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Debt dynamics
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DOI：10.1111/j.1540-6261.2005.00758.x.png)
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摘要
En 中文
We develop a dynamic trade-off model with endogenous choice of leverage, distributions, and real investment in the presence of a graduated corporate income tax, individual taxes on interest and corporate distributions, financial distress costs, and equity flotation costs. We explain several empirical findings inconsistent with the static trade-off theory. We show there is no target leverage ratio, firms can be savers or heavily levered, leverage is path dependent, leverage is decreasing in lagged liquidity, and leverage varies negatively with an external finance weighted average Q. Using estimates of structural parameters, we find that simulated model moments match data moments.
Keyword:
CAPITAL STRUCTURE CHOICE
MARGINAL TAX RATE
VECTOR AUTOREGRESSIONS
AGENCY COSTS
PANEL DATA
INVESTMENT
DETERMINANTS
BANKRUPTCY
VALUATION
LIQUIDITY
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期刊
IF:
9.5
论文数:
4.0K
被引数:
5.0W
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