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題名 金融契約與廠商投資之研究-股價資訊、抵押品的實質效果
The Theoretical Studies of Financial Contracts and Firms` Investment Decisions-The Real Effects of Stock Price Information and Collateral
作者 林育秀
Lin, Yu Shou
貢獻者 胡聯國
Len Kuo Hu
林育秀
Yu Shou Lin
關鍵詞 資訊外部性
經濟效率
實質選擇權
市場個體結構
借貸限制
財務槓桿
抵押品
狀態確認成本模型
informational externality
economic efficiency
real options
market microstructure
financing constraints
financial leverage
collateral
costly state verification model
日期 1998
上傳時間 20-Apr-2016 17:16:12 (UTC+8)
摘要 本論文包含兩篇獨立但主旨相關的文章， 目的均在探討融資契約與廠商投資的關聯，以分析融資契約的實質效果。第一篇文章「股價資訊外部性與新投資之採行」研究權益證券(股票)集訊、揭訊功能的實質效益，我們由股價資訊公開所產生的外部效果，分析股價資訊效率性與廠商投資效率之間的關聯。在1.眾多異質廠商，2.投資具實質選擇權(real options)特性的假設下，內生化廠商與股市交易者的資訊取得決策，發現1. 均衡時廠商的投資與資訊取得決策取決於廠商技術水準與股價效率性之高低：高股價效率性時，無廠商取得新資訊，皆根據股價判斷投資，低股價效率性時，僅較低技術廠商根據股價資訊投資。2. 股價有額外的資訊揭露效果：由於廠商僅能獲得新資訊的部份效益，且廠商利用資訊有機會成本，將投資證券化可提高新資訊被揭露的可能性，使得資訊可被充份利用，提昇投資效率。3. 股價資訊可提增投資效率，增加廠商期望報酬，但當體系平均技術水準落後，新資訊的實質效益低落時，股價資訊公開的外部淨效益亦趨薄弱，故經濟發展初期，股市資訊公開的外部效益相對不重要。
This dissertation collects two separate but related papers, both study the channel through which financing contracts can affect firms` investment decisions and the corresponding real effects. The first paper \" Informational Externality of Stock Prices and Firms` New Investment Decisions\" analyzes what real benefits the information acquisition and signaling function of stocks can produce. From the viewpoint of informational externality, stock prices may disclose some valuable information beneficial to firms` investment decisions. Under the assumptions of \" heterogeneous technology\" and \"new investment as a real option\", this paper finds 1. Firms` investment and information acquisition decisions are determined both by their own technology level and stock prices efficiency. With high price efficiency, no firms acquire information directly, all make investment decisions based on stock prices. With low price efficiency, most firms acquire information directly, only few low-tech firms make decisions according to stock prices. 2. Stock prices have additional signaling effect. Firms can ony get half benefits of new information, besides they have opportunity costs in using information. As a result, stock prices can enhance the possibility of information disclosure, improving investment efficiency. 3. When the economy is underdeveloped and the real benefit of new information is small, the net benefit produced by informational externality will be tiny. The stock prices externality effect is thus comparatively unimportant at the beginning stage of economy.
