메뉴 건너뛰기




Volumn 23, Issue 7, 2010, Pages 2591-2647

Temporary versus permanent shocks: Explaining corporate financial policies

Author keywords

[No Author keywords available]

Indexed keywords


EID: 77953837106     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhq039     Document Type: Article
Times cited : (55)

References (53)
  • 1
    • 36649034710 scopus 로고    scopus 로고
    • The risk-adjusted cost of financial distress
    • Almeida, H., and T. Philippon. 2007. The Risk-Adjusted Cost of Financial Distress. Journal of Finance 62:2557-2586
    • (2007) Journal of Finance , vol.62 , pp. 2557-2586
    • Almeida, H.1    Philippon, T.2
  • 2
    • 0000653986 scopus 로고
    • A further empirical investigation of the bankruptcy cost question
    • Altman, E. I. 1984. A Further Empirical Investigation of the Bankruptcy Cost Question. Journal of Finance 39:1067-1089
    • (1984) Journal of Finance , vol.39 , pp. 1067-1089
    • Altman, E.I.1
  • 3
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed
    • Andrade, G., and S. N. Kaplan. 1998. How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed. Journal of Finance 53:1443-1493 (Pubitemid 128344228)
    • (1998) Journal of Finance , vol.53 , Issue.5 , pp. 1443-1493
    • Andrade, G.1    Kaplan, S.N.2
  • 4
    • 84960551914 scopus 로고
    • Anatomy of financial distress: An examination of junk bond issuers
    • Asquith, P., R. Gertner, and D. 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
  • 6
    • 76549097242 scopus 로고    scopus 로고
    • The levered equity risk premium and credit spreads: A unified framework
    • Bhamra, H, L. Kühn, and I. A. Strebulaev. 2010a. The Levered Equity Risk Premium and Credit Spreads: A Unified Framework. Review of Financial Studies 23:645-703.
    • (2010) Review of Financial Studies , vol.23 , pp. 645-703
    • Bhamra, H.1    Kühn, L.2    Strebulaev, I.A.3
  • 7
    • 77953863692 scopus 로고    scopus 로고
    • The aggregate dynamics of capital structure and macroeconomic risk
    • forthcoming
    • Bhamra, H., L. Kühn, and I. A. Strebulaev. 2010b (forthcoming). The Aggregate Dynamics of Capital Structure and Macroeconomic Risk. Review of Financial Studies.
    • (2010) Review of Financial Studies
    • Bhamra, H.1    Kühn, L.2    Strebulaev, I.A.3
  • 8
    • 6344279463 scopus 로고    scopus 로고
    • Structural models and endogeneity in corporate finance
    • University of Utah
    • Coles, J., M. Lemmon, and F. Meschke. 2007. Structural Models and Endogeneity in Corporate Finance. Working Paper, University of Utah.
    • (2007) Working Paper
    • Coles, J.1    Lemmon, M.2    Meschke, F.3
  • 9
    • 0142188100 scopus 로고    scopus 로고
    • The determinants of underpricing for seasoned equity offers
    • Corwin, S. A. 2003. The Determinants of Underpricing for Seasoned Equity Offers, Journal of Finance 58:2249-2279
    • (2003) Journal of Finance , vol.58 , pp. 2249-2279
    • Corwin, S.A.1
  • 10
    • 41349091384 scopus 로고    scopus 로고
    • Double exponential jump diffusion process: A structural model of endogenous default barrier with roll-over debt structure
    • University Paris Dauphine
    • Dao, B., and M. Jeanblanc. 2006. Double Exponential Jump Diffusion Process: A Structural Model of Endogenous Default Barrier with Roll-Over Debt Structure. Working Paper, University Paris Dauphine.
    • (2006) Working Paper
    • Dao, B.1    Jeanblanc, M.2
  • 11
    • 34548597448 scopus 로고    scopus 로고
    • When do firms default? A study of the default boundary
    • University of Toronto
    • Davydenko, S. 2007. When Do Firms Default? A Study of the Default Boundary. Working Paper, University of Toronto.
    • (2007) Working Paper
    • Davydenko, S.1
  • 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 13:1057-1099
