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Dynamic Capital Structure Choice: Theory and Tests
The Journal of Finance, 1989ABSTRACTThis paper develops a model of dynamic capital structure choice in the presence of recapitalization costs. The theory provides the optimal dynamic recapitalization policy as a function of firm‐specific characteristics. We find that even small recapitalization costs lead to wide swings in a firm's debt ratio over time.
Fischer, Edwin O +2 more
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Hospital Capital Structure Decisions: Theory and Practice
Health Services Management Research, 1993The paper explores capitalisation decisions within the hospital sector. This is done theoretically by examining the appropriateness of capital structure theory of hospitals and also in a real world context of soliciting the views of hospital chief financial officers.
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THE INSIGNIFICANCE OF BANKRUPTCY COSTS TO THE THEORY OF OPTIMAL CAPITAL STRUCTURE
The Journal of Finance, 1978IN THEIR PATHBREAKING PAPER some 20 years ago, Modigliani and Miller (MM) demonstrated the irrelevance of capital structure to the value of the firm in a taxless world. Their later article (1963) correctly accounts for the effect of taxes and proves that debt financing increases the value of the firm through what effectively amounts to a government ...
Haugen, Robert A, Senbet, Lemma W
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The Capital Structure of Insurers: Theory and Evidence
SSRN Electronic Journal, 1998This paper develops and tests a theory of insurers' choice of the mix of equity and liabilities. We first develop the simplest model of an insurance market with costly equity, in a two-period setting. For equity to have any role in an insurance market there must be aggregate uncertainty, or dependence among insured risks; the absence of a law of large ...
Dajiang Guo, Ralph A. Winter
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A Theory of Capital Structure Relevance under Imperfect Information
The Journal of Finance, 1982ABSTRACTFirms raise debt and equity capital to finance a positive net present value project in perfectly competitive capital markets; firm insiders know the function generating the random firm cash flow but potential capital suppliers do not. Taking into account the incentives of insiders to misrepresent their firm type, capital suppliers attempt to ...
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Application of capital structure theories: a systematic review
Journal of Advances in Management Research, 2021Smita Kashiramka
exaly
Capital Structure Theories and Determinants of Capital Structure of the Turkish Banking System
2021This study aims to determine the capital structure theories that the sector is related to by examing the capital structure determinants of the banking sector in Turkey. In this context, the data set covering the years 2002 and 2020 of 14 banks operating in Turkey was organized and analyzed by panel data analysis method.
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Capital structure and firm performance: Agency theory application to Mediterranean aquaculture firms
Aquaculture, Economics and Management, 2021Rasmus Nielsen +2 more
exaly
Ambiguity and the Tradeoff Theory of Capital Structure
Management Science, 2022Jaime F. Zender +2 more
exaly