Ever since the Modigliani-Miller theorem (1958) came to prevail in finance literature arguing the total irrelevance of the financial structure for real decisions, economists have progressively adjusted their positions. Starting with the contributions by Myers (1984), Myers-Majluf (1984) and Fazzari-Hubbard-Petersen (1988) in this paper we look to the pecking order literature with the aim of analyzing how it can and should be reconsidered for the study of innovative firm financing.
Venture Capital and New Pecking Order Financing for Innovative Firms
SAU, Lino
2008-01-01
Abstract
Ever since the Modigliani-Miller theorem (1958) came to prevail in finance literature arguing the total irrelevance of the financial structure for real decisions, economists have progressively adjusted their positions. Starting with the contributions by Myers (1984), Myers-Majluf (1984) and Fazzari-Hubbard-Petersen (1988) in this paper we look to the pecking order literature with the aim of analyzing how it can and should be reconsidered for the study of innovative firm financing.
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