Optimal Investment and Financing by the Firm: Signalling andAgency Considerations in a Multiperiod Model

该项目继续关注投资者行为、管理目标、资产定价和资本结构的一系列研究。在前一项裁决中，调查员集中精力结合各种可能的金融工具组合来开发和分析单期模型。特别是，他分析了可转换债券的赎回条款，这是一个相对简单的情况，以更好地理解管理目标、管理层和股东之间的利益冲突，以及股东的理性和目标。这个项目的目的是将分析扩展到财务经理和投资者信息不对称的多时期背景下。这项研究很重要，因为它将提供对金融市场更基本的理解。研究结果应该能揭示这样一个问题，即财务经理在多大程度上采取了最大化股东财富的策略。

This project continues a line of research focusing on investor behavior, managerial objectives, asset pricing, and capital structure. Under the previous award the investigator concentrated on developing and analyzing single-period models in conjunction with various combinations of possible financial instruments. In particular, he analyzed the call provisions of convertible bonds, which is a relatively simple situation, to gain a better understanding of managerial objectives, conflicting interests between management and stockholders, and the rationality and objectives of stockholders. The purpose of this project is to extend the analysis to a multi-period setting, where financial managers and investors have asymmetric information. This research is important because it will provided a more fundamental understanding of financial markets. The research results should shed light on the issue of to what extent do financial managers adopt strategies that maximize shareholder wealth.