參考文獻 1. Allen, F. \" Stock Markets and Resources Allocation.\" in C. Mayers and X. Vives. eds., Capital Markets and Financial Intermediation, Cambridge University Press, Cambridge. 1993.\r\n2. Allen, F., and D. Gale. \" Financial Markets, Intermediations, and Intertemporal Smoothing.\" JPE 105, 523-47, 1997.\r\n3. Allen, F., and D. Gale. \" A Welfare Comparison of Intermediaries and Financial Markets in German and the US.\" EER 39,179-209, 1995.\r\n4. Allen, F., and D. Gale. \" Measurement Distortion and Missing Contingencies in Optimal Contracts.\" ET 2, 1-26, 1992.\r\n5. Allen, F., and A. Winton. \" Corporate Financial Structure, Incentives and Optimal Contracting.\" in R. Jarrow et al., eds., Handbooks in OR &MS, Vlo. 9, 1995.\r\n6. Banks, Jeffrey and Joel Sobel. \"Equilibrium Selection in Siganling Games.\" Econometrica 55, 647-61, 1987.\r\n7. Bernanke, Ben S. \" Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression.\" AER 73, 257-76, 1983.\r\n8. Bernanke, Ben S., and Mark Gertler. \"Agency Costs, Net Worth, and Business Fluctuations.\" AER 79,14-31, 1989.\r\n9. Bernanke, Ben S., and Mark Gertler. \" Financial Fragility and Economic Performance.\" QJE 87-114, 1990.\r\n10. Besanko, D., and A. Thakor. \" Competitive Equilibrium in the Credit Markets under Asymmetric Information.\" JET 42, 167-82, 1987.\r\n11.Bester, H.\" Screening vs. Rationing in Credit Markets with Imperfect information.\" AER 75, 850-55, 1985.\r\n12.Bester, H.\" The Role of Collateral in Credit Markets with Imperfect Information.\" EER 31, 887-99, 1987.\r\n13.Bhattacharya, Sudipto., and A.V. Thakor. \" Contemporary Banking Theory.\" JFI 3, 2-50, 1993.\r\n14.Boot, Arnold W. A., and A. V. Thakor. \" Financial System Architecture.\" RFS 10, 693-733, 1997.\r\n15.Boot, Arnold W. A., and A. V. Thakor. \" Securities Design.\" JF 48, 1349-78, 1993.\r\n16.Bruuner Karl, and A. H. Meltzer.\" The Monetary Mechanism: Markets for Assets.\" in Money and the Economy: Issues in Monetary Analysis, Cambridge University Press, 1993.\r\n17.Chamley, Christophe, and D. Gale. \" Information Revelation and Strategic Delay in A Model of Investment.\" Econometrica 62, 1065-85, 1994.\r\n18.Chang, C. \" The Dynamic Structure of Optimal Debt Contracts.\" JET 52, 68-86, 1990.\r\n19.Copeland, Thomas E., and Weston, J. Fred. Financial Theory and Corporate Policy. Addsion-Wesley Publishing Company, Inc. 1988.\r\n20.Diamond, Douglals. \" Financial Intermediation and Delegated Monitoring.\" RES 51,393-414, 1984.\r\n21.Diamond, Douglals. \" Debt Maturity Structure and Liquidity Risk.\" QJE 106, 709-37, 1991a.\r\n22.Diamond, Douglals. \" Monitoring and Reputation: The Choices Between Bank Loans and Directly Placed Debt.\" JPE 99, 689-721, 1991b.\r\n23.Diamond, Douglals. \"Seniority and Maturity of Debt Contracts.\" JFE 33, 341-68, 1993.\r\n24.Diamond, Douglals., and Philip Dybvig. \" Bank Runs, Deposit Insurance and Liquidity.\" JPE 91, 401-19, 1983.\r\n25.Dixit, A. K., and R. S. Pindyck. Investment under Uncertainty. New Jersey, Princeton University Press, 1994.\r\n26.Dow, J., and Gary Gorton. \" Stock Marlet Efficiency and Economic Efficiency: Is There A Connection? \" JF LII 3, 1087-1129, 1997.\r\n27.Fama, Eugene F. Foudation of Finance. Basic Books. New York. 1976.\r\n28.Fazzari, Steven M., Hubbard, R. Glenn, and Petersen, Bruce C. \" Financing Constraints and Corporate Investment.\" Brookings Papers on Economic Activity 1, 141-95, 1988.\r\n29.Fisher, Irving. \" The Debt-Deflation Theory of Great Depression.\" Econometrica 1, ,337-57, 1933.\r\n30.Freixas, Xavier, and Jean Charles Rochet. Microeconomic of Banking. MIT, 1997.\r\n31.Friedman, M., and Anna J. Schwartz. A Monetary History of the United States:1867-1960.Princeton, Princeton Univerity Press, 1963.\r\n32.Gale, D., and M. Hellwig.\" Incentive Compatible Debt Contracts: The One Period Problem.\" RES 52, 647-63, 1985.