    • (2000) Review of Financial Studies , vol.13 , pp. 1057-1099
    • Fan, H.1    Sundaresan, S.M.2
  • 14
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • Faulkender, M., and M. A. Petersen. 2006. Does the Source of Capital Affect Capital Structure? Review of Financial Studies 19:45-79.
    • (2006) Review of Financial Studies , vol.19 , pp. 45-79
    • Faulkender, M.1    Petersen, M.A.2
  • 15
    • 84977723030 scopus 로고
    • Optimal dynamic capital structure choice: Theory and tests
    • Fischer, E. O., R. Heinkel, and J. Zechner. 1989. Optimal Dynamic Capital Structure Choice: Theory and Tests. 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
  • 16
    • 51749100246 scopus 로고    scopus 로고
    • The value of financial flexibility
    • Gamba, A., and A. Triantis. 2008a. The Value of Financial Flexibility. Journal of Finance 63:2263-2296
    • (2008) Journal of Finance , vol.63 , pp. 2263-2296
    • Gamba, A.1    Triantis, A.2
  • 17
    • 42649141145 scopus 로고    scopus 로고
    • Valuing corporate financing strategies
    • University of Maryland
    • Gamba, A., and A. Triantis. 2008b. Valuing Corporate Financing Strategies. Working Paper, University of Maryland.
    • (2008) Working Paper
    • Gamba, A.1    Triantis, A.2
  • 18
    • 0000868739 scopus 로고    scopus 로고
    • The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?
    • Givoly, D., and C. Hayn. 2000. The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative? Journal of Accounting and Economics 29:287-320.
    • (2000) Journal of Accounting and Economics , vol.29 , pp. 287-320
    • Givoly, D.1    Hayn, C.2
  • 19
    • 18044403859 scopus 로고    scopus 로고
    • An EBIT-Based Model of Dynamic Capital Structure
    • DOI 10.1086/322893
    • Goldstein, R., N. Ju, and H. E. Leland. 2001. An EBIT-Based Model of Dynamic Capital Structure. Journal of Business 74:483-512. (Pubitemid 33357091)
    • (2001) Journal of Business , vol.74 , Issue.4 , pp. 483-512
    • Goldstein, R.1    Ju, N.2    Leland, H.3
  • 20
    • 0000361825 scopus 로고    scopus 로고
    • Do personal taxes affect corporate financing decisions?
    • Graham, J. R. 1999. Do Personal Taxes Affect Corporate Financing Decisions? Journal of Public Economics 73:147-185
    • (1999) Journal of Public Economics , vol.73 , pp. 147-185
    • Graham, J.R.1
  • 21
    • 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 55:1901-1941
    • (2000) Journal of Finance , vol.55 , pp. 1901-1941
    • Graham, J.R.1
  • 22
    • 0344436678 scopus 로고    scopus 로고
    • Taxes and corporate finance: A review
    • Graham, J. R. 2003. Taxes and Corporate Finance: A Review. Review of Financial Studies 16:1075-1129
    • (2003) Review of Financial Studies , vol.16 , pp. 1075-1129
    • Graham, J.R.1
  • 23
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: Evidence from the field
    • Graham, J. R., and C. R. Harvey. 2001. The Theory and Practice of Corporate Finance: Evidence from the Field. Journal of Financial Economics 60:187-243.
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-243
    • Graham, J.R.1    Harvey, C.R.2
  • 25
    • 33751234796 scopus 로고    scopus 로고
    • Capital structure, credit risk, and macroeconomic conditions
    • Hackbarth, D., J. Miao, and E. Morellec. 2006. Capital Structure, Credit Risk, and Macroeconomic Conditions. Journal of Financial Economics 82:519-550
    • (2006) Journal of Financial Economics , vol.82 , pp. 519-550
    • Hackbarth, D.1    Miao, J.2    Morellec, E.3
  • 26
    • 40849095058 scopus 로고    scopus 로고
    • Stock returns in mergers and acquisitions
    • Hackbarth, D., and E. Morellec. 2008. Stock Returns in Mergers and Acquisitions. Journal of Finance 63:1213-1252
    • (2008) Journal of Finance , vol.63 , pp. 1213-1252
    • Hackbarth, D.1    Morellec, E.2
