메뉴 건너뛰기




Volumn 6, Issue 3, 2010, Pages 335-356

On the neutrality of debt in investment intensity

Author keywords

Capital structure; Investment intensity; Investment timing; Real options

Indexed keywords


EID: 77952421663     PISSN: 16142446     EISSN: 16142454     Source Type: Journal    
DOI: 10.1007/s10436-009-0137-7     Document Type: Article
Times cited : (18)

References (36)
  • 1
    • 0010656799 scopus 로고    scopus 로고
    • Options, the value of capital, and investment
    • Abel A. B., Dixit A. K., Eberly J. C., Pindyck R. S.: Options, the value of capital, and investment. Q J Econ 111, 753-777 (1996).
    • (1996) Q J Econ , vol.111 , pp. 753-777
    • Abel, A.B.1    Dixit, A.K.2    Eberly, J.C.3    Pindyck, R.S.4
  • 2
    • 0033483047 scopus 로고    scopus 로고
    • The timing and intensity of investment
    • Bar-Ilan A., Strange W. C.: The timing and intensity of investment. J Macroecon 21, 57-77 (1999).
    • (1999) J Macroecon , vol.21 , pp. 57-77
    • Bar-Ilan, A.1    Strange, W.C.2
  • 4
    • 0000636321 scopus 로고
    • Corporate income taxes, valuation, and the problem of optimal capital structure
    • Brennan M. J., Schwartz E. S.: Corporate income taxes, valuation, and the problem of optimal capital structure. J Bus 51, 103-114 (1978).
    • (1978) J Bus , vol.51 , pp. 103-114
    • Brennan, M.J.1    Schwartz, E.S.2
  • 5
    • 0000841044 scopus 로고
    • The intensity and timing of investment: The case of land
    • Capozza D. R., Li Y.: The intensity and timing of investment: the case of land. Am Econ Rev 84, 889-904 (1994).
    • (1994) Am Econ Rev , vol.84 , pp. 889-904
    • Capozza, D.R.1    Li, Y.2
  • 6
    • 0036163252 scopus 로고    scopus 로고
    • Optimal land development decisions
    • Capozza D. R., Li Y.: Optimal land development decisions. J Urban Econ 51, 123-142 (2002).
    • (2002) J Urban Econ , vol.51 , pp. 123-142
    • Capozza, D.R.1    Li, Y.2
  • 7
    • 19144371637 scopus 로고    scopus 로고
    • Interactions of corporate financing and investment decisions: The effects of agency conflicts
    • Childs P. D., Mauer D. C., Ott S. H.: Interactions of corporate financing and investment decisions: the effects of agency conflicts. J Financial Econ 76, 667-690 (2005).
    • (2005) J Financial Econ , vol.76 , pp. 667-690
    • Childs, P.D.1    Mauer, D.C.2    Ott, S.H.3
  • 8
    • 84977723895 scopus 로고
    • The effect of taxes and depreciation on corporate investment and financial leverage
    • Dammon R. M., Senbet L. W.: The effect of taxes and depreciation on corporate investment and financial leverage. J Finance 43, 357-373 (1988).
    • (1988) J Finance , vol.43 , pp. 357-373
    • Dammon, R.M.1    Senbet, L.W.2
  • 9
    • 34249891888 scopus 로고    scopus 로고
    • Switching to a poor business activity: Optimal capital structure, agency costs and covenant rules
    • Décamps J.-P., Djembissi B.: Switching to a poor business activity: optimal capital structure, agency costs and covenant rules. Ann Finance 3, 389-409 (2007).
    • (2007) Ann Finance , vol.3 , pp. 389-409
    • Décamps, J.-P.1    Djembissi, B.2
  • 11
    • 0038971147 scopus 로고
    • On the interaction of real and financial decisions of the firm under uncertainty
    • Dotan A., Ravid S. A.: On the interaction of real and financial decisions of the firm under uncertainty. J Finance 40, 501-517 (1985).
    • (1985) J Finance , vol.40 , pp. 501-517
    • Dotan, A.1    Ravid, S.A.2
  • 12
