메뉴 건너뛰기




Volumn 29, Issue 6, 2005, Pages 1405-1428

Real options, agency conflicts, and optimal capital structure

Author keywords

Capital structure; Overinvestment; Real options; Stockholder bondholder conflicts

Indexed keywords


EID: 14944358563     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2004.05.036     Document Type: Article
Times cited : (172)

References (27)
  • 1
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed
    • G. Andrade S. Kaplan How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed Journal of Finance 53 1998 1443-1493
    • (1998) Journal of Finance , vol.53 , pp. 1443-1493
    • Andrade, G.1    Kaplan, S.2
  • 2
    • 14944348996 scopus 로고    scopus 로고
    • A comparison of bankruptcy law among the G-7 nations: Implications for firm value and policy
    • Working Paper. American University
    • Armstrong, V.S., Riddick, L.A., 2001. A comparison of bankruptcy law among the G-7 nations: Implications for firm value and policy. Working Paper. American University
    • (2001)
    • Armstrong, V.S.1    Riddick, L.A.2
  • 3
    • 84977331446 scopus 로고
    • A rationale for debt maturity structure and call provisions in the agency theory framework
    • A. Barnea R. Haugen L. Senbet A rationale for debt maturity structure and call provisions in the agency theory framework Journal of Finance 35 1980 1223-1234
    • (1980) Journal of Finance , vol.35 , pp. 1223-1234
    • Barnea, A.1    Haugen, R.2    Senbet, L.3
  • 4
    • 14944351985 scopus 로고    scopus 로고
    • Are bond covenants priced?
    • Working Paper. Duke University
    • Bradley, M., Roberts, M.R., 2003. Are bond covenants priced? Working Paper. Duke University
    • (2003)
    • Bradley, M.1    Roberts, M.R.2
  • 5
    • 0008560908 scopus 로고
    • Optimal financial policy and firm valuation
    • M. Brennan E. Schwartz Optimal financial policy and firm valuation Journal of Finance 39 1984 593-607
    • (1984) Journal of Finance , vol.39 , pp. 593-607
    • Brennan, M.1    Schwartz, E.2
  • 6
    • 14944366755 scopus 로고    scopus 로고
    • Modeling loan commitments and liquidity crisis: Theory and estimation
    • Working Paper. Cornell University
    • Chava, S., 2003. Modeling loan commitments and liquidity crisis: Theory and estimation. Working Paper. Cornell University
    • (2003)
    • Chava, S.1
  • 7
    • 0039107315 scopus 로고    scopus 로고
    • Do credit spreads reflect stationary leverage ratios
    • P. Collin-Dufresne R.S. Goldstein Do credit spreads reflect stationary leverage ratios Journal of Finance 56 2001 1929-1957
    • (2001) Journal of Finance , vol.56 , pp. 1929-1957
    • Collin-Dufresne, P.1    Goldstein, R.S.2
  • 11
    • 0005071631 scopus 로고    scopus 로고
    • Asset substitution, debt pricing, optimal leverage and maturity
    • J. Ericsson Asset substitution, debt pricing, optimal leverage and maturity Finance 21 2000 39-70
    • (2000) Finance , vol.21 , pp. 39-70
    • Ericsson, J.1
  • 12
    • 0000309092 scopus 로고
    • A comparison of financial recontracting in distressed exchanges and Chapter 11 reorganizations
    • J. Franks W. Torous A comparison of financial recontracting in distressed exchanges and Chapter 11 reorganizations Journal of Financial Economics 35 1994 349-370
    • (1994) Journal of Financial Economics , vol.35 , pp. 349-370
    • Franks, J.1    Torous, W.2
  • 14
    • 0002151171 scopus 로고
    • Asset substitution and the agency costs of debt financing
    • R. Green E. Talmor Asset substitution and the agency costs of debt financing Journal of Banking and Finance 10 1986 391-399
    • (1986) Journal of Banking and Finance , vol.10 , pp. 391-399
    • Green, R.1    Talmor, E.2
  • 15
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • M. Jensen W. Meckling Theory of the firm: Managerial behavior, agency costs, and ownership structure Journal of Financial Economics 3 1976 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 16
    • 84993908989 scopus 로고
    • Top-management compensation and capital structure
