haku: @author Ronn, E. / yhteensä: 1
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| Tekijä: | Ronn, E. Senbet, L. |
| Otsikko: | Debt and market incompleteness |
| Lehti: | Journal of Banking and Finance
1995 : NOV, VOL. 19:8, p. 1379-1400 |
| Asiasana: | DEBT INCOMPLETE MARKETS CAPITAL STRUCTURE OF COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | This paper provides a capital structure equilibrium analysis in an environment characterised by market incompleteness and risky debt. Market incompleteness, together with a comparative advantage for corporate borrowing, leads to a Miller (1977)-type capital structure equilibrium wherein each firm within an industry faces a an indeterminate debt level. However, at the aggregate- industry level, corporations act as financial intermediaries to generate cross-sectional capital structure patterns across industries. |
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