Dynamic Capital Structure Choice: Theory and Tests
作者:
EDWIN O. FISCHER,
ROBERT HEINKEL,
JOSEF ZECHNER,
期刊:
The Journal of Finance
(WILEY Available online 1989)
卷期:
Volume 44,
issue 1
页码: 19-40
ISSN:0022-1082
年代: 1989
DOI:10.1111/j.1540-6261.1989.tb02402.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
ABSTRACTThis paper develops a model of dynamic capital structure choice in the presence of recapitalization costs. The theory provides the optimal dynamic recapitalization policy as a function of firm‐specific characteristics. We find that even small recapitalization costs lead to wide swings in a firm's debt ratio over time. Rather than static leverage measures, we use the observed debt ratiorangeof a firm as an empirical measure of capital structure relevance. The results of empirical tests relating firms' debt ratio ranges to firm‐specific features strongly support the theoretical model of relevant capital structure choice in a dynamic sett
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