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| Author: | Leite, T. |
| Title: | Optimal financial structure: an impcomplete contracting model |
| Journal: | Scandinavian Journal of Economics
2001 : VOL. 103:4, p. 707-722 |
| Index terms: | CONTRACTS DEBT EQUITY CAPITAL FINANCIAL STRUCTURE |
| Language: | eng |
| Abstract: | The financial structures of firms observed in practice typically consist of debt claims of different priority and maturity, and outside equity with unconditional control. A simple model is developed in which this type of complex financial structure arises endogenously as a mechanism to allocate control and cash flow rights among the firm's manager and its investors. |
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