Pyramidal Discounts: Tunneling or Overinvestment?
Series number :
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