search query: @indexterm capital structure of companies / total: 353
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| Author: | Titman, S. Tsyplakov, S. |
| Title: | A dynamic model of optimal capital structure |
| Journal: | Review of finance
2007 : SEP, VOL. 11:3, p. 401-451 |
| Index terms: | finance investment policy capital structure of companies models |
| Freeterms: | ratio analysis |
| Language: | eng |
| Abstract: | In this paper, a continuous time model of a firm is presented that can dynamically adjust both its capital structure and its investment choices. Within the model context, cross-sectional and time-series variation in debt ratios are explored with special attention to interactions btw. financial distress costs and debt holder / equity holder agency problems. This study's model produces roughly consistent results with actual regressions estimated in the empirical literature. |
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