@article{oai:nagoya.repo.nii.ac.jp:00008777, author = {OHTA, Wataru}, issue = {1}, journal = {経済科学}, month = {Jun}, note = {If capital markets are imperfect because of information asymmetry, it is considered that the costs of external finance such as equity or debt are higher than the opportunity cost of internal funds. I analyze whether there is a cost differential not only between internal and external finance, but also between equity and debt finance by estimating equations for both investment and debt. The period analyzed is from 1995 to 1996. The regression results for both listed and unlisted firms show that they face capital market imperfections. Furthermore, the costs of both equity and debt finance are lower for firms with net assets over ten billion yen than for others, which implies that costs differ with firm size.}, pages = {17--37}, title = {An Empirical Study of the Inter-Firm Cost Differential of External Finance}, volume = {52}, year = {2004} }