\r\n33.Gurley, John, and Edward Shaw. \" Financial Aspects of Economic Development.\" AER 45, 518-38, 1955.\r\n34.Harris, M., and A. Raviv. Financial Contracting Theory, in J.J. Laffont eds., Advances in Economic Theory, Vol 1, Cambridge University Press, Cambridge, 1992.\r\n35.Hart, Oliver, and Moore, John.\" A Theory of Debt Based on the Inalienability of Human Capital.\" QJE 109, 841-79, 1994.\r\n36.Hayashi, Fumio.\"Tobin`s Marginal q and Average q:A Neoclassial Interpretation.\" Econometrica 50, 213-24, 1982.\r\n37.Hellwig, M.\" Banking, Financial Intermediation and Corporate Finance.\" in A. Giovannini and C. Mayer, eds., European Financial Integration, Cambridge, Cambridge University Press, 1990.\r\n38.Holmstrom, B., and Jean Tirole. \" Financial Intermediation, Loanable Funds, and the Real Sector.\" QJE, 663-91, 1997.\r\n39.Jensen, M., and W. Meckling. \" Theory of the Firm: Managerial Behavour, Agency Costs and Ownership Structure.\"JFE 3, 305-60, 1976.\r\n40.Kindlerberger Charles P. Manias, Panics and Crashes: A Historical of Financial Crises, 3th ed. John Wiely and Sons, Inc.\r\n41.Kiyotaki, Nobuhiro, and John Moore.\"Credit Cycles.\" JPE 105, 211-48, 1997.\r\n42.Lacker, J. M., and J. A. Weinberg.\" Optimal Contracts under Costly State Falsification.\" JPE 97, 1345-63, 1989.\r\n43.Leland, H., and Pyle, D.\"Information Asymmetries, Financial Struvture, and Financial Intermediation.\" JF 32, 371-87, 1977.\r\n44.Mankiw, N. Gregory.\"The Allocation of Credit and Financial Collapse.\" QJE 101, 455-70, 1986.\r\n45.Mark Gertler. \" Financial Structure and Aggregate Economic Activity. An Overview.\" Journal of Money, Credit, and Banking 20, 559-96, 1988.\r\n46.Mishkin Frederic S.\"Asymmetric Information and Financial Cries: A Historical Perspective.\" in Financial Markets and Financial Crises, R. Glenn Hubbard ed. The Chicago University Press, 1991.\r\n47.Modligliani, F., and M. Miller.\" The Cost of Capital, Corporate Finance and The Theory of Investment.\" AER 48, 261-97, 1958.\r\n48.Myers, S. C., and N. S. Majluf.\"Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.\" JFE 13, 187-221, 1984.\r\n49.O`Hara Maureen.Market Microstructure Theory.Blackwell Publishers Inc, 1995.\r\n50.Pindyck, R. S. \" Irreversibility, Uncertainty and Investment.\" JEL 29, 1110-1152, 1991.\r\n51.Radelet Steven, and J. D. Sachs. \" The East Asian Financial Crisis:Diagnosis,Remedies, Prospects.\"Brookings Papers on Economic Activity 1, 1-90, 1998.\r\n52.Rajan, R.\"Insiders and Outsiders: The Choice Between Informed and Arm`s-length Debt.\" JF 47, 1367-1400, 1992.\r\n53.Schwartz, Anna J.\"Real and Pseudo Financial Crises.\" in Financial Crises and the World Banking System, F.Capie and G. E. Wood eds. London:Macmillan, 1986.\r\n54.Sharpe, S.\"Asymmetric Information, Banking Lending, and Implicit Contracts: A Stylized Model of Customer Relationship.\" JF 45, 1069-88, 1990.\r\n55.Shleifer, Andrei, and Vishny, Robert W. \"Liquidation Values and Debt Capacity: A Market Eqilibrium Approach.\" JF 47, 1343-66, 1992.\r\n56.Stiglitz, J. E. Whither Socialism. MIT. 1994.\r\n57.Stiglitz, J., and A. Weiss.\"Credit Rationing in Markets with Imperfect Information.\"AER 71, 393-410, 1981.\r\n58.Tobin, James.\"A General Equilibrium Approach to Monetary Theory.\" Journal of Money, Credit, and Banking 1, 227-40, 1969.\r\n59.Townsend, R. M. \"Optimal Contracts and Competitive Markets with Costly State Verification.\" JET 21, 265-93, 1979.\r\n60.Udo. \" Rationing vs. Collateralization in Conpetitive and Monopolistic Credit Markets with Asymmetric Information.\" EER 41, 1321-42, 1997.\r\n61.Williamson, S.\" Costly Monitoring, Financial Intermediation and Equilibrium Credit Rationing.\" JME 18, 159-79, 1986.\r\n62.Williamson, S.\"Financial Intermediation, Business Failures and Real Business Cycles.\" JPE, 1196-1216, 1987.\r\n63.Winton, A.\"Costly State Verification and Multiple Investors: The Role of Seniority.\" RFS 8, 91-123, 1995.
