全球智库信息集成服务系统(G2TT): Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17290
来源ID	Working Paper 17290
	Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?
	Armen Hovakimian; Ayla Kayhan; Sheridan Titman
发表日期	2011-08-11
出版年	2011
语种	英语
摘要	Default probability plays a central role in the static tradeoff theory of capital structure. We directly test this theory by regressing the probability of default on proxies for costs and benefits of debt. Contrary to predictions of the theory, firms with higher bankruptcy costs, i.e., smaller firms and firms with lower asset tangibility, choose capital structures with higher bankruptcy risk. Further analysis suggests that the capital structures of smaller firms with lower asset tangibility, which tend to have less access to capital markets, are more sensitive to negative profitability and equity value shocks, making them more susceptible to bankruptcy risk.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w17290
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/574965
推荐引用方式 GB/T 7714	Armen Hovakimian,Ayla Kayhan,Sheridan Titman. Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?. 2011.