    • 18044403859 scopus 로고    scopus 로고
    • An EBIT-based model of dynamic capital structure
    • Goldstein R., Ju N., Leland H. E.: An EBIT-based model of dynamic capital structure. J Bus 74, 483-512 (2001).
    • (2001) J Bus , vol.74 , pp. 483-512
    • Goldstein, R.1    Ju, N.2    Leland, H.E.3
  • 13
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen M. C., Meckling W. H.: Theory of the firm: managerial behavior, agency costs and ownership structure. J Financial Econ 3, 305-360 (1976).
    • (1976) J Financial Econ , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 15
    • 84993608428 scopus 로고
    • Corporate debt value, bond covenants, and optimal capital structure
    • Leland H. E.: Corporate debt value, bond covenants, and optimal capital structure. J Finance 49, 1213-1252 (1994).
    • (1994) J Finance , vol.49 , pp. 1213-1252
    • Leland, H.E.1
  • 16
    • 14944358563 scopus 로고    scopus 로고
    • Real options, agency conflicts, and optimal capital structure
    • Mauer D. C., Sarkar S.: Real options, agency conflicts, and optimal capital structure. J Banking Finance 29, 1405-1428 (2005).
    • (2005) J Banking Finance , vol.29 , pp. 1405-1428
    • Mauer, D.C.1    Sarkar, S.2
  • 17
    • 84993907215 scopus 로고
    • Interactions of corporate financing and investment decisions: A dynamic framework
    • Mauer D. C., Triantis A. J.: Interactions of corporate financing and investment decisions: a dynamic framework. J Finance 49, 1253-1277 (1994).
    • (1994) J Finance , vol.49 , pp. 1253-1277
    • Mauer, D.C.1    Triantis, A.J.2
  • 18
    • 84960586010 scopus 로고
    • The value of waiting to invest
    • McDonald R., Siegel D.: The value of waiting to invest. Q J Econ 101, 707-727 (1986).
    • (1986) Q J Econ , vol.101 , pp. 707-727
    • McDonald, R.1    Siegel, D.2
  • 19
    • 84993660676 scopus 로고
    • Measuring the agency cost of debt
    • Mello A. S., Parsons J. E.: Measuring the agency cost of debt. J Finance 47, 1887-1904 (1992).
    • (1992) J Finance , vol.47 , pp. 1887-1904
    • Mello, A.S.1    Parsons, J.E.2
  • 20
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani F., Miller M. H.: The cost of capital, corporation finance and the theory of investment. Am Econ Rev 48, 261-297 (1958).
    • (1958) Am Econ Rev , vol.48 , pp. 261-297
    • Modigliani, F.1    Miller, M.H.2
  • 21
    • 0000497713 scopus 로고    scopus 로고
    • Asset liquidity, capital structure, and secured debt
    • Morellec E.: Asset liquidity, capital structure, and secured debt. J Financial Econ 61, 173-206 (2001).
    • (2001) J Financial Econ , vol.61 , pp. 173-206
    • Morellec, E.1
  • 22
    • 0000888844 scopus 로고
    • Irreversible investment, capacity choice, and the value of the firm
    • Pindyck R. S.: Irreversible investment, capacity choice, and the value of the firm. Am Econ Rev 78, 969-985 (1988).
    • (1988) Am Econ Rev , vol.78 , pp. 969-985
    • Pindyck, R.S.1
  • 23
    • 0000281418 scopus 로고
    • Irreversibility, uncertainty, and investment
    • Pindyck R. S.: Irreversibility, uncertainty, and investment. J Econ Liter 29, 1110-1148 (1991).
    • (1991) J Econ Liter , vol.29 , pp. 1110-1148
    • Pindyck, R.S.1
  • 24
    • 24144473135 scopus 로고    scopus 로고
    • The non-neutrality of debt in investment timing: A new NPV rule
    • Sabarwal T.: The non-neutrality of debt in investment timing: a new NPV rule. Ann Finance 1, 433-445 (2005).
