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The effect of leverage increases on real earnings management
, 2009 Irina Zagers-Mamedova
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The Leverage Ratchet Effect [PDF]
SSRN Electronic Journal, 2013 ABSTRACTFirms’ inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage even if the new debt is junior and would reduce ...
Anat R. Admati +3 more
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