메뉴 건너뛰기




Volumn 52, Issue 1, 1997, Pages 161-196

Transactions costs and capital structure choice: Evidence from financially distressed firms

(1)  Gilson, Stuart C a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0005971306     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1540-6261.1997.tb03812.x     Document Type: Article
Times cited : (265)

References (70)
  • 2
    • 84977319052 scopus 로고
    • An analysis of risk and return characteristics of corporate bankruptcy using capital market data
    • Aharony, Joseph, Charles Jones, and Itzhak Swary, 1980, An analysis of risk and return characteristics of corporate bankruptcy using capital market data, Journal of France 35, 1001-1016.
    • (1980) Journal of France , vol.35 , pp. 1001-1016
    • Aharony, J.1    Jones, C.2    Swary, I.3
  • 4
    • 0039984023 scopus 로고
    • Bankruptcy and reorganization
    • Edward Altman, Ed., John Wiley & Sons, New York
    • Altman, Edward, 1986, Bankruptcy and reorganization, in Edward Altman, Ed., Handbook of Corporate Finance (John Wiley & Sons, New York).
    • (1986) Handbook of Corporate Finance
    • Altman, E.1
  • 7
    • 84960551914 scopus 로고
    • Anatomy of financial distress: An examination of junk-bond issuers
    • Asquith, Paul, Robert Gertner, and David Scharfstein, 1994, Anatomy of financial distress: An examination of junk-bond issuers, Quarterly Journal of Economics 109, 625-658.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 625-658
    • Asquith, P.1    Gertner, R.2    Scharfstein, D.3
  • 8
    • 0000621890 scopus 로고
    • Real determinants of corporate leverage
    • Benjamin Friedman, Ed., University of Chicago Press, Chicago
    • Auerbach, Alan, 1985, Real determinants of corporate leverage, in Benjamin Friedman, Ed., Corporate capital structures in the United States (University of Chicago Press, Chicago).
    • (1985) Corporate Capital Structures in the United States
    • Auerbach, A.1
  • 9
    • 84928507360 scopus 로고
    • A new approach to corporate reorganizations
    • Bebchuk, Lucian, 1988, A new approach to corporate reorganizations, Harvard Law Review 101, 775-804.
    • (1988) Harvard Law Review , vol.101 , pp. 775-804
    • Bebchuk, L.1
  • 10
    • 21844506410 scopus 로고
    • An empirical examination of prepackaged bankruptcy
    • Betker, Brian, 1995, An empirical examination of prepackaged bankruptcy, Financial Management 24, 3-18.
    • (1995) Financial Management , vol.24 , pp. 3-18
    • Betker, B.1
  • 11
    • 0002689871 scopus 로고
    • A theory of predation based on agency problems in financial contracting
    • Bolton, Patrick, and David Scharfstein, 1990, A theory of predation based on agency problems in financial contracting, American Economic Review 80, 93-106.
    • (1990) American Economic Review , vol.80 , pp. 93-106
    • Bolton, P.1    Scharfstein, D.2
  • 12
    • 0002932768 scopus 로고
    • Evidence on the existence and determinants of inter-industry differences in leverage
    • Bowen, Robert, Lane Daley, and Charles Huber, Jr., 1982, Evidence on the existence and determinants of inter-industry differences in leverage, Financial Management 11, 10-20.
    • (1982) Financial Management , vol.11 , pp. 10-20
    • Bowen, R.1    Daley, L.2    Huber C., Jr.3
  • 13
    • 84939793498 scopus 로고
    • On the existence of an optimal capital structure: Theory and evidence
    • Bradley, Michael, Greg Jarrell, and E. Han Kim, 1984, On the existence of an optimal capital structure: Theory and evidence, Journal of Finance 39, 857-878.
    • (1984) Journal of Finance , vol.39 , pp. 857-878
    • Bradley, M.1    Jarrell, G.2    Han Kim, E.3
  • 14
    • 84901371817 scopus 로고
    • The untenable case for chapter 11
    • Bradley, Michael, and Michael Rosenzweig, 1992, The untenable case for Chapter 11, The Yale Law Journal 101, 1043-1089.
