Showing 1 - 10 of 12
Persistent link: https://www.econbiz.de/10011346805
Persistent link: https://www.econbiz.de/10012122870
Persistent link: https://www.econbiz.de/10012133953
Persistent link: https://www.econbiz.de/10011751773
Persistent link: https://www.econbiz.de/10014583601
Persistent link: https://www.econbiz.de/10010197673
This paper investigates how capital structure dynamics depend on “systematic” adjustment costs proxied by market imperfections and macroeconomic conditions in a cross-country setting. We document substantial variations in firms' capital structure adjustments across countries as well as over...
Persistent link: https://www.econbiz.de/10013083069
Debt-type compensation (i.e., inside debt) exacerbates the divergence in risk preference between the CEO and shareholders that in turn affects the firm's capital structure decisions. An excessively risk-averse CEO uses debt that falls short of the shareholders' desired level, and is eager to...
Persistent link: https://www.econbiz.de/10013000976
Morellec, Nikolov, and Schürhoff (2012) predict that a self-interested manager prefers a leverage level that is lower than the shareholders' desired level, and effective corporate governance encourages timely capital structure rebalancing. In a U.S. sample during 1996-2008, we confirm that both...
Persistent link: https://www.econbiz.de/10013007954
This article investigates how “systematic” adjustment costs proxied by market imperfections, and macroeconomic conditions affect capital structure dynamics in a cross-country setting. We document substantial variations in firms' capital structure adjustments across countries and,...
Persistent link: https://www.econbiz.de/10012919079