  • 27
    • 0012688602 scopus 로고    scopus 로고
    • Do investment banks compete in IPOs?: The advent of the "7% Plus Contract."
    • Hansen, R. S. 2001. Do Investment Banks Compete in IPOs?: The Advent of the "7% Plus Contract." Journal of Financial Economics 59:313-346
    • (2001) Journal of Financial Economics , vol.59 , pp. 313-346
    • Hansen, R.S.1
  • 29
    • 34547890741 scopus 로고    scopus 로고
    • How costly is external financing? Evidence from a structural estimation
    • Hennessy, C. A., and T. M. Whited. 2007. How Costly Is External Financing? Evidence from a Structural Estimation. Journal of Finance 62:1705-1745
    • (2007) Journal of Finance , vol.62 , pp. 1705-1745
    • Hennessy, C.A.1    Whited, T.M.2
  • 31
    • 0345402598 scopus 로고
    • Optimal capital structure in Miller's Equilibrium
    • In S. Bhattacharya and G. Constantinides (eds.), Totowa, NJ: Rowman and Littlefield
    • Kim, E. H. 1989. Optimal Capital Structure in Miller's Equilibrium. In S. Bhattacharya and G. Constantinides (eds.), Financial Markets and Incomplete Information: Frontiers of Financial Theory, vol.2, pp. 36-48. Totowa, NJ: Rowman and Littlefield.
    • (1989) Financial Markets and Incomplete Information: Frontiers of Financial Theory , vol.2 , pp. 36-48
    • Kim, E.H.1
  • 32
    • 0036698288 scopus 로고    scopus 로고
    • A jump-diffusion model for option pricing
    • Kou, S. G. 2002. A Jump-Diffusion Model for Option Pricing. Management Science 48:1086-1101
    • (2002) Management Science , vol.48 , pp. 1086-1101
    • Kou, S.G.1
  • 33
    • 4944226109 scopus 로고    scopus 로고
    • Option pricing under a double exponential jump diffusion model
    • Kou, S. G., and H.Wang. 2004. Option Pricing under a Double Exponential Jump Diffusion Model. Management Science 50:1178-1192
    • (2004) Management Science , vol.50 , pp. 1178-1192
    • Kou, S.G.1    Wang, H.2
  • 34
    • 34547872525 scopus 로고    scopus 로고
    • Firm size and capital structure
    • Stanford Graduate School of Business
    • Kurshev, A., and I. A. Strebulaev. 2007. Firm Size and Capital Structure. Working Paper, Stanford Graduate School of Business.
    • (2007) Working Paper
    • Kurshev, A.1    Strebulaev, I.A.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 49:1213-1252
    • (1994) Journal of Finance , vol.49 , pp. 1213-1252
    • Leland, H.E.1
  • 36
    • 0002350933 scopus 로고    scopus 로고
    • Agency costs, risk management, and capital structure
    • Leland, H. E. 1998. Agency Costs, Risk Management, and Capital Structure. Journal of Finance 53:1213-1243
    • (1998) Journal of Finance , vol.53 , pp. 1213-1243
    • Leland, H.E.1
  • 37
    • 84993907215 scopus 로고
    • Interactions of corporate financing and investment decisions: A dynamic framework
    • Mauer, D. C., and A. J. Triantis. 1994. Interactions of Corporate Financing and Investment Decisions: A Dynamic Framework. Journal of Finance 49:1253-1277
    • (1994) Journal of Finance , vol.49 , pp. 1253-1277
    • Mauer, D.C.1    Triantis, A.J.2
  • 38
    • 34248474317 scopus 로고
    • Option pricing when underlying stock returns are discontinuous
    • Merton, R. C. 1976. Option Pricing When Underlying Stock Returns Are Discontinuous. Journal of Financial Economics 3:125-144
    • (1976) Journal of Financial Economics , vol.3 , pp. 125-144
    • Merton, R.C.1
  • 39
    • 0000497713 scopus 로고    scopus 로고
    • Asset liquidity, capital structure, and secured debt
    • Morellec, E. 2001. Asset Liquidity, Capital Structure, and Secured Debt. Journal of Financial Economics 61:173-206.
    • (2001) Journal of Financial Economics , vol.61 , pp. 173-206
    • Morellec, E.1
  • 40
    • 0842303600 scopus 로고    scopus 로고
    • Can managerial discretion explain observed leverage ratios?
