메뉴 건너뛰기




Volumn 89, Issue 2, 2008, Pages 232-252

Can real options explain financing behavior?

Author keywords

Capital structure; Corporate tax; Real options

Indexed keywords


EID: 50249176980     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2007.11.003     Document Type: Article
Times cited : (57)

References (46)
  • 1
    • 0001320055 scopus 로고
    • A unified model of the investment under uncertainty
    • Abel A.B., and Eberly J.C. A unified model of the investment under uncertainty. American Economic Review 84 (1994) 1368-1384
    • (1994) American Economic Review , vol.84 , pp. 1368-1384
    • Abel, A.B.1    Eberly, J.C.2
  • 2
    • 50249164144 scopus 로고    scopus 로고
    • Auerbach, A., 2001. Taxation and corporate financial policy. Unpublished working paper, NBER.
    • Auerbach, A., 2001. Taxation and corporate financial policy. Unpublished working paper, NBER.
  • 3
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker P.M., and Wurgler J. Market timing and capital structure. Journal of Finance 57 (2002) 1-32
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, P.M.1    Wurgler, J.2
  • 5
  • 6
    • 0007980113 scopus 로고    scopus 로고
    • Optimal investment, growth options and security returns
    • Berk J.B., Naik V., and Green R.C. Optimal investment, growth options and security returns. Journal of Finance 54 (1999) 1553-1607
    • (1999) Journal of Finance , vol.54 , pp. 1553-1607
    • Berk, J.B.1    Naik, V.2    Green, R.C.3
  • 7
    • 50249097168 scopus 로고    scopus 로고
    • Brennan, M.J., 1986. Costless financing policies under asymmetric information. Unpublished working paper, UCLA.
    • Brennan, M.J., 1986. Costless financing policies under asymmetric information. Unpublished working paper, UCLA.
  • 8
    • 0008560908 scopus 로고
    • Optimal financial policy and firm valuation
    • Brennan M.J., and Schwartz E.S. Optimal financial policy and firm valuation. Journal of Finance 39 (1984) 593-607
    • (1984) Journal of Finance , vol.39 , pp. 593-607
    • Brennan, M.J.1    Schwartz, E.S.2
  • 9
    • 33750166646 scopus 로고    scopus 로고
    • On the relation between the market-to-book ratio, growth opportunity, and leverage ratio
    • Chen L., and Zhao X. On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters 3 (2006) 253-266
    • (2006) Finance Research Letters , vol.3 , pp. 253-266
    • Chen, L.1    Zhao, X.2
  • 11
  • 13
    • 0000822794 scopus 로고
    • Super contact and related optimality conditions
    • Dumas B. Super contact and related optimality conditions. Journal of Economic Dynamics and Control 15 (1991) 675-685
    • (1991) Journal of Economic Dynamics and Control , vol.15 , pp. 675-685
    • Dumas, B.1
  • 14
    • 0036116031 scopus 로고    scopus 로고
    • Testing trade-off and pecking order predictions about dividends and debt
    • Fama E.F., and French K.R. Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies 15 (2002) 1-33
    • (2002) Review of Financial Studies , vol.15 , pp. 1-33
    • Fama, E.F.1    French, K.R.2
  • 15
    • 0000928969 scopus 로고
    • Risk, return and equilibrium: empirical tests
    • Fama E.F., and MacBeth J.D. Risk, return and equilibrium: empirical tests. Journal of Political Economy 81 (1973) 607-636
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.F.1    MacBeth, J.D.2
  • 16
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: theory and tests
    • Fischer E.O., Heinkel R., and Zechner J. Dynamic capital structure choice: theory and tests. Journal of Finance 44 (1989) 19-39
    • (1989) Journal of Finance , vol.44 , pp. 19-39
    • Fischer, E.O.1    Heinkel, R.2    Zechner, J.3
  • 17
    • 18044403859 scopus 로고    scopus 로고
    • An EBIT-based model of dynamic capital structure
    • Goldstein R., Ju N., and Leland H. An EBIT-based model of dynamic capital structure. Journal of Business 74 (2001) 483-511
    • (2001) Journal of Business , vol.74 , pp. 483-511
    • Goldstein, R.1    Ju, N.2    Leland, H.3
  • 18
    • 0040362553 scopus 로고    scopus 로고
    • How big are the tax benefits of debt?
    • Graham J.R. How big are the tax benefits of debt?. Journal of Finance 55 (2000) 1901-1940
    • (2000) Journal of Finance , vol.55 , pp. 1901-1940
    • Graham, J.R.1
  • 20
    • 33751234796 scopus 로고    scopus 로고
    • Capital structure, credit risk, and macroeconomic conditions
    • Hackbarth D., Miao J., and Morellec E. Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics 82 (2006) 519-550
    • (2006) Journal of Financial Economics , vol.82 , pp. 519-550
    • Hackbarth, D.1    Miao, J.2    Morellec, E.3
  • 21
    • 0000939170 scopus 로고
    • Tobin's marginal and average q: a neoclassical interpretation
    • Hayashi F. Tobin's marginal and average q: a neoclassical interpretation. Econometrica 50 (1982) 213-224
    • (1982) Econometrica , vol.50 , pp. 213-224
    • Hayashi, F.1
  • 22
    • 50249167036 scopus 로고    scopus 로고
    • Hennessy, C., Tserlukevich, Y., 2006. Taxation, agency conflicts, and the choice between callable and convertible bonds. Journal of Economic Theory, forthcoming.
    • Hennessy, C., Tserlukevich, Y., 2006. Taxation, agency conflicts, and the choice between callable and convertible bonds. Journal of Economic Theory, forthcoming.
  • 24
    • 34547890741 scopus 로고    scopus 로고
    • How costly is external financing: evidence from structural estimation
    • Hennessy C., and Whited T. How costly is external financing: evidence from structural estimation. Journal of Finance 62 (2007) 1705-1747
    • (2007) Journal of Finance , vol.62 , pp. 1705-1747
    • Hennessy, C.1    Whited, T.2
  • 25
    • 0001066475 scopus 로고
