메뉴 건너뛰기




Volumn 53, Issue 4, 1998, Pages 1213-1243

Agency costs, risk management, and capital structure

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0002350933     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/0022-1082.00051     Document Type: Article
Times cited : (805)

References (57)
  • 2
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed
    • forthcoming
    • Andrade, G., and Steven Kaplan, 1998, How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed, Journal of Finance, forthcoming.
    • (1998) Journal of Finance
    • Andrade, G.1    Kaplan, S.2
  • 3
    • 84993839692 scopus 로고
    • The maturity structure of corporate debt
    • Barclay, Michael, and Clifford Smith, 1995, The maturity structure of corporate debt, Journal of Finance 50, 609-631.
    • (1995) Journal of Finance , vol.50 , pp. 609-631
    • Barclay, M.1    Smith, C.2
  • 4
    • 84977331446 scopus 로고
    • A rationale for debt maturity structure and call provisions in the agency theory framework
    • Barnea, A., Robert Haugen, and Lemma Senbet, 1980, A rationale for debt maturity structure and call provisions in the agency theory framework, Journal of Finance 35, 1223-1234.
    • (1980) Journal of Finance , vol.35 , pp. 1223-1234
    • Barnea, A.1    Haugen, R.2    Senbet, L.3
  • 5
    • 84944831925 scopus 로고
    • Valuing corporate securities: Some effects of bond indenture provisions
    • Black, Fischer, and John Cox, 1976, Valuing corporate securities: Some effects of bond indenture provisions, Journal of Finance 31, 351-367.
    • (1976) Journal of Finance , vol.31 , pp. 351-367
    • Black, F.1    Cox, J.2
  • 6
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black, Fischer, and Myron Scholes, 1973, The pricing of options and corporate liabilities, Journal of Political Economy 81, 637-654.
    • (1973) Journal of Political Economy , vol.81 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 7
    • 0001837326 scopus 로고
    • The use of interest rate futures and options by corporate financial managers
    • Block, S., and T. Gallagher, 1986, The use of interest rate futures and options by corporate financial managers, Financial Management 15, 73-78.
    • (1986) Financial Management , vol.15 , pp. 73-78
    • Block, S.1    Gallagher, T.2
  • 8
    • 21844522011 scopus 로고
    • Corporate finance over the past 25 years
    • Brennan, Michael, 1995, Corporate finance over the past 25 years, Financial Management 24, 9-22.
    • (1995) Financial Management , vol.24 , pp. 9-22
    • Brennan, M.1
  • 9
    • 0000636321 scopus 로고
    • Corporate taxes, valuation, and the problem of optimal capital structure
    • Brennan, Michael, and Eduardo Schwartz, 1978, Corporate taxes, valuation, and the problem of optimal capital structure, Journal of Business 51, 103-114.
    • (1978) Journal of Business , vol.51 , pp. 103-114
    • Brennan, M.1    Schwartz, E.2
  • 10
    • 0008560908 scopus 로고
    • Optimal financial policy and firm valuation
    • Brennan, Michael, and Eduardo Schwartz, 1984, Optimal financial policy and firm valuation, Journal of Finance 39, 593-607.
    • (1984) Journal of Finance , vol.39 , pp. 593-607
    • Brennan, M.1    Schwartz, E.2
  • 11
    • 0001603924 scopus 로고
    • Evaluating natural resource investment
    • Brennan, Michael, and Eduardo Schwartz, 1985, Evaluating natural resource investment, Journal of Business 58, 135-157.
    • (1985) Journal of Business , vol.58 , pp. 135-157
    • Brennan, M.1    Schwartz, E.2
  • 13
    • 0001430385 scopus 로고    scopus 로고
    • Pricing credit-sensitive debt when interest rates, credit ratings, and credit spreads are stochastic
    • Das, Sanjiv, and Peter Tufano, 1996, Pricing credit-sensitive debt when interest rates, credit ratings, and credit spreads are stochastic, Journal of Financial Engineering 5, 161-198.
    • (1996) Journal of Financial Engineering , vol.5 , pp. 161-198
    • Das, S.1    Tufano, P.2
  • 15
    • 0002771268 scopus 로고
    • The trajectory of corporate financial risk management
    • Dolde, Walter, 1993, The trajectory of corporate financial risk management, Journal of Applied Corporate Finance 6, 33-41.