    • Morellec, E. 2004. Can Managerial Discretion Explain Observed Leverage Ratios? Review of Financial Studies 17:257-294
    • (2004) Review of Financial Studies , vol.17 , pp. 257-294
    • Morellec, E.1
  • 41
    • 0000238336 scopus 로고
    • A simplex method for function minimization
    • Nelder, J. A., and R. Mead. 1967. A Simplex Method for Function Minimization. Computer Journal 7:308-313
    • (1967) Computer Journal , vol.7 , pp. 308-313
    • Nelder, J.A.1    Mead, R.2
  • 42
    • 0040250337 scopus 로고    scopus 로고
    • Do asset fire sales exist? An empirical investigation of commercial aircraft transactions
    • Pulvino, T. C. 1998. Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions. Journal of Finance 53:939-978
    • (1998) Journal of Finance , vol.53 , pp. 939-978
    • Pulvino, T.C.1
  • 43
    • 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 50:1421-1460
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.G.1    Zingales, L.2
  • 44
    • 0242369744 scopus 로고    scopus 로고
    • The trade-off model with mean reverting earnings: Theory and empirical tests
    • Sarkar, S., and F. Zapatero. 2003. The Trade-Off Model with Mean Reverting Earnings: Theory and Empirical Tests. Economic Journal 113:834-860
    • (2003) Economic Journal , vol.113 , pp. 834-860
    • Sarkar, S.1    Zapatero, F.2
  • 45
    • 53649091105 scopus 로고    scopus 로고
    • Structural models of credit risk are useful: Evidence from hedge ratios on corporate bonds
    • Schaefer, S. M., and I. A. Strebulaev. 2008. Structural Models of Credit Risk Are Useful: Evidence from Hedge Ratios on Corporate Bonds. Journal of Financial Economics 90:1-19.
    • (2008) Journal of Financial Economics , vol.90 , pp. 1-19
    • Schaefer, S.M.1    Strebulaev, I.A.2
  • 48
    • 34547872054 scopus 로고    scopus 로고
    • Do tests of capital structure theory mean what they say?
    • Strebulaev, I. A. 2007. Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance 62:1747-1787
    • (2007) Journal of Finance , vol.62 , pp. 1747-1787
    • Strebulaev, I.A.1
  • 49
    • 10944257369 scopus 로고    scopus 로고
    • Managerial flexibility, agency costs and optimal capital structure
    • Georgia State University
    • Subramanian, A. 2008. Managerial Flexibility, Agency Costs and Optimal Capital Structure. Working Paper, Georgia State University.
    • (2008) Working Paper
    • Subramanian, A.1
  • 50
    • 34547272449 scopus 로고    scopus 로고
    • Investment under uncertainty with strategic debt service
    • Sundaresan, S. M., and N. Wang. 2007. Investment under Uncertainty with Strategic Debt Service. American Economic Review 97:256-261
    • (2007) American Economic Review , vol.97 , pp. 256-261
    • Sundaresan, S.M.1    Wang, N.2
  • 51
    • 0010778645 scopus 로고
    • Bankruptcy resolution direct costs and violations of priority of claims
    • Weiss, L. A. 1990. Bankruptcy Resolution Direct Costs and Violations of Priority of Claims. Journal of Financial Economics 27:285-314.
    • (1990) Journal of Financial Economics , vol.27 , pp. 285-314
    • Weiss, L.A.1
  • 52
    • 33746787205 scopus 로고    scopus 로고
    • External finance constraints and the intertemporal pattern of intermittent investment
    • Whited, T. M. 2006. External Finance Constraints and the Intertemporal Pattern of Intermittent Investment. Journal of Financial Economics 81:467-502.
    • (2006) Journal of Financial Economics , vol.81 , pp. 467-502
    • Whited, T.M.1
  • 53
    • 77953839913 scopus 로고    scopus 로고
    • Optimal capital structure in a duopoly
    • Rochester University
    • Zhdanov, A. 2008. Optimal Capital Structure in a Duopoly. Working Paper, Rochester University.
    • (2008) Working Paper
    • Zhdanov, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.