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Human Capital, Bankruptcy, and Capital Structure [PDF]
The Journal of Finance, 2008 ABSTRACTWe derive the optimal labor contract for a levered firm in an economy with perfectly competitive capital and labor markets. Employees become entrenched under this contract and so face large human costs of bankruptcy. The firm's optimal capital structure therefore depends on the trade‐off between these human costs and the tax benefits of debt ...
Jonathan B. Berk +2 more
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Collateral and capital structure [PDF]
Journal of Financial Economics, 2012 We develop a dynamic model of investment, capital structure, leasing, and risk management based on firms' need to collateralize promises to pay with tangible assets. Both financing and risk management involve promises to pay subject to collateral constraints. Leasing is strongly collateralized costly financing and permits greater leverage.
S. Viswanathan, Adriano Rampini
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The Theory of Capital Structure [PDF]
The Journal of Finance, 1991 ABSTRACTThis paper surveys capital structure theories based on agency costs, asymmetric information, product/input market interactions, and corporate control considerations (but excluding tax‐based theories). For each type of model, a brief overview of the papers surveyed and their relation to each other is provided. The central papers are described in
Harris, Milton, Raviv, Artur
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Does the Source of Capital Affect Capital Structure? [PDF]
SSRN Electronic Journal, 2003 Empirical examinations of capital structure have led some to conclude that firms are underlevered. Implicit in this argument and much of the empirical work on leverage is the assumption that the availability of incremental capital depends solely on the risk of the firm's cash flows and characteristics of the firm.
Michael Faulkender, Mitchell A. Petersen
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Securitization and Banks’ Capital Structure [PDF]
Review of Corporate Finance Studies, 2015 La titulizacion de activos ofrece a los bancos la posibilidad de alterar su estructura de capital y el proceso de intermediacion financiera. Este trabajo muestra que la introduccion de la titulizacion esta asociada con cambios fundamentales en la politica de captacion de fondos de los bancos.
Andres Almazan +2 more
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Capital Accumulation and Structural Transformation [PDF]
SSRN Electronic Journal, 2017 AbstractSeveral scholars argue that high agricultural productivity can retard industrial development because it draws resources toward the comparative advantage sector, agriculture. However, agricultural productivity growth can increase savings and the supply of capital, generating an expansion of the capital-intensive sector, manufacturing.
Bustos, Paula +2 more
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Capital Structure and Factors Affecting Capital Structure
, 2022 Capital structure decisions are perhaps one of the most important decisions taken by financial managers. It is one of the important and challenging issues in corporate finance. What should be the appropriate mix of debt and equity in capital structure. The answer to this question has been debated in different literatures pertaining to capital structure
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A New Test of Capital Structure [PDF]
SSRN Electronic Journal, 2004 We report results of a new test of the financing of large and indivisible projects - arguably the focus of most capital structure theory. We develop a filter that identifies investment spikes in a large population of firms. Consistent with the pecking-order theory we find that projects are predominantly financed with debt, particularly in large and ...
Colin Mayer, Oren Sussman
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The Capital Structure Puzzle [PDF]
The Journal of Finance, 1984 The Capital Structure Puzzle Author(s): Stewart C. Myers Source: The Journal of Finance, Vol. 39, No. 3, Papers and Proceedings, Forty-Second Annual Meeting, American Finance Association, San Francisco, CA, December 28-30, 1983 (Jul., 1984), pp. 575-592 Published by: Blackwell Publishing for the American Finance Association Stable URL: http://www.jstor.
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Climate Risk and Capital Structure [PDF]
SSRN Electronic Journal, 2019 We use firm-level data that measure forward-looking physical climate risk to examine the impact of climate risk on capital structure. We find that greater physical climate risk leads to lower leverage in the post-2015 period (i.e., after the Paris Agreement and the first step of standardization of disclosure of climate risk information).
Edith Ginglinger, Quentin Moreau
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