    • The agency costs of free cash flow: corporate finance and takeovers
    • Jensen M.C. The agency costs of free cash flow: corporate finance and takeovers. American Economic Review 76 (1986) 323-329
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 26
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M.C., and Meckling W.H. 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.C.1    Meckling, W.H.2
  • 28
    • 0035511291 scopus 로고    scopus 로고
    • An equilibrium model of irreversible investment
    • Kogan L. An equilibrium model of irreversible investment. Journal of Financial Economics 62 (2001) 201-245
    • (2001) Journal of Financial Economics , vol.62 , pp. 201-245
    • Kogan, L.1
  • 29
    • 50249095001 scopus 로고    scopus 로고
    • Kurshev, A., Strebulaev, I.A., 2006. Firm size and capital structure. Unpublished working paper, London Business School and Stanford Graduate School of Business.
    • Kurshev, A., Strebulaev, I.A., 2006. Firm size and capital structure. Unpublished working paper, London Business School and Stanford Graduate School of Business.
  • 30
    • 28244478078 scopus 로고    scopus 로고
    • Do firms rebalance their capital structure?
    • Leary M., and Roberts M. Do firms rebalance their capital structure?. Journal of Finance 60 (2005) 2575-2619
    • (2005) Journal of Finance , vol.60 , pp. 2575-2619
    • Leary, M.1    Roberts, M.2
  • 31
    • 84993608428 scopus 로고
    • Corporate debt value, bond covenants, and optimal capital structure
    • Leland H.E. Corporate debt value, bond covenants, and optimal capital structure. Journal of Finance 49 (1994) 1213-1252
    • (1994) Journal of Finance , vol.49 , pp. 1213-1252
    • Leland, H.E.1
  • 32
    • 84993907215 scopus 로고
    • Interaction of corporate financing and investment decisions: a dynamic framework
    • Mauer D.C., and Triantis A.J. Interaction of corporate financing and investment decisions: a dynamic framework. Journal of Finance 49 (1994) 1253-1277
    • (1994) Journal of Finance , vol.49 , pp. 1253-1277
    • Mauer, D.C.1    Triantis, A.J.2
  • 34
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani F., and Miller M. The cost of capital, corporation finance and the theory of investment. American Economic Review 48 (1958) 267-297
    • (1958) American Economic Review , vol.48 , pp. 267-297
    • Modigliani, F.1    Miller, M.2
  • 35
    • 0000687546 scopus 로고
    • Corporate income taxes and the cost of capital: a correction
    • Modigliani F., and Miller M. Corporate income taxes and the cost of capital: a correction. American Economic Review (1963) 261-297
    • (1963) American Economic Review , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 36
    • 0000497713 scopus 로고    scopus 로고
    • Asset liquidity, capital structure, and secured debt
    • Morellec E. Asset liquidity, capital structure, and secured debt. Journal of Financial Economics 61 (2001) 173-206
    • (2001) Journal of Financial Economics , vol.61 , pp. 173-206
    • Morellec, E.1
  • 37
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers S. Determinants of corporate borrowing. Journal of Financial Economics 5 (1977) 147-175
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 38
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan R.G., and Zingales L. What do we know about capital structure? Some evidence from international data. Journal of Finance 50 (1995) 1421-1460
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.G.1    Zingales, L.2
  • 40
    • 0000106113 scopus 로고    scopus 로고
    • Testing static trade-off against pecking order models of capital structure
    • Shyam-Sunder L., and Myers S. Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics 51 (1999) 219-244
    • (1999) Journal of Financial Economics , vol.51 , pp. 219-244
    • Shyam-Sunder, L.1    Myers, S.2
  • 41
    • 34547872054 scopus 로고    scopus 로고
    • Do tests of capital structure theory mean what they say?
    • Strebulaev I.A. Do tests of capital structure theory mean what they say?. Journal of Finance 62 (2007) 1747-1789
    • (2007) Journal of Finance , vol.62 , pp. 1747-1789
    • Strebulaev, I.A.1
  • 42
    • 50249169236 scopus 로고    scopus 로고
    • Sundaresan, S., Wang, N., 2006. Dynamic investment, capital structure, and debt overhang. Unpublished working paper, Columbia University.
    • Sundaresan, S., Wang, N., 2006. Dynamic investment, capital structure, and debt overhang. Unpublished working paper, Columbia University.
  • 43
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman S., and Wessels R. The determinants of capital structure choice. Journal of Finance 43 (1988) 1-19
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 44
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin J. A general equilibrium approach to monetary theory. Journal of Money, Credit, and Banking 1 (1969) 15-29
    • (1969) Journal of Money, Credit, and Banking , vol.1 , pp. 15-29
    • Tobin, J.1
  • 45
    • 52049121586 scopus 로고    scopus 로고
    • Tsyplakov, S., 2008. Investment frictions and leverage dynamics. Journal of Financial Economics, forthcoming. doi:10.1016/j.jfineco.2007.09.004.
    • Tsyplakov, S., 2008. Investment frictions and leverage dynamics. Journal of Financial Economics, forthcoming. doi:10.1016/j.jfineco.2007.09.004.
  • 46
    • 1842842960 scopus 로고    scopus 로고
    • Capital structure and stock returns
    • Welch I. Capital structure and stock returns. Journal of Political Economy 112 (2004) 106-131
    • (2004) Journal of Political Economy , vol.112 , pp. 106-131
    • Welch, I.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.