Corporate Finance and Corporate Governance
Abstract
A combined treatment of corporate finance and corporate governance is herein proposed. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion. A project‐financing approach is adopted. I argue that whether a project should be financed by debt or by equity depends principally on...
Paper Details
Title
Corporate Finance and Corporate Governance
Published Date
Jul 1, 1988
Journal
Volume
43
Issue
3
Pages
567 - 591
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Notes
History