    • (1993) Journal of Applied Corporate Finance , vol.6 , pp. 33-41
    • Dolde, W.1
  • 20
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: Theory and tests
    • Fischer, E., Robert Heinkel, and Josef Zechner, 1989, Dynamic capital structure choice: Theory and tests, Journal of Finance 44, 19-40.
    • (1989) Journal of Finance , vol.44 , pp. 19-40
    • Fischer, E.1    Heinkel, R.2    Zechner, J.3
  • 21
    • 84993843447 scopus 로고
    • Risk management: Coordinating investment and financing policies
    • Froot, Kenneth, David Scharfstein, and Jeremy Stein, 1993, Risk management: Coordinating investment and financing policies, Journal of Finance 48, 1629-1658.
    • (1993) Journal of Finance , vol.48 , pp. 1629-1658
    • Froot, K.1    Scharfstein, D.2    Stein, J.3
  • 24
    • 0002151171 scopus 로고
    • Asset substitution and the agency costs of debt financing
    • Green, Richard, and E. Talmor, 1986, Asset substitution and the agency costs of debt financing, Journal of Banking and Finance 10, 391-399.
    • (1986) Journal of Banking and Finance , vol.10 , pp. 391-399
    • Green, R.1    Talmor, E.2
  • 25
    • 84977721089 scopus 로고
    • The theory of optimal capital structure
    • Harris, Milton, and Artur Raviv, 1991, The theory of optimal capital structure, Journal of Finance 44, 297-355.
    • (1991) Journal of Finance , vol.44 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 26
    • 84993907181 scopus 로고
    • Pricing derivatives on financial securities subject to credit risk
    • Jarrow, Robert, and Stuart Turnbull, 1995, Pricing derivatives on financial securities subject to credit risk, Journal of Finance 50, 53-85.
    • (1995) Journal of Finance , vol.50 , pp. 53-85
    • Jarrow, R.1    Turnbull, S.2
  • 27
    • 0031514515 scopus 로고    scopus 로고
    • A Markov model for the term structure of credit risk spreads
    • Jarrow, Robert, David Lando, and Stuart Turnbull, 1997, A Markov model for the term structure of credit risk spreads, Review of Financial Studies 10, 481-523.
    • (1997) Review of Financial Studies , vol.10 , pp. 481-523
    • Jarrow, R.1    Lando, D.2    Turnbull, S.3
  • 28
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen, Michael, and William Meckling, 1976, Theory of the firm: Managerial behavior, agency costs, and ownership structure, Journal of Financial Economics 4, 305-360.
    • (1976) Journal of Financial Economics , vol.4 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 29
    • 84887676364 scopus 로고
    • Contingent claims analysis of corporate capital structures: An empirical investigation
    • Jones, Edward, Scott Mason, and Eric Rosenfeld, 1984, Contingent claims analysis of corporate capital structures: An empirical investigation, Journal of Finance 39, 611-627.
    • (1984) Journal of Finance , vol.39 , pp. 611-627
    • Jones, E.1    Mason, S.2    Rosenfeld, E.3
  • 30
    • 0040156657 scopus 로고
    • How big is the tax advantage to debt?
    • Kane, A., A. Marcus, and Robert McDonald, 1984, How big is the tax advantage to debt?, Journal of Finance 39, 841-852.
    • (1984) Journal of Finance , vol.39 , pp. 841-852
    • Kane, A.1    Marcus, A.2    McDonald, R.3
  • 31
    • 0005776183 scopus 로고
    • Does default risk in coupons affect the valuation of corporate bonds?: A contingent claims model
    • Kim, In Joon., Krishna Ramaswamy, and Suresh Sundaresan, 1993, Does default risk in coupons affect the valuation of corporate bonds?: A contingent claims model, Financial Management 22, 117-131.
    • (1993) Financial Management , vol.22 , pp. 117-131
    • Kim, I.J.1    Ramaswamy, K.2    Sundaresan, S.3
  • 32
    • 84993608428 scopus 로고
    • Debt value, bond covenants, and optimal capital structure
    • Leland, Hayne, 1994a, Debt value, bond covenants, and optimal capital structure, Journal of Finance 49, 1213-1252.
    • (1994) Journal of Finance , vol.49 , pp. 1213-1252
    • Leland, H.1
  • 34
    • 0039021357 scopus 로고    scopus 로고
    • Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads
    • Leland, Hayne, and Klaus Toft, 1996, Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads, Journal of Finance 51, 987-1019.