    • (1992) The Yale Law Journal , vol.101 , pp. 1043-1089
    • Bradley, M.1    Rosenzweig, M.2
  • 15
    • 38249005126 scopus 로고
    • The information content of distressed restructurings involving public and private debt claims
    • Brown, Davis, Christopher James, and Robert Mooradian, 1993, The information content of distressed restructurings involving public and private debt claims, Journal of Financial Economics 33, 93-118.
    • (1993) Journal of Financial Economics , vol.33 , pp. 93-118
    • Brown, D.1    James, C.2    Mooradian, R.3
  • 18
    • 84993865621 scopus 로고
    • Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing
    • Chevalier, Judith, 1995, Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing, Journal of Finance 50, 1095-1112.
    • (1995) Journal of Finance , vol.50 , pp. 1095-1112
    • Chevalier, J.1
  • 19
    • 37649023213 scopus 로고
    • Optimal capital structure under corporate and personal taxation
    • DeAngelo, Harry, and Ronald Masulis, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics 8, 3-27.
    • (1980) Journal of Financial Economics , vol.8 , pp. 3-27
    • DeAngelo, H.1    Masulis, R.2
  • 20
    • 84977712208 scopus 로고
    • Dividend policy and financial distress: An empirical investigation of troubled NYSE firms
    • DeAngelo, Harry, and Linda DeAngelo, 1990, Dividend policy and financial distress: An empirical investigation of troubled NYSE firms, Journal of Finance 45, 1415-1432.
    • (1990) Journal of Finance , vol.45 , pp. 1415-1432
    • DeAngelo, H.1    DeAngelo, L.2
  • 21
    • 0040576924 scopus 로고
    • The investment banker's role in the workout process
    • DiNapoli, Dominic, Sanford Sigoloff, and Robert Cushman, Eds., Business One Irwin, Homewood, Ill
    • Evans, Carter, 1991, The investment banker's role in the workout process, in DiNapoli, Dominic, Sanford Sigoloff, and Robert Cushman, Eds., Workouts and turnarounds (Business One Irwin, Homewood, Ill).
    • (1991) Workouts and Turnarounds
    • Evans, C.1
  • 22
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: Theory and tests
    • Fischer, Edwin, 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
  • 23
    • 0000309092 scopus 로고
    • A comparison of financial recontracting in distressed exchanges and chapter 11 reorganizations
    • Franks, Julian, and Walter Torous, 1994, A comparison of financial recontracting in distressed exchanges and Chapter 11 reorganizations, Journal of Financial Economics 35, 349-370.
    • (1994) Journal of Financial Economics , vol.35 , pp. 349-370
    • Franks, J.1    Torous, W.2
  • 24
    • 84977716040 scopus 로고
    • A theory of workouts and the effects of reorganization law
    • Gertner, Robert, and David Scharfstein, 1991, A theory of workouts and the effects of reorganization law, Journal of Finance 46, 1189-1222.
    • (1991) Journal of Finance , vol.46 , pp. 1189-1222
    • Gertner, R.1    Scharfstein, D.2
  • 25
    • 45249128199 scopus 로고
    • Management turnover and financial distress
    • Gilson, Stuart, 1989, Management turnover and financial distress, Journal of Financial Economics 25, 241-262.
    • (1989) Journal of Financial Economics , vol.25 , pp. 241-262
    • Gilson, S.1
  • 26
    • 33845629684 scopus 로고
    • Bankruptcy, boards, banks, and blockholders
    • Gilson, Stuart, 1990, Bankruptcy, boards, banks, and blockholders, Journal of Financial Economics 26, 355-387.
    • (1990) Journal of Financial Economics , vol.26 , pp. 355-387
    • Gilson, S.1
  • 27
    • 0041171108 scopus 로고
    • Managing default: Some evidence on how firms choose between workouts and chapter 11
    • Gilson, Stuart, 1991, Managing default: Some evidence on how firms choose between workouts and Chapter 11, Journal of Applied Corporate Finance 4, 62-70.
