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Contingent capital, capital structure and investment
The North American Journal of Economics and Finance, 2015We examine the interaction between investment and financing policies in a dynamic model for a firm with existing assets-in-place and a growth option, of which investment cost is financed with equity and contingent convertible bond (CoCo). We attempt to clarify how CoCo impacts on investment timing, capital structure and the inefficiencies arising from ...
Yingxian Tan, Zhaojun Yang
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Social Capital and Capital Structure
SSRN Electronic Journal, 2020I demonstrate that in the context of a Modigliani-Miller-type model that a firm financing social capital and physical capital will favor equity financing over debt financing without bankruptcy. With bankruptcy, debt financing will be used, but equity financing will be favored by firms that use large amounts of social capital, as it will increase their ...
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Empirical corporate capital structure
SSRN Electronic Journal, 2022Corporate capital structure has been a key, challenging puzzle for finance for more than 50 years. Why do firms use the observed financing methods? The literature has developed useful ideas and a much-improved sense of the relevant facts to solve this puzzle.
Frank, Murray, Goyal, Vidhan
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2007
Abstract Debt is bad, right? Persons who have not studied economics, particularly the economics of finance, are likely to agree that debt is bad. While it may sometimes be necessary for a firm to borrow money to finance a new project, clearly the sooner the debt is paid off, the wealthier the firm’s shareholders will be. For a particular
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Abstract Debt is bad, right? Persons who have not studied economics, particularly the economics of finance, are likely to agree that debt is bad. While it may sometimes be necessary for a firm to borrow money to finance a new project, clearly the sooner the debt is paid off, the wealthier the firm’s shareholders will be. For a particular
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Working Capital and Capital Structure
2020This chapter attempted to investigate how working capital and its components affect capital structure decisions of 1681 Indian MSMEs across a period of 12 years (2006–2017). The chapter results confirm that working capital and its components have a significant impact on both long-term and short-term debt use.
Nufazil Altaf, Farooq Ahmad Shah
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Liquidity and Capital Structure
SSRN Electronic Journal, 2009Abstract We examine the relation between equity market liquidity and capital structure. We find that firms with more liquid equity have lower leverage and prefer equity financing when raising capital. For example, after sorting firms into size quintiles and then into liquidity quintiles, the average debt-to-asset ratio of the most liquid quintiles is
Marc L. Lipson, Sandra Mortal
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