منابع مشابه
Contingent Capital Structure
This paper studies the optimal financing contract of a bank with risk-shifting incentives and private information, in an environment with macroeconomic uncertainty. Leverage mitigates adverse selection problems owing to debt information-insensitivity, but leads to excessive risk-taking. I show that the optimal leverage is procyclical in the laissez-faire equilibrium, and contingent convertible ...
متن کاملLiquidity and Capital Structure
Liquidity and Capital Structure* This paper solves for a firm's optimal cash holding policy within a continuous time, contingent claims framework that has been extended to incorporate most of the significant contracting frictions that have been identified in the corporate finance literature. Under the optimal policy the firm targets a level of cash holding that is a non-monotonic function of bu...
متن کاملCapital Structure Decisions
The present study is an attempt to find the relationship between capital structure and value of firm and to find the significance of differences in capital structures of different companies – inter and intra industry. Two hypothesis were framed and tested. bivariate correlation technique was used to find the nature of relationship between (i) capital structure and cost of capital, (ii) cost of ...
متن کاملCapital Structure under Changing Uncertainty
We explain the puzzle of falling firm leverage during the period of decreasing aggregate volatility from 1970 – 2010 with a simultaneous increase in firm level volatility and varying degrees of firm access to public debt markets. By incorporating friction between public and private debt, a structural model where firms make financing policy decisions in presence of uncertainty can explain a sign...
متن کاملIntangible assets and capital structure
Tangible assets, many of which can be easily collateralized, support debt. Accordingly, the amount of tangible assets is well-established as a principal driver of leverage. As investing is shifting more and more from tangible to intangible assets, it becomes crucial to understand to what extent intangible assets support debt. Analyzing this question empirically has been largely unfeasible due t...
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ژورنال
عنوان ژورنال: Journal of Economic Perspectives
سال: 2001
ISSN: 0895-3309
DOI: 10.1257/jep.15.2.81