haku: @indexterm CAPITAL STRUCTURE OF COMPANIES / yhteensä: 353
viite: 236 / 353
| Tekijä: | Williams, J. |
| Otsikko: | Perequisites, risk, and capital structure. |
| Lehti: | Journal of Finance
1987 : MAR, VOL. 42:1, p. 29-48 |
| Asiasana: | CAPITAL STRUCTURE OF COMPANIES FINANCE CAPITAL MARKETS FINANCIAL RISK |
| Kieli: | eng |
| Tiivistelmä: | In a corporate agency problem, perquisites and risk interact to produce novel, complex comparative statistics. For example, even if additional debt induces risk-neutral insiders to increase risk, they never seek to increase the market value of their stock, instead, insiders decrease the present value of their subsequent, conditionally optimal perquisites. Also the firms's optimal capital structure includes a risky bond with an agreement to remove insiders whenever the bond defaults. However, the optimal sharing between corporate claimants cannot be supported solely by securities such as bonds, stocks, options and their hybrids. |
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