FINANCING INNOVATIONS AND CAPITAL STRUCTURE CHOICES
The last two decades have seen a stream of innovation in financial markets, especially in corporate bonds. Some of these innovations-notably, hybrid debt-have provided firms with more flexibility in designing cash flows on borrowings, allowing them to match cash flows on financing more closely to cash flows on assets. In so doing, the use of such innovative securities has increased corporate debt capacity and hence firm value. 1999 Morgan Stanley.
Year of publication: |
1999
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Authors: | Damodaran, Aswath |
Published in: |
Journal of Applied Corporate Finance. - Morgan Stanley, ISSN 1078-1196. - Vol. 12.1999, 1, p. 28-39
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Publisher: |
Morgan Stanley |
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