A Theory of Debt and Equity: Diversity of Securities and Manager-Shareholder Congruence
- 1 November 1994
- journal article
- Published by Oxford University Press (OUP) in The Quarterly Journal of Economics
- Vol. 109 (4) , 1027-1054
- https://doi.org/10.2307/2118355
Abstract
This paper shows how the optimal financial structure of a firm complements incentive schemes to discipline managers, and how the securities' return sKeywords
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