메뉴 건너뛰기




Volumn 20, Issue 5, 2007, Pages 1389-1428

Can the trade-off theory explain debt structure?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 34548538310     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/revfin/hhl047     Document Type: Article
Times cited : (175)

References (54)
  • 2
    • 84960551914 scopus 로고
    • The Anatomy of Financial Distress: An Examination of Junk Bond Issuers
    • Asquith, P., R. Gertner, and D. S. Scharfstein. 1994. The Anatomy of Financial Distress: An Examination of Junk Bond Issuers. Quarterly Journal Economics 109:625-58.
    • (1994) Quarterly Journal Economics , vol.109 , pp. 625-658
    • Asquith, P.1    Gertner, R.2    Scharfstein, D.S.3
  • 3
    • 0042172943 scopus 로고    scopus 로고
    • Ex Ante Costs of Violating Absolute Priority in Bankruptcy
    • Bebchuk, L. A. 2002. Ex Ante Costs of Violating Absolute Priority in Bankruptcy. Journal of Finance 57:445-60.
    • (2002) Journal of Finance , vol.57 , pp. 445-460
    • Bebchuk, L.A.1
  • 4
    • 84960577852 scopus 로고
    • Short-term versus Long-Term Interests: Capital Structure with Multiple Investors
    • Berglöf, E., and E. von Thadden. 1994. Short-term versus Long-Term Interests: Capital Structure with Multiple Investors. Quarterly Journal Economics 109:1055-84.
    • (1994) Quarterly Journal Economics , vol.109 , pp. 1055-1084
    • Berglöf, E.1    von Thadden, E.2
  • 5
    • 38249029174 scopus 로고
    • An Investigation of Cost Differences between Public Sales and Private Placements of Debt
    • Blackwell, D., and D. Kidwell. 1988. An Investigation of Cost Differences between Public Sales and Private Placements of Debt. Journal of Financial Economics 22:253-78.
    • (1988) Journal of Financial Economics , vol.22 , pp. 253-278
    • Blackwell, D.1    Kidwell, D.2
  • 6
    • 0008560908 scopus 로고
    • Optimal Financial Policy and Firm Valuation
    • Brennan, M. J., and E. S. 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.J.1    Schwartz, E.S.2
  • 8
    • 9644261679 scopus 로고
    • Distinguishing Debt from Equity in the Junk Bond Era
    • J. B. Shoven, and J. Waldfogel eds, Washington, DC: The Brookings Institution
    • Bulow, J. I., L. H. Summers, and V. P. Summers. 1990. Distinguishing Debt from Equity in the Junk Bond Era, in J. B. Shoven, and J. Waldfogel (eds), Debt, Taxes, and Corporate Restructuring. Washington, DC: The Brookings Institution.
    • (1990) Debt, Taxes, and Corporate Restructuring
    • Bulow, J.I.1    Summers, L.H.2    Summers, V.P.3
  • 9
    • 0012897039 scopus 로고
    • Working Paper, Board of Governors of the Federal Reserve System
    • Carey, M. 1995. Are Bank Loans Mispriced? Working Paper, Board of Governors of the Federal Reserve System.
    • (1995) Are Bank Loans Mispriced
    • Carey, M.1
  • 10
    • 34548533635 scopus 로고    scopus 로고
    • Strategic Actions, Capital Structure, and Credit Spreads: An Empirical Investigation
    • forthcoming
    • Davydenko, S., and I. Strebulaev. 2005. Strategic Actions, Capital Structure, and Credit Spreads: An Empirical Investigation. Journal of Finance forthcoming.
    • (2005) Journal of Finance
    • Davydenko, S.1    Strebulaev, I.2
  • 11
    • 0141538079 scopus 로고    scopus 로고
    • The Choice among Bank Debt, Non-bank Private Debt, and Public Debt: Evidence from New Corporate Borrowings
    • Denis, D. J., and V. T. Mihov. 2003. The Choice among Bank Debt, Non-bank Private Debt, and Public Debt: Evidence from New Corporate Borrowings. Journal of Financial Economics 70:3-28.
