haku: @author Williamson, O. E. / yhteensä: 14
viite: 7 / 14
| Tekijä: | Williamson, O. E. |
| Otsikko: | Corporate finance and corporate governance. |
| Lehti: | Journal of Finance
1988 : JUL, VOL. 43:3, p. 567-591 |
| Asiasana: | CORPORATE FINANCE DEBT MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | A combined treatment of corporate finance and corporate governance is proposed. Debt and equity are treated as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion.It is argued that whether a project should be financed by debt or by equity depends principially on the characteristics of assets. Transaction-cost reasoning supports the use of debt to finance redeployable assets, while non-redeployable assets are financed by equity. Experiences with leasing and leveraged buyouts are used to illustrate the argument. |
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