منابع مشابه
Can the Trade-off Theory Explain Debt Structure?
We examine the optimal mixture and priority structure of bank and market debt using a trade-off model in which banks have the unique ability to renegotiate outside formal bankruptcy. Flexible bank debt offers a superior trade-off between tax shields and bankruptcy costs. Ease of renegotiation limits bank debt capacity, however. Optimal debt structure hinges upon which party has bargaining power...
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The molecular structure of the stable conformation of phosphonic acid in gas phase has beencomputed by employing complete geometry optimization in Density Functional Theory(DFT) methods. The methods used for calculations are B3LYP, BP86 and B3PW91 that havebeen studied in two series of basis sets: D95** and 6-31+G(d,p) for hydrogen and oxygenatoms; LANL2DZ for phosphorus. Bond lengths and angle...
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This paper proposes a theory of government debt which, as opposed to previous theories, delivers an interior steady state that is independent of initial debt. The key elements are nominal public debt and a benevolent government that cannot commit to future policy choices. Governments face a trade-off. On the one hand, they would like to increase the debt and delay taxation, so as to reduce curr...
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efl/esl textbooks have been regarded as essential language teaching materials with which the learners spend about 70 up to 90 percent of their class time. the important role they play and their vast use make them not only influential in learning the language but also in shaping values and attitudes. put it another way, textbooks socialize learners using their contents (i.e. texts, illustrations...
15 صفحه اولDynamic Capital Structure with Callable Debt and Debt Renegotiations
We consider a dynamic model of the capital structure of a firm with callable debt that takes into account that equity holders and debt holders have a common interest in restructuring the firm’s capital structure in order to avoid bankruptcy costs. Far away from the bankruptcy threat the equity holders use the call feature of the debt to replace the existing debt in order to increase the tax adv...
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ژورنال
عنوان ژورنال: The Review of Financial Studies
سال: 2019
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhz026