haku: @author Choi, J. J. / yhteensä: 6
viite: 3 / 6
| Tekijä: | Choi, J. J. Fabozzi, F. J. Yaari, U. |
| Otsikko: | Optimum Corporate Leverage with Risky Debt: A Demand Approach |
| Lehti: | Journal of Financial Research
1989 : SUMMER, VOL. 12:2, p.129-142 |
| Asiasana: | FINANCING |
| Kieli: | eng |
| Tiivistelmä: | Traditional models of corporate interior optimum leverage are based on institutional schemes such as taxes, bankruptcy and agency costs. Theories of leverage indifference in the presence of risky debt depend on various features of perfect and complete markets as well as on the assumption that all investors hold a uniform portfolio. In the present model the optimum is derived as a result of a fundamental risk-return trade off for investors who hold nonuniform portfolios of risky equity and debt claims in the absence of market mechanism, forcing leverage indifference. |
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