haku: @author Leland, H. E. / yhteensä: 8
viite: 2 / 8
Tekijä: | Leland, H. E. |
Otsikko: | Agency costs, risk management, and capital structure. |
Lehti: | Journal of Finance
1998 : AUG, VOL. 53:4, p. 1213-1243 |
Asiasana: | CAPITAL STRUCTURE OF COMPANIES FINANCIAL RISK AGENCIES |
Kieli: | eng |
Tiivistelmä: | The study examines the joint determination of capital structure and investment risk. Optimal capital structure reflects both the tax advantages of debt less default costs, and the agency costs resulting from asset substitution. Agency costs restrict leverage and debt maturity and increase yield spreads. Risk management is also examined. Hedging permits greater leverage. Hedging benefits often are greater when agency costs are low. |
SCIMA