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Maturity Rationing and Collective Short-Termism

Milbradt, Konstantin - 2015

shorter maturity projects, inducing them to change their investments as well. In equilibrium, investment is inefficiently …

Persistent link: https://www.econbiz.de/10013037063

The Asymmetry Between Growth Opportunities and Debt Maturity Structure

Alhudhaif, Eyad - 2021

relation between a firm's debt maturity structure choice and its growth opportunities. Firms with high pre-pandemic exposure to … growth-inducing factors obtained from 10-K filings have increased debt maturity and are more likely to exercise a call on … to adjust their debt maturity structure. Further, the increase in debt maturity following exogenous changes in growth …

Persistent link: https://www.econbiz.de/10013214384

Debt Maturity and the Cost of Capital

Downs, Thomas W. - 2020

A new expression is derived in which the cost of capital is an explicit function of debt maturity structure and the …

Persistent link: https://www.econbiz.de/10012827543

Debt maturity structure and investment decisions : evidence of listed companies on Vietnam's stock market

Trang Van Thi Do; Thuy Duong Phan - In: Cogent economics & finance 10 (2022) 1, pp. 1-12

The article analyzes the impact of debt maturity structure and other factors on investment decisions of enterprises … database. S-GMM regression method is utilised to analyze the influence of debt maturity structure and other factors on … investment decisions of listed companies. The analysis results shows that the debt maturity structure has a positive impact on …

Persistent link: https://www.econbiz.de/10013464373

External financing and earnings management : evidence in Vietnam

Phuong Bui; Hai Ngo; Nguyen Khuong Vinh; Nguyen Thanh Liem - In: Cogent economics & finance 10 (2022) 1, pp. 1-16

This paper investigates the effect of external financing on earnings management in Vietnam, a bank-dominated economy. Using a sample of 494 listed non-financial firms from 2009 to 2018, we find that external financing is positively related to earnings management, implying that firms have...

Persistent link: https://www.econbiz.de/10014500393

Disagreement and optimal security design

Ortner, Juan M.; Schmalz, Martin C. - 2018

We study optimal security design when the issuer and market participants agree to disagree about the characteristics of the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement between issuer and investors, whereas tranching a...

Persistent link: https://www.econbiz.de/10011795041

The Causes of the Financial Crisis

Hellwig, Martin - In: CESifo Forum 09 (2008) 4, pp. 12-21

Persistent link: https://www.econbiz.de/10011695908

The Causes of the Financial Crisis

Hellwig, Martin - In: CESifo Forum 9 (2008) 4, pp. 12-21

Persistent link: https://www.econbiz.de/10005013148

The economic value of flexibility when there is disagreement

Boot, Arnoud W. A.; Thakor, Anjan V. - 2002

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that others disagree with. We show that flexibility is essentiallyan option for the decisionmaker, and can be valued as such. The value of the flexibilityoption is decreasing in...

Persistent link: https://www.econbiz.de/10011332819

Disagreement and flexibility : a theory of optimal security issuance and capital structure

Boot, Arnoud W. A.; Thakor, Anjan V. - 2002

In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The firm’s management valuesflexibility because it...

Persistent link: https://www.econbiz.de/10011332820