    • (1991) Journal of Applied Corporate Finance , vol.4 , pp. 62-70
    • Gilson, S.1
  • 28
    • 0040576925 scopus 로고
    • Investing in distressed situations: A market survey
    • Gilson, Stuart, 1995, Investing in distressed situations: A market survey, Financial Analysts Journal 51, 8-27.
    • (1995) Financial Analysts Journal , vol.51 , pp. 8-27
    • Gilson, S.1
  • 29
    • 44949291946 scopus 로고
    • Troubled debt restructurings: An empirical study of private reorganization of firms in default
    • Gilson, Stuart, Kose John, and Larry Lang, 1990, Troubled debt restructurings: An empirical study of private reorganization of firms in default, Journal of Financial Economics 26, 315-353.
    • (1990) Journal of Financial Economics , vol.26 , pp. 315-353
    • Gilson, S.1    John, K.2    Lang, L.3
  • 30
    • 84993907786 scopus 로고
    • CEO compensation in financially distressed firms
    • Gilson, Stuart, and Michael Vetsuypens, 1993, CEO compensation in financially distressed firms, Journal of Finance 48, 425-458.
    • (1993) Journal of Finance , vol.48 , pp. 425-458
    • Gilson, S.1    Vetsuypens, M.2
  • 31
  • 32
    • 0003103803 scopus 로고
    • Corporate financial structure and managerial incentives
    • J. McCall, Ed., University of Chicago Press, Chicago
    • Grossman, Sanford, and Oliver Hart, 1982, Corporate financial structure and managerial incentives, in J. McCall, Ed., The Economics of Information and Uncertainty (University of Chicago Press, Chicago).
    • (1982) The Economics of Information and Uncertainty
    • Grossman, S.1    Hart, O.2
  • 34
    • 84993915039 scopus 로고
    • Post-bankruptcy performance and management turnover
    • Hotchkiss, Edith, 1995, Post-bankruptcy performance and management turnover, Journal of Finance 50, 3-22.
    • (1995) Journal of Finance , vol.50 , pp. 3-22
    • Hotchkiss, E.1
  • 35
    • 0011736481 scopus 로고    scopus 로고
    • Bank information monopolies and the mix of private and public debt claims
    • Houston, Joel, and Christopher James, 1996, Bank information monopolies and the mix of private and public debt claims, Journal of Finance 51, 1863-1889.
    • (1996) Journal of Finance , vol.51 , pp. 1863-1889
    • Houston, J.1    James, C.2
  • 36
    • 21844498977 scopus 로고
    • When do banks take equity in debt restructurings?
    • James, Christopher, 1995, When do banks take equity in debt restructurings?, Review of Financial Studies 8, 1209-1234.
    • (1995) Review of Financial Studies , vol.8 , pp. 1209-1234
    • James, C.1
  • 37
    • 0040517705 scopus 로고    scopus 로고
    • Bank debt restructurings and the composition of exchange offers in financial distress
    • James, Christopher, 1996, Bank debt restructurings and the composition of exchange offers in financial distress, Journal of Finance 51, 711-727.
    • (1996) Journal of Finance , vol.51 , pp. 711-727
    • James, C.1
  • 38
    • 84944838146 scopus 로고
    • Corporate behavior in adjusting to capital structure and dividend targets: An econometric study
    • Jalilvand, Abolhassan, and Robert Harris, 1984, Corporate behavior in adjusting to capital structure and dividend targets: An econometric study, Journal of Finance 39, 127-145.
    • (1984) Journal of Finance , vol.39 , pp. 127-145
    • Jalilvand, A.1    Harris, R.2
  • 39
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, Michael, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 40
    • 0001806740 scopus 로고
    • Active investors, LBOs, and the privatization of bankruptcy
    • Jensen, Michael, 1989, Active investors, LBOs, and the privatization of bankruptcy, Journal of Applied Corporate Finance 2, 235-244.
