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Leaning against the wind : debt financing in the face of adversity
Brennan, Michael J.; Kraft, Holger - 2015
We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider three possible explanations: market timing, precautionary financing, and...
Persistent link: https://www.econbiz.de/10011434790
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Leaning against the wind : debt financing in the face of adversity
Brennan, Michael J.; Kraft, Holger - 2016
We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider three possible explanations: market timing, precautionary financing, and...
Persistent link: https://www.econbiz.de/10012061872
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Latent assets
Brennan, Michael J. - In: The journal of finance : the journal of the American … 45 (1990) 3, pp. 709-730
Persistent link: https://www.econbiz.de/10001091008
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Optimal portfolios with stochastic short rate : pitfalls when the short rate is non-Gaussian or the market price of risk is unbounded
Kraft, Holger - In: International journal of theoretical and applied finance 12 (2009) 6, pp. 767-796
Persistent link: https://www.econbiz.de/10003911240
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Elasticity approach to portfolio optimization
Kraft, Holger - In: Mathematical methods of operations research 58 (2003) 1, pp. 159-182
Persistent link: https://www.econbiz.de/10001788410
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Optimal portfolios with stochastic interest rates and defaultable assets
Kraft, Holger - 2004
Persistent link: https://www.econbiz.de/10002018962
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International risk sharing and capital mobility
Solnik, Bruno; Brennan, Michael J. - 1989
Persistent link: https://www.econbiz.de/10000759167
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The equilibrium term structure of lease rates
Brennan, Michael J.; Kraus, Alan - 1982
Persistent link: https://www.econbiz.de/10000878991
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Underpricing, ownership and control in initial public offerings of equity securities in the UK
Brennan, Michael J.; Franks, Julian R. - 1995
Persistent link: https://www.econbiz.de/10000554609
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Project flexibility, agency, and competition : new developments in the theory and application of real options
Brennan, Michael J. (ed.) - 2000 - 1. [print.]
Persistent link: https://www.econbiz.de/10000671069