| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21548 |
| 来源ID | Working Paper 21548 |
| Optimal Debt and Profitability in the Tradeoff Theory | |
| Andrew B. Abel | |
| 发表日期 | 2015-09-14 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | I develop a dynamic model of leverage with tax deductible interest and an endogenous cost of default. The interest rate includes a premium to compensate lenders for expected losses in default. A borrowing constraint is generated by lenders’ unwillingness to lend an amount that would trigger immediate default. When the borrowing constraint is not binding, the tradeoff theory of debt holds: optimal debt equates the marginal tax shield and the marginal expected cost of default. Contrary to conventional interpretation, but consistent with empirical findings, increases in current or future profitability reduce the optimal leverage ratio when the tradeoff theory holds. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w21548 |
| 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/579223 |
| 推荐引用方式 GB/T 7714 | Andrew B. Abel. Optimal Debt and Profitability in the Tradeoff Theory. 2015. |
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