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Corporate capital structure actions
Journal of Banking & Finance, 2016Existing empirical models of corporate leverage do a good job of predicting the cross section pattern of debt and equity repurchases. However, they do a poor job predicting debt and equity issuing. To improve the performance we use a large number of macroeconomic variables in reduced rank regression to estimate leverage targets based on firm-specific ...
Murray Z. Frank, Tao Shen
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Capital Structure Puzzle [PDF]
, 1984 This paper contrasts the "static tradeoff" and "pecking order" theories of capital structure choice by corporations. In the static tradeoff theory, optimal capital structure is reached when the tax advantage to borrowing is balanced, at the margin, by costs of financial distress.
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International Capital Structure Equilibrium
The Journal of Finance, 1990ABSTRACTThis paper develops a theory of capital structure in an international setting with corporate and personal taxes. We generalize the Miller analysis to an international equilibrium characterized by differential international taxation and inflation in otherwise perfect international capital markets.
Hodder, James E, Senbet, Lemma W
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Firm-Specific Human Capital and Optimal Capital Structure
International Economic Review, 1994Summary: We consider the moral hazard in managers undersupplying imperfectly- marketable firm-specific human capital. Firms may cope by granting long- term wage contracts that protect managers against employment termination. Although ex ante efficient, these contracts may be ex post inefficient when managerial ability is discovered to be low ...
Jaggia, Priscilla Butt, Thakor, Anjan V
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Capital Structure under Heterogeneous Beliefs
Review of Finance, 2010Abstract We develop a structural model to quantitatively analyze the effects of asymmetric beliefs and agency conflicts on capital structure. Capital structure reflects the dynamic tradeoff between the positive incentive effects of managerial optimism and the negative effects of risk-sharing costs.
Hae Won (Henny) Jung, Ajay Subramanian
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Capital, Wages and Structural Unemployment
The Economic Journal, 1969Abstract This chapter explores the dynamics of a one-sector economy with (i) A generalized Phillips curve, letting wages or changes in wages be affected by the unemployment rate. (ii) Wages (including possibly the profile of future expected wages) affect not just savings but the capital intensity of newly installed machines (once ...
Akerlof, George A, Stiglitz, Joseph E
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Capital Ownership, Capital Structure, and Capital Markets
2021David Higgins, Steven Toms
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