| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1439 |
| 来源ID | Working Paper 1439 |
| Debt Policy and the Rate of Return Premium to Leverage | |
| Alex Kane; Alan J. Marcus; Robert L. McDonald | |
| 发表日期 | 1984-08-01 |
| 出版年 | 1984 |
| 语种 | 英语 |
| 摘要 | Equilibrium in the market for real assets requires that the price of those assets be bid up to reflect the tax shields they can offer to levered firms.Thus there must be an equality between the market values of real assets and the values of optimally levered firms. The standard measure of the advantage to leverage compares the values of levered and unlevered assets, and can be misleading and difficult to interpret. We show that a meaningful measure of the advantage to debt is the extra rate of return, net of a market premium for bankruptcy risk, earned by a levered firm relative to an otherwise-identical unlevered firm. We construct an option valuation model to calculate such a measure and present extensive simulation results. We use this model to compute optimal debt maturities, show how this approach can be used for capital budgeting, and discuss its implications for the comparison of bankruptcy costs versus tax shields. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w1439 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558673 |
| 推荐引用方式 GB/T 7714 | Alex Kane,Alan J. Marcus,Robert L. McDonald. Debt Policy and the Rate of Return Premium to Leverage. 1984. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1439.pdf（275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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