    • T.A. John K. John Top-management compensation and capital structure Journal of Finance 48 1993 949-974
    • (1993) Journal of Finance , vol.48 , pp. 949-974
    • John, T.A.1    John, K.2
  • 17
    • 0042405183 scopus 로고    scopus 로고
    • Banks as liquidity providers: An explanation for the co-existence of lending and deposit-taking
    • A. Kashyap R. Rajan J. Stein Banks as liquidity providers: An explanation for the co-existence of lending and deposit-taking Journal of Finance 57 2002 33-73
    • (2002) Journal of Finance , vol.57 , pp. 33-73
    • Kashyap, A.1    Rajan, R.2    Stein, J.3
  • 18
    • 38249016491 scopus 로고
    • Technology, debt and the exploitation of growth options
    • M. Kim V. Maksimovic Technology, debt and the exploitation of growth options Journal of Banking and Finance 14 1990 1113-1131
    • (1990) Journal of Banking and Finance , vol.14 , pp. 1113-1131
    • Kim, M.1    Maksimovic, V.2
  • 19
    • 0002350933 scopus 로고    scopus 로고
    • Agency costs, risk measurement, and capital structure
    • H.E. Leland Agency costs, risk measurement, and capital structure Journal of Finance 53 1998 1213-1243
    • (1998) Journal of Finance , vol.53 , pp. 1213-1243
    • Leland, H.E.1
  • 20
    • 0039021357 scopus 로고    scopus 로고
    • Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads
    • H.E. Leland K.B. Toft Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads Journal of Finance 51 1996 987-1019
    • (1996) Journal of Finance , vol.51 , pp. 987-1019
    • Leland, H.E.1    Toft, K.B.2
  • 21
    • 0038125479 scopus 로고    scopus 로고
    • Interaction of debt agency problems and optimal capital structure: Theory and evidence
    • C.X. Mao Interaction of debt agency problems and optimal capital structure: Theory and evidence Journal of Financial and Quantitative Analysis 38 2003 399-423
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 399-423
    • Mao, C.X.1
  • 22
    • 0041352661 scopus 로고    scopus 로고
    • Agency costs, underinvestment, and optimal capital structure: The effect of growth options to expand
    • M.J. Brennan L. Trigeorgis (Eds.) Oxford University Press New York
    • D.C. Mauer S.H. Ott Agency costs, underinvestment, and optimal capital structure: The effect of growth options to expand. In: M.J. Brennan L. Trigeorgis (Eds.) Project Flexibility, Agency, and Competition 2000 Oxford University Press New York 151-180
    • (2000) Project Flexibility, Agency, and Competition , pp. 151-180
    • Mauer, D.C.1    Ott, S.H.2
  • 23
    • 84993660676 scopus 로고
    • Measuring the agency cost of debt
    • A. Mello J. Parsons Measuring the agency cost of debt Journal of Finance 47 1992 1887-1904
    • (1992) Journal of Finance , vol.47 , pp. 1887-1904
    • Mello, A.1    Parsons, J.2
  • 24
    • 14944372362 scopus 로고    scopus 로고
    • How big is the debt overhang problem?
    • Working Paper. University of Colorado
    • Moyen, N., 2002. How big is the debt overhang problem? Working Paper. University of Colorado
    • (2002)
    • Moyen, N.1
  • 25
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • S.C. Myers Determinants of corporate borrowing Journal of Financial Economics 5 1977 147-175
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 26
    • 0012235377 scopus 로고    scopus 로고
    • Measuring investment distortions arising from stockholder-bondholder conflicts
    • R. Parrino M.S. Weisbach Measuring investment distortions arising from stockholder-bondholder conflicts Journal of Financial Economics 53 1999 3-42
    • (1999) Journal of Financial Economics , vol.53 , pp. 3-42
    • Parrino, R.1    Weisbach, M.S.2
  • 27
    • 0242284067 scopus 로고    scopus 로고
    • A dynamic model of optimal capital structure
    • Working Paper. University of Texas
    • Titman, S., Tsyplakov, S., 2002. A dynamic model of optimal capital structure. Working Paper. University of Texas
    • (2002)
    • Titman, S.1    Tsyplakov, S.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.