Seifert, Bruce; Gonenc, Halit - In: Journal of Multinational Financial Management 18 (2008) 3, pp. 244-260
This study attempts to ascertain how well pecking order behavior applies to firms in the US, the UK, Germany and Japan. Investors in the US and UK have an asymmetric information problem caused, in part, by the relatively widespread ownership of stock in these two countries where managers and...