• I. Introduction
  • II. Model and assumptions
  • A. Setup
  • B. Investment timing under symmetric information
  • C. Investment timing and signaling
  • III. Signaling through investment timing
  • A. Investment timing in the separating equilibrium
  • B. Implications of the separating equilibrium
  • C. Pooling in equity: The underpricing-overinvestment trade-off
  • D. Investment timing under product market competition
  • IV. Signalling through debt nancing
  • A. Debt Issuance and Firm Valuation
  • B. Separation through debt issuance
  • C. Implications of the separating equilibium with debt
  • V. Conclusion
  • Appendix
  • References