Sinking Funds and the Agency Costs of Corporate Debt
作者:
Chihwa Kao,
Chunchi Wu,
期刊:
Financial Review
(WILEY Available online 1990)
卷期:
Volume 25,
issue 1
页码: 95-113
ISSN:0732-8516
年代: 1990
DOI:10.1111/j.1540-6288.1990.tb01290.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis paper examines whether a firm's sinking fund decision is affected by agency costs. The paper argues that sinking funds can be an effective device to resolve the problems of information asymmetry, risk incentives, and suboptimal investments. Empirical tests are provided. Results show that firms with certain characteristics related to agency problems tend to adopt a sinking fund provision in the bond indenture.
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