منابع مشابه
Liquidity 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 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...
متن کاملCounterparty Risk and Capital Structure
The 2007-2009 financial crisis and recession highlighted the role of counterparty risk in financial contracts, many once thought immune to such problems. However, counterparty risk can be significant in a wide variety of contracting situations and can impact capital structure decisions. Using commercial real estate leases as an example, this paper presents a new model that endogenizes the capit...
متن کاملResource Flexibility and Capital Structure
T paper examines how the optimal investment in the capacity of flexible and nonflexible resources is affected by financial leverage and, conversely, how a firm’s resource flexibility affects its optimal capital structure. We consider a two-product firm that invests in the optimal capacity of product-flexible and productdedicated resources in the presence of demand uncertainty. Before investing ...
متن کاملCredit Ratings and Capital Structure
This paper examines to what extent credit ratings directly affect capital structure decisions. The paper outlines discrete costs/benefits associated with firm credit rating level differences, and tests whether concerns for these costs/benefits directly affect debt and equity financing decisions. The tests find that firms near a rating upgrade or downgrade issue less debt relative to equity than...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2013
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2013.03.002