    • (1989) Journal of Applied Corporate Finance , vol.2 , pp. 235-244
    • Jensen, M.1
  • 41
    • 84993848601 scopus 로고
    • The modern industrial revolution and the challenge to internal control systems
    • Jensen, Michael, 1993, The modern industrial revolution and the challenge to internal control systems, Journal of Finance 48, 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.1
  • 42
    • 85033079204 scopus 로고
    • Damn the torpedos
    • June 10
    • Jereski, Laura, 1991, Damn the torpedos, Forbes, June 10, 66.
    • (1991) Forbes , pp. 66
    • Jereski, L.1
  • 43
    • 0040576926 scopus 로고
    • Step right up folks
    • March 4
    • Jereski, Laura, and Jason Zweig, 1991, Step right up folks, Forbes, March 4, 74-77.
    • (1991) Forbes , pp. 74-77
    • Jereski, L.1    Zweig, J.2
  • 44
    • 0039984005 scopus 로고
    • Bankruptcies, workouts, and turnarounds: A round-table discussion
    • Journal of Applied Corporate Finance, 1991, Bankruptcies, workouts, and turnarounds: A round-table discussion, 4, 34-61.
    • (1991) Journal of Applied Corporate Finance , vol.4 , pp. 34-61
  • 45
    • 0003143402 scopus 로고
    • Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis
    • Lang, Larry and René Stulz, 1992, Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis, Journal of Financial Economics 32, 45-60.
    • (1992) Journal of Financial Economics , vol.32 , pp. 45-60
    • Lang, L.1    Stulz, R.2
  • 46
    • 80155125570 scopus 로고
    • Bargaining over equity's share in the bankruptcy reorganization of large, publicly held companies
    • LoPucki, Lynn, and William Whitford, 1990, Bargaining over equity's share in the bankruptcy reorganization of large, publicly held companies, University of Pennsylvania Law Review 139, 125-196.
    • (1990) University of Pennsylvania Law Review , vol.139 , pp. 125-196
    • LoPucki, L.1    Whitford, W.2
  • 47
    • 21144463233 scopus 로고
    • Patterns in the bankruptcy reorganization of large, publicly held companies
    • LoPucki, Lynn, and William Whitford, 1993, Patterns in the bankruptcy reorganization of large, publicly held companies, Cornell Law Review 78, 597-618.
    • (1993) Cornell Law Review , vol.78 , pp. 597-618
    • LoPucki, L.1    Whitford, W.2
  • 48
    • 76649090844 scopus 로고
    • Do taxes affect corporate financing decisions?
    • MacKie-Mason, Jeffrey, 1990, Do taxes affect corporate financing decisions?, Journal of Finance 45, 1471-1493.
    • (1990) Journal of Finance , vol.45 , pp. 1471-1493
    • MacKie-Mason, J.1
  • 49
    • 84977702164 scopus 로고
    • Debt, agency costs, and industry equilibrium
    • Maksimovic, Vojislav, and Josef Zechner, 1991, Debt, agency costs, and industry equilibrium, Journal of Finance 46, 1619-1643.
    • (1991) Journal of Finance , vol.46 , pp. 1619-1643
    • Maksimovic, V.1    Zechner, J.2
  • 50
    • 0004176008 scopus 로고
    • Ballinger Publishing Company, Cambridge, Mass
    • Masulis, Ronald, 1988, The Debt/Equity Choice (Ballinger Publishing Company, Cambridge, Mass).
    • (1988) The Debt/Equity Choice
    • Masulis, R.1
  • 51
    • 0011697347 scopus 로고
    • Tax obstacles to voluntary corporate restructuring
    • Miller, Merton, 1991, Tax obstacles to voluntary corporate restructuring, Journal of Applied Corporate Finance 4, 20-23.
    • (1991) Journal of Applied Corporate Finance , vol.4 , pp. 20-23
    • Miller, M.1
  • 52
    • 84993905077 scopus 로고
    • The effect of bankruptcy protection on investment: Chapter 11 as a screening device
    • Mooradian, Robert, 1994, The effect of bankruptcy protection on investment: Chapter 11 as a screening device, Journal of Finance 49, 1403-1430.
