Optimal Capital Structure And Industry Dynamics  

Oleh:

Jianjun Miao

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 6 (Dec. 2005), page 2621-2660.
Topik: capital; models; studies; correlation analysis; financial management; capital structure; corporate finance
Fulltext: p 2621.pdf (251.83KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

This paper provides a competitive equilibrium model of capital structure and industry dynamics. In this model, firms make financing, investment, entry and exit decisions subject to idiosyncratic technology shocks. The capital structure choice reflects the tradeoff between the tax benefits of debt and the associated bankruptcy and agency costs. The interaction between financing and production decisions influences the stationary distribution of firms and their survival probabilities. The analysis demonstrates that the equilibrium output price has an important feedback effect. This effect has a number of testable implications. For example, high growth industries have relatively lower leverage and turnover rates.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali