Intertemporal Capital Allocation and Corporate Investment

摘要：

This paper analyzes the optimal capital allocation mechanism when divisional managers are privately informed about the arrival of future investment projects. An optimal allocation mechanism can include a stipulation that only the basic level of investment can take place in the period after a large investment was made even though this is ex post suboptimal.

作者: Andrew H. Roper Martin E. Ruckes

作者单位: University of Wisconsin-Madison University of Wisconsin-Madison, School of Business, 5255 Grainger Hall, 975 University Avenue, Madi

会议类型: 国际会议

会议名称: 2005年中国金融国际年会

会议地点: 昆明

会议语种:英文

页码: 1-15

在线出版日期: 2005-07-05（万方平台首次上网日期，不代表论文的发表时间）