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Extra info for Asymmetric Information, Corporate Finance, and Investment (National Bureau of Economic Research Project Report)

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8. The restriction to only labor inputs is made solely for expositional convenience. The effect of relaxing the constant-returns-to-scale assumption is examined in Greenwald and Stiglitz (1986). 9. The importance of bankruptcy itself in this regard is that it represents identifiable failure as opposed to other failures that may be at least partially obscured by accounting flexibility. 10. Although there is some literature stressing that the direct costs of bankruptcy are small, this literature may in fact greatly underestimate the total costs, which include the fact that assets may be tied up during the process of reorganization.

Weiss. 1984. Informational imperfections in capital markets and macroeconomic fluctuations. American Economic Review, Papers and Proceedings 74: 194-99. Jorgenson, D. W. 1963. Capital theory and investment behavior. American Economic Review, Papers and Proceedings 53:247-59. Lintner, J. 1971. Corporate finance: Risk and investment. In Determinants of investment behavior, ed. R. Ferber. New York: NBER. Lucas, R. E. 1979. An equilibrium model of the business cycle. Journal of Political Economy 83: 1113-44.

5. See Weiss (1980), Shapiro and Stiglitz (1984), Stiglitz (1974, 1976), Akerlof (1984), Bulow and Summers (1985) and Salop and Salop (1976) for examples on efficiency wage models of labor-market behavior; see Stiglitz (1987) on similar models of product markets. For surveys of macroeconomic phenomena see Stiglitz (1982, 1987) and Yellen (1984); on paths of adjustment, see Greenwald and Stiglitz (1989). 6. Similar results obtain if firms maximize an expected utility (or valuation function) of end-of-period equity if the utility function is characterized by decreasing absolute risk aversion.

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