Debt overhang and non-distressed debt restructuring
نویسندگان
چکیده
منابع مشابه
Macroeconomic Risk and Debt Overhang∗
Since corporate debt tends to be riskier in recessions, transfers from equity holders to debt holders that accompany corporate decisions also tend to concentrate in recessions. Such systematic risk exposures of debt overhang have important implications for corporate investment and financing decisions, and for the ex ante costs of debt overhang. Using a calibrated dynamic capital structure model...
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ژورنال
عنوان ژورنال: Journal of Financial Intermediation
سال: 2019
ISSN: 1042-9573
DOI: 10.1016/j.jfi.2018.08.002