描述 博士
國立政治大學
國際經營與貿易學系
82351503
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002001528
資料類型 thesis
dc.contributor.advisor 胡聯國zh_TW
dc.contributor.advisor Len Kuo Huen_US
dc.contributor.author (Authors) 林育秀zh_TW
dc.contributor.author (Authors) Yu Shou Linen_US
dc.creator (作者) 林育秀zh_TW
dc.creator (作者) Lin, Yu Shouen_US
dc.date (日期) 1998en_US
dc.date.accessioned 20-Apr-2016 17:16:12 (UTC+8)-
dc.date.available 20-Apr-2016 17:16:12 (UTC+8)-
dc.date.issued (上傳時間) 20-Apr-2016 17:16:12 (UTC+8)-
dc.identifier (Other Identifiers) B2002001528en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=95901-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易學系zh_TW
dc.description (描述) 82351503zh_TW
dc.description.abstract (摘要) 本論文包含兩篇獨立但主旨相關的文章， 目的均在探討融資契約與廠商投資的關聯，以分析融資契約的實質效果。第一篇文章「股價資訊外部性與新投資之採行」研究權益證券(股票)集訊、揭訊功能的實質效益，我們由股價資訊公開所產生的外部效果，分析股價資訊效率性與廠商投資效率之間的關聯。在1.眾多異質廠商，2.投資具實質選擇權(real options)特性的假設下，內生化廠商與股市交易者的資訊取得決策，發現1. 均衡時廠商的投資與資訊取得決策取決於廠商技術水準與股價效率性之高低：高股價效率性時，無廠商取得新資訊，皆根據股價判斷投資，低股價效率性時，僅較低技術廠商根據股價資訊投資。2. 股價有額外的資訊揭露效果：由於廠商僅能獲得新資訊的部份效益，且廠商利用資訊有機會成本，將投資證券化可提高新資訊被揭露的可能性，使得資訊可被充份利用，提昇投資效率。3. 股價資訊可提增投資效率，增加廠商期望報酬，但當體系平均技術水準落後，新資訊的實質效益低落時，股價資訊公開的外部淨效益亦趨薄弱，故經濟發展初期，股市資訊公開的外部效益相對不重要。zh_TW
dc.description.abstract (摘要) This dissertation collects two separate but related papers, both study the channel through which financing contracts can affect firms` investment decisions and the corresponding real effects. The first paper \" Informational Externality of Stock Prices and Firms` New Investment Decisions\" analyzes what real benefits the information acquisition and signaling function of stocks can produce. From the viewpoint of informational externality, stock prices may disclose some valuable information beneficial to firms` investment decisions. Under the assumptions of \" heterogeneous technology\" and \"new investment as a real option\", this paper finds 1. Firms` investment and information acquisition decisions are determined both by their own technology level and stock prices efficiency. With high price efficiency, no firms acquire information directly, all make investment decisions based on stock prices. With low price efficiency, most firms acquire information directly, only few low-tech firms make decisions according to stock prices. 2. Stock prices have additional signaling effect. Firms can ony get half benefits of new information, besides they have opportunity costs in using information. As a result, stock prices can enhance the possibility of information disclosure, improving investment efficiency. 3. When the economy is underdeveloped and the real benefit of new information is small, the net benefit produced by informational externality will be tiny. The stock prices externality effect is thus comparatively unimportant at the beginning stage of economy.en_US
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002001528en_US
dc.subject (關鍵詞) 資訊外部性zh_TW
dc.subject (關鍵詞) 經濟效率zh_TW
dc.subject (關鍵詞) 實質選擇權zh_TW
dc.subject (關鍵詞) 市場個體結構zh_TW
dc.subject (關鍵詞) 借貸限制zh_TW
dc.subject (關鍵詞) 財務槓桿zh_TW
dc.subject (關鍵詞) 抵押品zh_TW
dc.subject (關鍵詞) 狀態確認成本模型zh_TW
dc.subject (關鍵詞) informational externalityen_US
dc.subject (關鍵詞) economic efficiencyen_US
dc.subject (關鍵詞) real optionsen_US
dc.subject (關鍵詞) market microstructureen_US
dc.subject (關鍵詞) financing constraintsen_US
dc.subject (關鍵詞) financial leverageen_US
dc.subject (關鍵詞) collateralen_US
dc.subject (關鍵詞) costly state verification modelen_US