    • (2003) Journal of Financial Economics , vol.70 , pp. 3-28
    • Denis, D.J.1    Mihov, V.T.2
  • 13
    • 0039004405 scopus 로고    scopus 로고
    • Debt Valuation, Renegotiation, and Optimal Dividend Policy
    • Fan, H., and S. M. Sundaresan. 2000. Debt Valuation, Renegotiation, and Optimal Dividend Policy. Review of Financial Studies 13:1057-99.
    • (2000) Review of Financial Studies , vol.13 , pp. 1057-1099
    • Fan, H.1    Sundaresan, S.M.2
  • 14
    • 84977723030 scopus 로고
    • Dynamic Capital Structure Choice: Theory and Evidence
    • Fischer, E. O., R. Heinkel, and J. Zechner. 1989. Dynamic Capital Structure Choice: Theory and Evidence. Journal of Finance 44:19-40.
    • (1989) Journal of Finance , vol.44 , pp. 19-40
    • Fischer, E.O.1    Heinkel, R.2    Zechner, J.3
  • 15
    • 0842294212 scopus 로고    scopus 로고
    • Capital Structure and Asset Prices: Some Effects of Bankruptcy Procedures
    • Francois, P., and E. Morellec. 2004. Capital Structure and Asset Prices: Some Effects of Bankruptcy Procedures. Journal of Business 77:387-411.
    • (2004) Journal of Business , vol.77 , pp. 387-411
    • Francois, P.1    Morellec, E.2
  • 16
    • 49749121365 scopus 로고    scopus 로고
    • Tradeoff and Pecking Order Theories of Debt
    • E. Eckbo ed, New York: Elsevier
    • Frank, M. Z., and V. K. Goyal. 2005. Tradeoff and Pecking Order Theories of Debt, in E. Eckbo (ed.), Handbook of Empirical Corporate Finance. New York: Elsevier.
    • (2005) Handbook of Empirical Corporate Finance
    • Frank, M.Z.1    Goyal, V.K.2
  • 17
    • 84977706668 scopus 로고
    • An Empirical Investigation of U.S. Firms in Reorganization
    • Franks, J., and W. N. Torous. 1989. An Empirical Investigation of U.S. Firms in Reorganization. Journal of Finance 44:747-69.
    • (1989) Journal of Finance , vol.44 , pp. 747-769
    • Franks, J.1    Torous, W.N.2
  • 18
    • 0000309092 scopus 로고
    • A Comparison of Financial Recontracting in Distressed Exchanges and Chapter 11 Reorganizations
    • Franks, J., and W. N. Torous. 1994. A Comparison of Financial Recontracting in Distressed Exchanges and Chapter 11 Reorganizations. Journal of Financial Economics 35:349-70.
    • (1994) Journal of Financial Economics , vol.35 , pp. 349-370
    • Franks, J.1    Torous, W.N.2
  • 19
    • 84977716040 scopus 로고
    • A Theory of Workouts and the Effect of Reorganization Law
    • Gertner, R. H., and D. S. Scharfstein. 1991. A Theory of Workouts and the Effect of Reorganization Law. Journal of Finance 46:1189-222.
    • (1991) Journal of Finance , vol.46 , pp. 1189-1222
    • Gertner, R.H.1    Scharfstein, D.S.2
  • 21
    • 18044403859 scopus 로고    scopus 로고
    • An EBIT-based Model of Dynamic Capital Structure
    • Goldstein, R. S., N. Ju, and H. E. Leland. 2001. An EBIT-based Model of Dynamic Capital Structure. Journal of Business 74:483-512.
    • (2001) Journal of Business , vol.74 , pp. 483-512
    • Goldstein, R.S.1    Ju, N.2    Leland, H.E.3
  • 22
    • 0040362553 scopus 로고    scopus 로고
    • How Big Are the Tax Benefits of Debt
    • Graham, J. R. 2000. How Big Are the Tax Benefits of Debt. Journal of Finance 55:1901-41.
    • (2000) Journal of Finance , vol.55 , pp. 1901-1941
    • Graham, J.R.1
  • 23
    • 84977721089 scopus 로고
    • The Theory of Capital Structure
    • Harris, M., and A. Raviv. 1991. The Theory of Capital Structure. Journal of Finance 46:297-355.
