Stock Options and Capital Structure

R.D. Macminn and Frank Page

Papiers d'Economie Mathématique et Applications from Université Panthéon-Sorbonne (Paris 1)

Abstract: The empirical evidence on sources of corporate financing strongly suggests that firms prefer internally generated funds to debt and debt to equity in financing their investment activities. What is the economic rationale for this preference ordering or pecking order? We provide an explanation based on managerial compensation.

Keywords: CAPITAL MARKET; PRICES; FINANCING (search for similar items in EconPapers)
JEL-codes: G10 G30 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2001
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Journal Article: Stock options and capital structure (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pariem:2001.36

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