A Theory of Negotiated Equity Financing

We examine the sale of equity within the context of a model of negotiation between a firm and a less well informed purchaser. We introduce a simple form of negotiation by allowing the firm to set the price of the issue and by assuming that the purchaser is a financier-underwriter who acts strategica...

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Veröffentlicht in:	The Review of financial studies 1988-10, Vol.1 (3), p.265-288
Hauptverfasser:	Giammarino, Ronald M., Lewis, Tracy
Format:	Artikel
Sprache:	eng
Schlagworte:	Competition Equilibrium Equity Equity financing Financial investments Financial securities Financiers Game theory Investment strategies Investments Investors Market equilibrium Market prices Negotiations Net present value Pricing policies Sales
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