dc.title (題名) 金融契約與廠商投資之研究-股價資訊、抵押品的實質效果zh_TW
dc.title (題名) The Theoretical Studies of Financial Contracts and Firms` Investment Decisions-The Real Effects of Stock Price Information and Collateralen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Allen, F. \" Stock Markets and Resources Allocation.\" in C. Mayers and X. Vives. eds., Capital Markets and Financial Intermediation, Cambridge University Press, Cambridge. 1993.\r\n2. Allen, F., and D. Gale. \" Financial Markets, Intermediations, and Intertemporal Smoothing.\" JPE 105, 523-47, 1997.\r\n3. Allen, F., and D. Gale. \" A Welfare Comparison of Intermediaries and Financial Markets in German and the US.\" EER 39,179-209, 1995.\r\n4. Allen, F., and D. Gale. \" Measurement Distortion and Missing Contingencies in Optimal Contracts.\" ET 2, 1-26, 1992.\r\n5. Allen, F., and A. Winton. \" Corporate Financial Structure, Incentives and Optimal Contracting.\" in R. Jarrow et al., eds., Handbooks in OR &MS, Vlo. 9, 1995.\r\n6. Banks, Jeffrey and Joel Sobel. \"Equilibrium Selection in Siganling Games.\" Econometrica 55, 647-61, 1987.\r\n7. Bernanke, Ben S. \" Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression.\" AER 73, 257-76, 1983.\r\n8. Bernanke, Ben S., and Mark Gertler. \"Agency Costs, Net Worth, and Business Fluctuations.\" AER 79,14-31, 1989.\r\n9. Bernanke, Ben S., and Mark Gertler. \" Financial Fragility and Economic Performance.\" QJE 87-114, 1990.\r\n10. Besanko, D., and A. Thakor. \" Competitive Equilibrium in the Credit Markets under Asymmetric Information.\" JET 42, 167-82, 1987.\r\n11.Bester, H.\" Screening vs. Rationing in Credit Markets with Imperfect information.\" AER 75, 850-55, 1985.\r\n12.Bester, H.\" The Role of Collateral in Credit Markets with Imperfect Information.\" EER 31, 887-99, 1987.\r\n13.Bhattacharya, Sudipto., and A.V. Thakor. \" Contemporary Banking Theory.\" JFI 3, 2-50, 1993.\r\n14.Boot, Arnold W. A., and A. V. Thakor. \" Financial System Architecture.\" RFS 10, 693-733, 1997.\r\n15.Boot, Arnold W. A., and A. V. Thakor. \" Securities Design.\" JF 48, 1349-78, 1993.\r\n16.Bruuner Karl, and A. H. Meltzer.\" The Monetary Mechanism: Markets for Assets.\" in Money and the Economy: Issues in Monetary Analysis, Cambridge University Press, 1993.\r\n17.Chamley, Christophe, and D. Gale. \" Information Revelation and Strategic Delay in A Model of Investment.\" Econometrica 62, 1065-85, 1994.\r\n18.Chang, C. \" The Dynamic Structure of Optimal Debt Contracts.\" JET 52, 68-86, 1990.\r\n19.Copeland, Thomas E., and Weston, J. Fred. Financial Theory and Corporate Policy. Addsion-Wesley Publishing Company, Inc. 1988.\r\n20.Diamond, Douglals. \" Financial Intermediation and Delegated Monitoring.\" RES 51,393-414, 1984.\r\n21.Diamond, Douglals. \" Debt Maturity Structure and Liquidity Risk.\" QJE 106, 709-37, 1991a.\r\n22.Diamond, Douglals. \" Monitoring and Reputation: The Choices Between Bank Loans and Directly Placed Debt.\" JPE 99, 689-721, 1991b.\r\n23.Diamond, Douglals. \"Seniority and Maturity of Debt Contracts.\" JFE 33, 341-68, 1993.\r\n24.Diamond, Douglals., and Philip Dybvig. \" Bank Runs, Deposit Insurance and Liquidity.\" JPE 91, 401-19, 1983.\r\n25.Dixit, A. K., and R. S. Pindyck. Investment under Uncertainty. New Jersey, Princeton University Press, 1994.\r\n26.Dow, J., and Gary Gorton. \" Stock Marlet Efficiency and Economic Efficiency: Is There A Connection? \" JF LII 3, 1087-1129, 1997.