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| Tekijä: | Bianco, M. Nicodano, G |
| Otsikko: | Pyramidal groups and debt |
| Lehti: | European Economic Review
2006 : MAY, VOL. 50:4, p. 937-961 |
| Asiasana: | bankruptcy capital structure of companies debt groups |
| Kieli: | eng |
| Tiivistelmä: | This article proposes that a parent holding company of a business group should raise debt through its subsidiaries in order to exploit its limited liability. According to the author, debt should not be raised this way beyond a point where the parent company would also default when subsidiaries are insolvent. In their empirical examination, the authors find that parent holding companies in Italy are more leveraged than their subsidiaries, which is consistent with the model. |
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