大阪大学　数理・データ科学教育研究センター
Center for Mathematical Modeling and Data Science,Osaka University

A Dynamic Theory of Pecking-Order Financing

小林孝雄 (東京大学大学院経済学研究科教授)

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4. A Dynamic Theory of Pecking-Order Financing

大阪大学 金融・保険セミナーシリーズ 第23回

A Dynamic Theory of Pecking-Order Financing

小林孝雄 (東京大学大学院経済学研究科教授)

An interplay of dynamic optimization and frictions in financial markets creates an interesting theory of corporate finance. We extend the dynamic theory of a firm's optimal investment policy, which was developed during the three decades starting in 1960s, to the issue of optimal dividend and financing policy. To our knowledge this is the first within such attempts to predict that the optimal dynamic financing policy is the "pecking-order" which was originally founded on the assumption of asymmetric information.