agency, information and corporate investment

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1、Chapter2AGENCY,INFORMATIONANDCORPORATEINVESTMENTJEREMYC.STEIN°HarvardUniversityandNBERContentsAbstract113Keywords1131.Introduction1141.1.Scopeoftheessay:what’scoveredandwhat’sleftout1151.2.Organization116PartA.Investmentatthefirmlevel1162.Theoreticalbuildingblocks:investmentatthefirmlevel1162.1.Mo

2、delsofcostlyexternalfinance1162.1.1.Costsofequityfinance1172.1.2.Costsofdebtfinance1172.1.2.1.Adverseselection,moralhazardandcreditrationinginthedebtmarket1172.1.2.2.Debtoverhang1182.1.2.3.Optimalcontractingmodelsofdebt:underinvestmentinentrepreneurialfirms1182.1.3.Synthesis:areduced-formmodelofcost

3、lyexternalfinance1192.2.Theagencyconflictbetweenmanagersandoutsidestockholders1202.2.1.Empire-building1212.2.1.1.Empire-buildingandoverinvestment1212.2.1.2.Empire-preservation,entrenchmentanddiversification1222.2.2.Reputationalandcareerconcerns1222.2.2.1.Short-termism1222.2.2.2.Herding1232.2.2.3.Ot

4、herdistortionsinducedbycareerconcerns1242.2.3.Thequietlife1242.2.4.Overconfidence1252.3.Investmentdecisionswhenstockpricesdeviatefromfundamentals126°IamgratefultotheNSFforfinancialsupport,andtoGeoffTateandAnnRichardsforresearchassistance.ThanksalsotoJudyChevalier,MiltHarris,OliverHart,BengtHolmstr

5、¨om,SteveKaplan,OwenLamont,RaghuRajan,DavidScharfstein,AndreiShleiferandRen´eStulzfortheirinput.HandbookoftheEconomicsofFinance,EditedbyG.M.Constantinides,M.HarrisandR.Stulz©2003ElsevierB.V.Allrightsreserved112J.C.Stein3.Evidenceoninvestmentatthefirmlevel1273.1.Financialslackandinvestment1273.1.1

6、.Whatweknow:firmswithmorecashandlessdebtinvestmore1273.1.2.Whatwedon’tknow:whyfirmswithmorecashandlessdebtinvestmore1293.2.Directevidenceofagency-relatedoverinvestment1303.2.1.Acquisitionsasaformofempire-building1303.2.2.Isagency-relatedoverinvestmentalwaysempire-building?1313.3.Evidenceonreputati

7、onalmodelsofinvestment1313.3.1.Short-termism1313.3.2.Herding1324.Macroeconomicimplications1334.1.Thefinancialaccelerator1334.2.Whenbanksfacefinancingfrictions1344.2.1.Capitalcrunchesinbanking1344.2.2.Thebanklendingchannelofmon