    • (1996) Journal of Finance , vol.51 , pp. 987-1019
    • Leland, H.1    Toft, K.2
  • 35
    • 0009937607 scopus 로고
    • Discussion
    • Long, John, 1974, Discussion, Journal of Finance 29, 485-488.
    • (1974) Journal of Finance , vol.29 , pp. 485-488
    • Long, J.1
  • 36
    • 84993865629 scopus 로고
    • A simple approach to valuing risky debt
    • Longstaff, Francis, and Eduardo Schwartz, 1995, A simple approach to valuing risky debt, Journal of Finance 50, 789-821.
    • (1995) Journal of Finance , vol.50 , pp. 789-821
    • Longstaff, F.1    Schwartz, E.2
  • 37
    • 0003471337 scopus 로고
    • Working paper 94-16, The Wharton Financial Institutions Center, University of Pennsylvania
    • Madan, Dilip, and H. Unal, 1994, Pricing the risks of default, Working paper 94-16, The Wharton Financial Institutions Center, University of Pennsylvania.
    • (1994) Pricing the Risks of Default
    • Madan, D.1    Unal, H.2
  • 38
    • 84993907215 scopus 로고
    • Interactions of corporate financing and investment decisions: A dynamic framework
    • Mauer, David, and Alexander Triantis, 1994, Interactions of corporate financing and investment decisions: A dynamic framework, Journal of Finance 49, 1253-1277.
    • (1994) Journal of Finance , vol.49 , pp. 1253-1277
    • Mauer, D.1    Triantis, A.2
  • 40
    • 0001095412 scopus 로고
    • On the corporate demand for insurance
    • Mayers, David, and Clifford Smith, 1982, On the corporate demand for insurance, Journal of Business 55, 281-296.
    • (1982) Journal of Business , vol.55 , pp. 281-296
    • Mayers, D.1    Smith, C.2
  • 42
    • 84993660676 scopus 로고
    • Measuring the agency cost of debt
    • Mello, Antonio, and John Parsons, 1992, Measuring the agency cost of debt, Journal of Finance 47, 1887-1904.
    • (1992) Journal of Finance , vol.47 , pp. 1887-1904
    • Mello, A.1    Parsons, J.2
  • 43
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: The risk structure of interest rates
    • Merton, Robert, 1974, On the pricing of corporate debt: The risk structure of interest rates, Journal of Finance 29, 449-469.
    • (1974) Journal of Finance , vol.29 , pp. 449-469
    • Merton, R.1
  • 45
    • 84944072660 scopus 로고
    • Debt and taxes
    • Miller, Merton, 1977, Debt and taxes, Journal of Finance 32, 261-275.
    • (1977) Journal of Finance , vol.32 , pp. 261-275
    • Miller, M.1
  • 46
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani, Franco, and Merton Miller, 1958, The cost of capital, corporation finance and the theory of investment, American Economic Review 48, 267-297.
    • (1958) American Economic Review , vol.48 , pp. 267-297
    • Modigliani, F.1    Miller, M.2
  • 47
    • 0000687546 scopus 로고
    • Corporate income taxes and the cost of capital: A correction
    • Modigliani, Franco, and Merton Miller, 1963, Corporate income taxes and the cost of capital: A correction, American Economic Review 53, 433-443.
    • (1963) American Economic Review , vol.53 , pp. 433-443
    • Modigliani, F.1    Miller, M.2
  • 48
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, Stewart, 1977, Determinants of corporate borrowing, Journal of Financial Economics 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 54
    • 0039470546 scopus 로고    scopus 로고
    • The determinants of corporate debt maturity structure
    • Stohs, Mark, and David Mauer, 1996, The determinants of corporate debt maturity structure, Journal of Business 69, 279-312.
    • (1996) Journal of Business , vol.69 , pp. 279-312
    • Stohs, M.1    Mauer, D.2
  • 55
    • 0009169278 scopus 로고    scopus 로고
    • Who manages risk? An empirical examination of risk management practices in the gold mining industry
    • Tufano, Peter, 1996, Who manages risk? An empirical examination of risk management practices in the gold mining industry, Journal of Finance 51, 1097-1137.
    • (1996) Journal of Finance , vol.51 , pp. 1097-1137
    • Tufano, P.1
  • 56
    • 84971922446 scopus 로고
    • The relation between risk and optimal debt maturity and the value of leverage
    • Wiggins, J., 1990, The relation between risk and optimal debt maturity and the value of leverage, Journal of Financial and Quantitative Analysis 25, 377-386.
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , pp. 377-386
    • Wiggins, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.