haku: @author Fischer, E. O. / yhteensä: 13
viite: 11 / 13
Tekijä: | Fischer, E. O. Heinkel, R. Zechner, J. |
Otsikko: | Dynamic recapitalization policies and the role of call premia and issue discounts |
Lehti: | Journal of Financial and Quantitative Analysis
1989 : DEC, VOL. 24:4, p. 427-446 |
Asiasana: | PERFORMANCE BONDS EQUITY PORTFOLIOS SECURITIES |
Kieli: | eng |
Tiivistelmä: | A model providing an optimal call premium and issue discount as a function of firm-specific characteristics, with an analysis of a bond sample, supporting model's prediction that an optimal call premium is positively related to firm risk. Advantage of leverage depending on a firm's recapitalization policy. Bonds callable at par and incentive for equityholders to recapitalize too early. Corporate call provisions. Valuation of a firm's securities. Agency problem of early recapitalization. First and second best solution. Call premia and issue discount effects. Empirical investigation. Call premium. Firm risk. Corporate tax rate. Transaction costs. Six Tables illustrate the study. |
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