\r\n27.Fama, Eugene F. Foudation of Finance. Basic Books. New York. 1976.\r\n28.Fazzari, Steven M., Hubbard, R. Glenn, and Petersen, Bruce C. \" Financing Constraints and Corporate Investment.\" Brookings Papers on Economic Activity 1, 141-95, 1988.\r\n29.Fisher, Irving. \" The Debt-Deflation Theory of Great Depression.\" Econometrica 1, ,337-57, 1933.\r\n30.Freixas, Xavier, and Jean Charles Rochet. Microeconomic of Banking. MIT, 1997.\r\n31.Friedman, M., and Anna J. Schwartz. A Monetary History of the United States:1867-1960.Princeton, Princeton Univerity Press, 1963.\r\n32.Gale, D., and M. Hellwig.\" Incentive Compatible Debt Contracts: The One Period Problem.\" RES 52, 647-63, 1985.\r\n33.Gurley, John, and Edward Shaw. \" Financial Aspects of Economic Development.\" AER 45, 518-38, 1955.\r\n34.Harris, M., and A. Raviv. Financial Contracting Theory, in J.J. Laffont eds., Advances in Economic Theory, Vol 1, Cambridge University Press, Cambridge, 1992.\r\n35.Hart, Oliver, and Moore, John.\" A Theory of Debt Based on the Inalienability of Human Capital.\" QJE 109, 841-79, 1994.\r\n36.Hayashi, Fumio.\"Tobin`s Marginal q and Average q:A Neoclassial Interpretation.\" Econometrica 50, 213-24, 1982.\r\n37.Hellwig, M.\" Banking, Financial Intermediation and Corporate Finance.\" in A. Giovannini and C. Mayer, eds., European Financial Integration, Cambridge, Cambridge University Press, 1990.\r\n38.Holmstrom, B., and Jean Tirole. \" Financial Intermediation, Loanable Funds, and the Real Sector.\" QJE, 663-91, 1997.\r\n39.Jensen, M., and W. Meckling. \" Theory of the Firm: Managerial Behavour, Agency Costs and Ownership Structure.\"JFE 3, 305-60, 1976.\r\n40.Kindlerberger Charles P. Manias, Panics and Crashes: A Historical of Financial Crises, 3th ed. John Wiely and Sons, Inc.\r\n41.Kiyotaki, Nobuhiro, and John Moore.\"Credit Cycles.\" JPE 105, 211-48, 1997.\r\n42.Lacker, J. M., and J. A. Weinberg.\" Optimal Contracts under Costly State Falsification.\" JPE 97, 1345-63, 1989.\r\n43.Leland, H., and Pyle, D.\"Information Asymmetries, Financial Struvture, and Financial Intermediation.\" JF 32, 371-87, 1977.\r\n44.Mankiw, N. Gregory.\"The Allocation of Credit and Financial Collapse.\" QJE 101, 455-70, 1986.\r\n45.Mark Gertler. \" Financial Structure and Aggregate Economic Activity. An Overview.\" Journal of Money, Credit, and Banking 20, 559-96, 1988.\r\n46.Mishkin Frederic S.\"Asymmetric Information and Financial Cries: A Historical Perspective.\" in Financial Markets and Financial Crises, R. Glenn Hubbard ed. The Chicago University Press, 1991.\r\n47.Modligliani, F., and M. Miller.\" The Cost of Capital, Corporate Finance and The Theory of Investment.\" AER 48, 261-97, 1958.\r\n48.Myers, S. C., and N. S. Majluf.\"Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.\" JFE 13, 187-221, 1984.\r\n49.O`Hara Maureen.Market Microstructure Theory.Blackwell Publishers Inc, 1995.\r\n50.Pindyck, R. S. \" Irreversibility, Uncertainty and Investment.\" JEL 29, 1110-1152, 1991.\r\n51.Radelet Steven, and J. D. Sachs. \" The East Asian Financial Crisis:Diagnosis,Remedies, Prospects.\"Brookings Papers on Economic Activity 1, 1-90, 1998.\r\n52.Rajan, R.\"Insiders and Outsiders: The Choice Between Informed and Arm`s-length Debt.\" JF 47, 1367-1400, 1992.\r\n53.Schwartz, Anna J.\"Real and Pseudo Financial Crises.\" in Financial Crises and the World Banking System, F.Capie and G. E. Wood eds. 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