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Corporate Financing: An artificial agent-based analysis

Abstract:

We examine corporate security choice by simulating an economy populated by adaptive agents who learn about the structure of security returns and prices through experience. Through a process of evolutionary selection, each agent gravitates toward strategies that generate the highest payoffs. Despite the fact that markets are perfect and agents maximize value, a financing hierarchy emerges in which straight debt dominates other financing choices. Equity and convertible debt display significant ...

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Publication date:
2003-01-01
UUID:
uuid:d1de2fb1-02a1-4abc-aace-f7a7f1c406cd
Local pid:
oai:eureka.sbs.ox.ac.uk:1115
Deposit date:
2011-11-10

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