"Corporate Financing and Investment Decisions When Firms have Information that Investors Do not have: A critique."
This is a critique write up on A famous paper "CORPORATE FINANCING AND INVESTMENT DECISIONS WHEN FIRMS HAVE INFORMATION THAT INVESTORS DO NOT HAVE" by Myers & Majluf (1984). This write-up investigates their motivation, research methodology, and policy implication in details.
Does capital structure matter? The proposition of the famous MM's argued that the firm's value is determined solely by its real assets, not by the securities it issues. Therefore, the capital structure can be considered irrelevant to firm's value. This huge proposition has drawn interests fr…
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