    • (1994) Journal of Finance , vol.49 , pp. 1403-1430
    • Mooradian, R.1
  • 53
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, Stewart, 1984, The capital structure puzzle, Journal of Finance 39, 575-592.
    • (1984) Journal of Finance , vol.39 , pp. 575-592
    • Myers, S.1
  • 54
    • 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
  • 55
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, Stewart, and Nicholas Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 58
    • 84993839712 scopus 로고
    • Financial distress and corporate performance
    • Opler, Tim, and Sheridan Titman, 1994b, Financial distress and corporate performance, Journal of Finance 49, 1015-1040.
    • (1994) Journal of Finance , vol.49 , pp. 1015-1040
    • Opler, T.1    Titman, S.2
  • 59
    • 85033089393 scopus 로고
    • Allis-Chalmers's financial woes grow as company works on refinancing plan
    • February 20
    • Richards, Bill, and Kotlowitz, Alex, 1985, Allis-Chalmers's financial woes grow as company works on refinancing plan, The Wall Street Journal, February 20.
    • (1985) The Wall Street Journal
    • Richards, B.1    Kotlowitz, A.2
  • 60
    • 84926271494 scopus 로고
    • Bankruptcy and debt: A new model for corporate reorganization
    • Roe, Mark, 1983, Bankruptcy and debt: A new model for corporate reorganization, Columbia Law Review 83, 527-602.
    • (1983) Columbia Law Review , vol.83 , pp. 527-602
    • Roe, M.1
  • 61
    • 70350642007 scopus 로고
    • The voting prohibition in bond workouts
    • Roe, Mark, 1987, The voting prohibition in bond workouts, The Yale Law Journal 97, 232-279.
    • (1987) The Yale Law Journal , vol.97 , pp. 232-279
    • Roe, M.1
  • 62
    • 0002563407 scopus 로고
    • Political and legal restraints on ownership and control of public companies
    • Roe, Mark, 1990, Political and legal restraints on ownership and control of public companies, Journal of Financial Economics 27, 7-41.
    • (1990) Journal of Financial Economics , vol.27 , pp. 7-41
    • Roe, M.1
  • 63
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive signalling approach
    • Ross, Stephen, 1977, The determination of financial structure: The incentive signalling approach, Bell Journal of Economics 8, 23-40.
    • (1977) Bell Journal of Economics , vol.8 , pp. 23-40
    • Ross, S.1
  • 65
    • 84977721574 scopus 로고
    • Liquidation values and debt capacity: A market equilibrium approach
    • Shleifer, Andrei, and Robert Vishny, 1992, Liquidation values and debt capacity: A market equilibrium approach, Journal of Finance 47, 1343-1366.
    • (1992) Journal of Finance , vol.47 , pp. 1343-1366
    • Shleifer, A.1    Vishny, R.2
  • 66
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith, Clifford, and Ross Watts, 1992, The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics 32, 263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.1    Watts, R.2
  • 67
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, René, 1990, Managerial discretion and optimal financing policies, Journal of Financial Economics 26, 3-27.
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-27
    • Stulz, R.1
  • 68
    • 0029693531 scopus 로고    scopus 로고
    • Prepacks: An empirical analysis of prepackaged bankruptcies
    • Tashjian, Elizabeth, Ronald Lease, and John McConnell, 1996, Prepacks: An empirical analysis of prepackaged bankruptcies, Journal of Financial Economics 40, 135-162.
    • (1996) Journal of Financial Economics , vol.40 , pp. 135-162
    • Tashjian, E.1    Lease, R.2    McConnell, J.3
  • 69
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman, Sheridan, and Roberto Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1-19.
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 70
    • 85033088402 scopus 로고
    • Securities value conflict impedes Salant's chapter 11
    • June 24
    • Wilner, Rich, 1986, Securities value conflict impedes Salant's Chapter 11, Daily News Record, June 24.
    • (1986) Daily News Record
    • Wilner, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.