| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9327 |
| 来源ID | Working Paper 9327 |
| Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives | |
| Nengjiu Ju; Robert Parrino; Allen M. Poteshman; Michael S. Weisbach | |
| 发表日期 | 2002-11-11 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent-claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target debt/equity ratio by refinancing maturing debt. Using this model we calculate optimal capital structures in a realistic representation of the traditional tradeoff' model. In contrast to previous research, the resulting optimal capital structures do not imply that firms tend to use too little leverage in practice. We also estimate the costs borne by a firm whose capital structure deviates from its optimal, target' debt/equity ratio. The costs of moderate deviations are relatively small, suggesting that a policy of adjusting leverage only when it deviates substantially from a target debt/equity ratio is likely to be reasonable for most firms. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w9327 |
| 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/566943 |
| 推荐引用方式 GB/T 7714 | Nengjiu Ju,Robert Parrino,Allen M. Poteshman,et al. Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives. 2002. |
| 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 | ||
| w9327.pdf（593KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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