Eli Talmor, Asymmetric Information, Signaling, and Optimal Corporate Financial Decisions, The Journal of Financial and Quantitative Analysis, Vol. 16, No. 4, Proceedings of 16th Annual Conference of the Western Finance Association, June 18-20, 1981, Jackson Hole, Wyoming (Nov., 1981), pp. 413-435
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Eli Talmor (1981) studied this question.