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May 1, 1977The Journal of Finance

Informational Asymmetries, Financial Structure, and Financial Intermediation

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HLHayne E. LelandUniversity of California, BerkeleyDPDavid H. PyleUniversity of Oxford

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Leland et al. (1977) studied this question.

synapsesocial.com/papers/69e5b790e3767bdea67f8a45https://doi.org/10.2307/2326770
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