haku: @author Winters, D. / yhteensä: 3
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| Tekijä: | Sweeney, R. Warga, A. Winters, D. |
| Otsikko: | The market value of debt, market versus book value of debt, and returns to assets |
| Lehti: | Financial Management
1997 : SPRING, VOL. 26:1, p. 5-21 |
| Asiasana: | FINANCIAL MANAGEMENT DEBT ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | Empirical research typically relies on book rather than market value of debt, though theory is virtually always in terms of market values. This paper documents how book value measurements of debt distort debt-equity ratios and cost of capital calculations. The authors focus on three key issues. First, mismeasurement can influence cross-sectional studies of capital structure, though the errors introduced may not be important because the cross-sectional correlation is very high each month between book and market-based measures. |
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