    • (1991) Journal of Finance , vol.46 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 25
    • 84960599817 scopus 로고
    • A Theory of Debt Based on the Inalienability of Human Capital
    • Hart, O., and J. H. Moore. 1994. A Theory of Debt Based on the Inalienability of Human Capital. Quarterly Journal of Economics 109:841-79.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 841-879
    • Hart, O.1    Moore, J.H.2
  • 26
    • 0000298642 scopus 로고
    • Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management
    • Hart, O., and J. H. Moore. 1995. Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management. American Economic Review 85:567-85.
    • (1995) American Economic Review , vol.85 , pp. 567-585
    • Hart, O.1    Moore, J.H.2
  • 27
    • 34548541528 scopus 로고    scopus 로고
    • Bargaining Power and Optimal Leverage
    • Hege, U., and P. Mella-Barral. 2000. Bargaining Power and Optimal Leverage. Finance 21:85-101.
    • (2000) Finance , vol.21 , pp. 85-101
    • Hege, U.1    Mella-Barral, P.2
  • 28
    • 23444434638 scopus 로고    scopus 로고
    • Repeated Dilution of Diffusely Held Debt
    • Hege, U., and P. Mella-Barral. 2005. Repeated Dilution of Diffusely Held Debt. Journal of Business 78:737-86.
    • (2005) Journal of Business , vol.78 , pp. 737-786
    • Hege, U.1    Mella-Barral, P.2
  • 30
    • 0011736481 scopus 로고    scopus 로고
    • Bank Information Monopolies and the Mix of Private and Public Debt Claims
    • Houston, J., and C. James. 1996. Bank Information Monopolies and the Mix of Private and Public Debt Claims. Journal of Finance 51:1863-89.
    • (1996) Journal of Finance , vol.51 , pp. 1863-1889
    • Houston, J.1    James, C.2
  • 31
    • 0039861975 scopus 로고    scopus 로고
    • An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure
    • Johnson, S. 1997. An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure. Journal of Financial and Quantitative Analysis 32:47-69.
    • (1997) Journal of Financial and Quantitative Analysis , vol.32 , pp. 47-69
    • Johnson, S.1
  • 33
    • 0000927941 scopus 로고    scopus 로고
    • Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt
    • Krishnaswami, S., P. Spindt, and V. Subramaniam. 1999. Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt. Journal of Financial Economics 51:407-34.
    • (1999) Journal of Financial Economics , vol.51 , pp. 407-434
    • Krishnaswami, S.1    Spindt, P.2    Subramaniam, V.3
  • 34
    • 28244478078 scopus 로고    scopus 로고
    • Do Firms Rebalance Their Capital Structures?
    • Leary, M. T., and M. R. Roberts. 2005. Do Firms Rebalance Their Capital Structures? Journal of Finance 60:2575-619.
    • (2005) Journal of Finance , vol.60 , pp. 2575-2619
    • Leary, M.T.1    Roberts, M.R.2
  • 35
    • 84993608428 scopus 로고
    • Corporate Debt Value, Bond Covenants and Optimal Capital Structure
    • Leland, H. E. 1994. Corporate Debt Value, Bond Covenants and Optimal Capital Structure. Journal of Finance 49:1213-52.
    • (1994) Journal of Finance , vol.49 , pp. 1213-1252
    • Leland, H.E.1
  • 37
    • 0347053114 scopus 로고    scopus 로고
    • The Role of Secured Credit in Small Business Lending
    • Mann, R. 1997. The Role of Secured Credit in Small Business Lending. Georgetown Law Journal 86:1-44.
    • (1997) Georgetown Law Journal , vol.86 , pp. 1-44
    • Mann, R.1
  • 38
    • 0033422956 scopus 로고    scopus 로고
    • The Dynamics of Default and Debt Reorganization
    • Mella-Barral, P. 1999. The Dynamics of Default and Debt Reorganization. Review of Financial Studies 12:535-78.
    • (1999) Review of Financial Studies , vol.12 , pp. 535-578
    • Mella-Barral, P.1
  • 40
    • 84944072660 scopus 로고
    • Debt and Taxes
    • Miller, M. 1977. Debt and Taxes. Journal of Finance 32:261-75.