    • (2005) Ann Finance , vol.1 , pp. 433-445
    • Sabarwal, T.1
  • 25
    • 0000993176 scopus 로고    scopus 로고
    • On the investment-uncertainty relationship in a real options model
    • Sarkar S.: On the investment-uncertainty relationship in a real options model. J Econ Dyn Control 24, 219-225 (2000).
    • (2000) J Econ Dyn Control , vol.24 , pp. 219-225
    • Sarkar, S.1
  • 26
    • 0037698043 scopus 로고    scopus 로고
    • The effect of mean reversion on investment under uncertainty
    • Sarkar S.: The effect of mean reversion on investment under uncertainty. J Econ Dyn Control 28, 377-396 (2003).
    • (2003) J Econ Dyn Control , vol.28 , pp. 377-396
    • Sarkar, S.1
  • 27
    • 44149104145 scopus 로고    scopus 로고
    • Can tax convexity be ignored in corporate financing decisions?
    • Sarkar S.: Can tax convexity be ignored in corporate financing decisions?. J Banking Finance 32, 1310-1321 (2008).
    • (2008) J Banking Finance , vol.32 , pp. 1310-1321
    • Sarkar, S.1
  • 28
    • 0242369744 scopus 로고    scopus 로고
    • The trade-off model with mean reverting earnings: Theory and empirical tests
    • Sarkar S., Zapatero F.: The trade-off model with mean reverting earnings: theory and empirical tests. Econ J 113, 834-860 (2003).
    • (2003) Econ J , vol.113 , pp. 834-860
    • Sarkar, S.1    Zapatero, F.2
  • 29
    • 0242534065 scopus 로고    scopus 로고
    • The expected return and exercise time of Merton-style real options
    • Shackleton M. B., Wojakowski R.: The expected return and exercise time of Merton-style real options. J Bus Finance Account 29, 541-555 (2002).
    • (2002) J Bus Finance Account , vol.29 , pp. 541-555
    • Shackleton, M.B.1    Wojakowski, R.2
  • 30
    • 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?. J Finance 62, 1747-1787 (2007).
    • (2007) J Finance , vol.62 , pp. 1747-1787
    • Strebulaev, I.A.1
  • 31
    • 77952421100 scopus 로고    scopus 로고
    • Irreversible investment and discounting: An arbitrage pricing approach
    • in press
    • Thijssen, J. J. J.: Irreversible investment and discounting: an arbitrage pricing approach. Ann Finance 5, in press (2009).
    • (2009) Ann Finance , vol.5
    • Thijssen, J.J.J.1
  • 32
    • 50249176980 scopus 로고    scopus 로고
    • Can real options explain financing behavior?
    • Tserlukevich Y.: Can real options explain financing behavior?. J Financial Econ 89, 232-252 (2008).
    • (2008) J Financial Econ , vol.89 , pp. 232-252
    • Tserlukevich, Y.1
  • 33
    • 34248636540 scopus 로고    scopus 로고
    • The effect of uncertainty on investment timing in a real options model
    • Wong K. P.: The effect of uncertainty on investment timing in a real options model. J Econ Dyn Control 31, 2152-2167 (2007).
    • (2007) J Econ Dyn Control , vol.31 , pp. 2152-2167
    • Wong, K.P.1
  • 34
    • 43849110444 scopus 로고    scopus 로고
    • Does market demand volatility facilitate collusion?
    • Wong K. P.: Does market demand volatility facilitate collusion?. Econ Model 25, 696-703 (2008).
    • (2008) Econ Model , vol.25 , pp. 696-703
    • Wong, K.P.1
  • 35
    • 77952423052 scopus 로고    scopus 로고
    • The effects of irreversibility on the timing and intensity of lumpy investment
    • in press
    • Wong, K. P.: The effects of irreversibility on the timing and intensity of lumpy investment. Econ Model 26, in press (2009).
    • (2009) Econ Model , vol.26
    • Wong, K.P.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.