| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9926 |
| DP9926 The Dynamics of Investment, Payout and Debt | |
| Stewart C Myers; Bart Lambrecht | |
| 发表日期 | 2014-04-06 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We present a dynamic agency model of investment, borrowing and payout decisions by a mature corporation operating in perfect financial markets. Risk-averse managers implement an inter-temporal strategy that maximizes their lifetime utility of managerial rents. They under-invest and smooth payout and rents. Debt is the shock-absorber for operating income and investment. Managers do not rebalance capital structure, so shocks to debt levels persist. Managers implement precautionary savings by paying down debt, even when interest is tax-deductible. We generate empirical predictions that differ from conventional agency models and from dynamic models based on financing frictions. |
| 主题 | Financial Economics |
| 关键词 | Agency Financing policy investment Payout |
| URL | https://cepr.org/publications/dp9926 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538760 |
| 推荐引用方式 GB/T 7714 | Stewart C Myers,Bart Lambrecht. DP9926 The Dynamics of Investment, Payout and Debt. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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