184-4992, SciTePress, pages 384-388. DOI: 10.5220/0003434203840388

@conference{iceis11,
author={Jian Ma. and Zhixin Liu.},
title={INVESTOR-MANAGER HETEROGENEOUS BELIEFS AND CORPORATE FINANCING DECISION },
booktitle={Proceedings of the 13th International Conference on Enterprise Information Systems - Volume 3: ICEIS},
year={2011},
pages={384-388},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0003434203840388},
isbn={978-989-8425-56-0},
issn={2184-4992},
}

TY - CONF

JO - Proceedings of the 13th International Conference on Enterprise Information Systems - Volume 3: ICEIS
TI - INVESTOR-MANAGER HETEROGENEOUS BELIEFS AND CORPORATE FINANCING DECISION
SN - 978-989-8425-56-0
IS - 2184-4992
AU - Ma, J.
AU - Liu, Z.
PY - 2011
SP - 384
EP - 388
DO - 10.5220/0003434203840388
PB - SciTePress