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1、Chapter2AGENCY,INFORMATIONANDCORPORATEINVESTMENTJEREMYC.STEIN°HarvardUniversityandNBERContentsAbstract113Keywords1131.Introduction1141.1.Scopeoftheessay:what’scoveredandwhat’sleftout1151.2.Organization116PartA.Investmentatthe?rmlevel1162.Theoreticalbuildingblocks:investmentatthe?rmlevel1162.1.Mo
2、delsofcostlyexternal?nance1162.1.1.Costsofequity?nance1172.1.2.Costsofdebt?nance1172.1.2.1.Adverseselection,moralhazardandcreditrationinginthedebtmarket1172.1.2.2.Debtoverhang1182.1.2.3.Optimalcontractingmodelsofdebt:underinvestmentinentrepreneurial?rms1182.1.3.Synthesis:areduced-formmodelofcost
3、lyexternal?nance1192.2.Theagencycon?ictbetweenmanagersandoutsidestockholders1202.2.1.Empire-building1212.2.1.1.Empire-buildingandoverinvestment1212.2.1.2.Empire-preservation,entrenchmentanddiversi?cation1222.2.2.Reputationalandcareerconcerns1222.2.2.1.Short-termism1222.2.2.2.Herding1232.2.2.3.Ot
4、herdistortionsinducedbycareerconcerns1242.2.3.Thequietlife1242.2.4.Overcon?dence1252.3.Investmentdecisionswhenstockpricesdeviatefromfundamentals126°IamgratefultotheNSFfor?nancialsupport,andtoGeoffTateandAnnRichardsforresearchassistance.ThanksalsotoJudyChevalier,MiltHarris,OliverHart,BengtHolmstr
5、¨om,SteveKaplan,OwenLamont,RaghuRajan,DavidScharfstein,AndreiShleiferandRen′eStulzfortheirinput.HandbookoftheEconomicsofFinance,EditedbyG.M.Constantinides,M.HarrisandR.Stulz?2003ElsevierB.V.Allrightsreserved112J.C.Stein3.Evidenceoninvestmentatthe?rmlevel1273.1.Financialslackandinvestment1273.1.1
6、.Whatweknow:?rmswithmorecashandlessdebtinvestmore1273.1.2.Whatwedon’tknow:why?rmswithmorecashandlessdebtinvestmore1293.2.Directevidenceofagency-relatedoverinvestment1303.2.1.Acquisitionsasaformofempire-building1303.2.2.Isagency-relatedoverinvestmentalwaysempire-building?1313.3.Evidenceonreputati
7、onalmodelsofinvestment1313.3.1.Short-termism1313.3.2.Herding1324.Macroeconomicimplications1334.1.The?nancialaccelerator1334.2.Whenbanksface?nancingfrictions1344.2.1.Capitalcrunchesinbanking1344.2.2.Thebanklendingchannelofmon
