Finance Series Pyramidal Discounts: Tunneling or Overinvestment? Working Paper Author/Authors Martin Holmén Peter Högfeldt Series number: 073/2005 Date published: 01 Mar 2005 Quick links Access Paper on SSRN Categories Agency Capital Investment Decisions Tunneling Keywords pyramids, closed-end fund puzzle, discounts, agency costs, overcapitalization, overinvestment, tunneling, internal cash flows, retained earnings, separation of ownership and control, intercorporate dividends, corporate taxes, Investment-cash flow sensitivity, enhanced pecking order, marginal Tobin?s
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