A Primer on Capital Structure∗
نویسنده
چکیده
IV Imperfect Capital Markets and The Real World 8 A Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 B Bankruptcy Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 C Operating Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 C.1 Free Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 C.2 Bondholder Expropriation through Project Risk Changes . . . . . . . . . . . . . . . . . 18 C.3 The No-Liquidation Problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 C.4 Bondholder Expropriation through Issuance of Bonds of Similar Priority . . . . . . . . 21 C.5 Underinvestment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 C.6 Strategic Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 D Inside Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 E Transaction Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
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