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| Tekijä: | Titman, S. Tsyplakov, S. |
| Otsikko: | A dynamic model of optimal capital structure |
| Lehti: | Review of finance
2007 : SEP, VOL. 11:3, p. 401-451 |
| Asiasana: | finance investment policy capital structure of companies models |
| Vapaa asiasana: | ratio analysis |
| Kieli: | eng |
| Tiivistelmä: | 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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