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Why leverage affects pricing

delete2008-05-26
delete15
PRE
AI
P
Pegaret Pichler
A
Alex Stomper *
C
Christine Zulehner
DOI：10.1093/rfs/hhn048delete
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摘要

摘要

En 中文
We explain and provide evidence for effects of leverage on pricing. Our model identifies two effects that either counteract or reinforce each other, depending on the debt maturity structure: (i) firms set higher prices (underinvest in market share) if they have more debt, and (ii) firms engage in dynamic risk-shifting by setting lower (higher) prices if the current debt obligation will be higher (lower) in the next period than in the present period. Using a unique dataset of owner-managed hotels in Austrian ski resorts, we provide empirical evidence of both effects.
Keyword:
PRODUCT MARKET COMPETITION
CAPITAL STRUCTURE
FINANCIAL STRUCTURE
OLIGOPOLY
BEHAVIOR
EXIT
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期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

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