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Costly Contracting and Optimal Payout Constraints

1982; Wiley; Volume: 37; Issue: 2 Linguagem: Inglês

10.2307/2327348

1540-6261

Kose John, Avner Kalay,

Capital Investment and Risk Analysis

The Journal of FinanceVolume 37, Issue 2 p. 457-470 Dividend Policy and Valuation: Theory and Test Costly Contracting and Optimal Payout Constraints KOSE JOHN, KOSE JOHNSearch for more papers by this authorAVNER KALAY, AVNER KALAYNew York University. We wish to thank Sudipto Bhattacharya, Ernest Bloch, Han Kim, Jan Mossin, Sang Park, Ron Singer and Marti Subrahmanyam, for helpful discussions. We are also grateful to the participants of the Finance Seminar at New York University. This work was supported by a faculty research grant from the Graduate School of Business Administration, New York University.Search for more papers by this author KOSE JOHN, KOSE JOHNSearch for more papers by this authorAVNER KALAY, AVNER KALAYNew York University. We wish to thank Sudipto Bhattacharya, Ernest Bloch, Han Kim, Jan Mossin, Sang Park, Ron Singer and Marti Subrahmanyam, for helpful discussions. We are also grateful to the participants of the Finance Seminar at New York University. This work was supported by a faculty research grant from the Graduate School of Business Administration, New York University.Search for more papers by this author First published: May 1982 https://doi.org/10.1111/j.1540-6261.1982.tb03567.xCitations: 50 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat REFERENCES 1 Black, F., and Scholes, M., “The Pricing of Options and Corporate Liabilities”, Journal of Political Economy (1973), 81, 637–659. 10.1086/260062 Web of Science®Google Scholar 2 DeAngelo, H., and Masulis, K., “Optimal Capital Structure Under Corporate and Personal Taxation”, Journal of Financial Economics, (March 1980), 3–29. 10.1016/0304-405X(80)90019-7 Web of Science®Google Scholar 3 Fama, E. F., and Miller, M. H., The Theory of Finance, 1972 (Holt, Rinehart, and Winston: New York). Web of Science®Google Scholar 4 Galai, D., and Masulis, R. W. “The Option Pricing Model and the Risk Factor of Stocks”, Journal of Financial Economics 3, (1976), pp. 53–81. 10.1016/0304-405X(76)90020-9 Web of Science®Google Scholar 5 Harris, M., and Raviv, A., “Optimal Incentive Contracts with Imperfect Information”, Journal of Economic Theory, (1979), 20–30. PubMedGoogle Scholar 6 Jensen, M. C., and Meckling, W. H., “Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure”, Journal of Financial Economics, (1976), Vol. 3, No. 4, 305–360. 10.1016/0304-405X(76)90026-X CASWeb of Science®Google Scholar 7 John, K., and Kalay, A., “Costly Contracting and Optimal Payout Constraints”, Working Paper, New York University, June 1981. Google Scholar 8 Kalay, A., “Towards a Theory of Corporate Dividend Policy: Issues and Evidence”, Unpublished manuscript, New York University, 1979. Google Scholar 9 Kalay, A., “Stockholder-Bondholder Conflict and Dividend Constraints”, Journal of Financial Economics, forthcoming. PubMedGoogle Scholar 10 Kim, E. H., McConnell, J. J., and P. R. Greenwood, “Capital Structure Rearrangements and Me-First Rules in an Efficient Capital Market”, The Journal of Finance, (June, 1977). 10.1111/j.1540-6261.1977.tb01989.x Google Scholar 11 Miller, M. H., “Debt and Taxes”, The Journal of Finance, (May 1977), 32, 261–275. 10.1111/j.1540-6261.1977.tb03267.x Web of Science®Google Scholar 12 Myers, S. C., “Determinants of Corporate Borrowing”, Journal of Financial Economics, November, 1977, 147–175. Google Scholar 13 Radner, R., “Competitive Equilibrium Under Uncertainty”, Econometrica 40, 1972, pp. 289–303. 10.2307/1909407 Web of Science®Google Scholar 14 Townsend, R. M., “Optimal Contracts and Competitive Markets with Costly State Verification”, Journal of Economic Theory 21, (1980), 265–293. 10.1016/0022-0531(79)90031-0 Web of Science®Google Scholar 15 Smith & Warner, “On Financial Contracting: An Analysis of Bond Convenants”, Journal of Financial Economics, June, 1979, 117–161. 10.1016/0304-405X(79)90011-4 PubMedGoogle Scholar Citing Literature Volume37, Issue2May 1982Pages 457-470 ReferencesRelatedInformation