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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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Liquidity and Capital Structure
2006This paper solves for a firm's optimal cash holding policy within a continuous time, contingent claims framework that has been extended to incorporate most of the significant contracting frictions that have been identified in the corporate finance literature.
Ronald W. Anderson, Andrew Carverhill
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