    • (1977) Journal of Finance , vol.32 , pp. 261-275
    • Miller, M.1
  • 42
    • 0001058478 scopus 로고
    • Two-Person Cooperative Games
    • Nash, J. 1953. Two-Person Cooperative Games. Econometrica 21:128-40.
    • (1953) Econometrica , vol.21 , pp. 128-140
    • Nash, J.1
  • 44
    • 84977702514 scopus 로고
    • Insiders and outsiders: The Choice Between Informed and Arm's Length Debt
    • Rajan, R. G. 1992. Insiders and outsiders: The Choice Between Informed and Arm's Length Debt. Journal of Finance 47:1367-400.
    • (1992) Journal of Finance , vol.47 , pp. 1367-1400
    • Rajan, R.G.1
  • 45
    • 84993839747 scopus 로고
    • What Do We Know About Capital Structure? Some Evidence from International Data
    • Rajan, R. G., and L. Zingales. 1995. What Do We Know About Capital Structure? Some Evidence from International Data. Journal of Finance 50:1421-60.
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.G.1    Zingales, L.2
  • 46
    • 0032351170 scopus 로고    scopus 로고
    • Monitoring, Liquidation, and Security Design
    • Repullo, R., and J. Suarez. 1998. Monitoring, Liquidation, and Security Design. Review of Financial Studies 11:163-87.
    • (1998) Review of Financial Studies , vol.11 , pp. 163-187
    • Repullo, R.1    Suarez, J.2
  • 47
    • 0003019549 scopus 로고
    • Perfect Equilibrium in a Bargaining Model
    • Rubinstein, A. 1982. Perfect Equilibrium in a Bargaining Model. Econometrica 50:97-109.
    • (1982) Econometrica , vol.50 , pp. 97-109
    • Rubinstein, A.1
  • 48
    • 0346422513 scopus 로고    scopus 로고
    • Priority Contracts and Priority in Bankruptcy
    • Schwartz, A. 1997. Priority Contracts and Priority in Bankruptcy. Cornell Law Review 82:1396-419.
    • (1997) Cornell Law Review , vol.82 , pp. 1396-1419
    • Schwartz, A.1
  • 49
    • 84977346105 scopus 로고
    • Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment
    • Smith, C. W. Jr., and J. B. Warner. 1979. Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment. Journal of Finance 34:247-51.
    • (1979) Journal of Finance , vol.34 , pp. 247-251
    • Smith Jr., C.W.1    Warner, J.B.2
  • 50
    • 34548538435 scopus 로고    scopus 로고
    • Do Tests of Capital Structure Theory Mean What They Say?
    • forthcoming
    • Strebulaev, I. 2004. Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance forthcoming.
    • (2004) Journal of Finance
    • Strebulaev, I.1
  • 52
    • 0041847617 scopus 로고
    • Bankruptcy Resolution: Direct Costs and Violation of Priority of Claims
    • Weiss, L. A. 1990. Bankruptcy Resolution: Direct Costs and Violation of Priority of Claims. Journal of Financial Economics 13:137-51.
    • (1990) Journal of Financial Economics , vol.13 , pp. 137-151
    • Weiss, L.A.1
  • 53
    • 0031501456 scopus 로고    scopus 로고
    • Why is Bank Debt Senior? A Theory of Asymmetry and Claim Priority based on Influence Costs
    • Welch, I. 1997. Why is Bank Debt Senior? A Theory of Asymmetry and Claim Priority based on Influence Costs. Review of Financial Studies 10:1203-36.
    • (1997) Review of Financial Studies , vol.10 , pp. 1203-1236
    • Welch, I.1
  • 54
    • 34548522622 scopus 로고    scopus 로고
    • White, M. J. 1996. The Costs of Corporate Bankruptcy: A U.S.-European Comparison, in J. S. Bhandari, and L. A. Weiss (eds), Corporate Bankruptcy: Economic and Legal Perspectives. New York: Cambrige University Press.
    • White, M. J. 1996. The Costs of Corporate Bankruptcy: A U.S.-European Comparison, in J. S. Bhandari, and L. A. Weiss (eds), Corporate Bankruptcy: Economic and Legal Perspectives. New York: Cambrige University Press.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.