메뉴 건너뛰기




Volumn 65, Issue 6, 2010, Pages 2089-2136

The cost of debt

Author keywords

[No Author keywords available]

Indexed keywords


EID: 78249249974     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2010.01611.x     Document Type: Article
Times cited : (201)

References (45)
  • 1
    • 36649034710 scopus 로고    scopus 로고
    • The risk-adjusted cost of financial distress
    • Almeida, Heitor, and Thomas 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
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • Altman, Edward I., 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, Journal of Finance 23, 589-609.
    • (1968) Journal of Finance , vol.23 , pp. 589-609
    • 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, Gregor, and Steven N. Kaplan, 1998, How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed, Journal of Finance 53, 1443-1494.
    • (1998) Journal of Finance , vol.53 , pp. 1443-1494
    • Andrade, G.1    Kaplan, S.N.2
  • 4
    • 77953655363 scopus 로고    scopus 로고
    • Human capital, bankruptcy, and capital structure
    • Berk, Jonathan B., Richard Stanton, and Josef Zechner, 2010, Human capital, bankruptcy, and capital structure, Journal of Finance 65, 891-926.
    • (2010) Journal of Finance , vol.65 , pp. 891-926
    • Berk, J.B.1    Stanton, R.2    Zechner, J.3
  • 5
    • 78249280145 scopus 로고    scopus 로고
    • The levered equity risk premium and credit spreads: A unified framework, Working paper, Stanford GSB.
    • Bhamra, Harjoat S., Lars-Alexander Kuhn, and Ilya A. Strebulaev, 2008, The levered equity risk premium and credit spreads: A unified framework, Working paper, Stanford GSB.
    • (2008)
    • Bhamra, H.S.1    Kuhn, L.2    Strebulaev, I.A.3
  • 8
    • 33745700751 scopus 로고    scopus 로고
    • The costs of bankruptcy: Chapter 7 liquidation versus Chapter 11 reorganization
    • Bris, Arthro, Ivo Welch, and Ning Zhu, 2006, The costs of bankruptcy: Chapter 7 liquidation versus Chapter 11 reorganization, Journal of Finance 61, 1253-1303.
    • (2006) Journal of Finance , vol.61 , pp. 1253-1303
    • Bris, A.1    Welch, I.2    Zhu, N.3
  • 9
    • 78249251007 scopus 로고    scopus 로고
    • Leverage choice and credit spread dynamics when managers risk shift, Working paper, Sauder School of Business, UBC.
    • Carlson, Murray, and Ali Lazrak, 2006, Leverage choice and credit spread dynamics when managers risk shift, Working paper, Sauder School of Business, UBC.
    • (2006)
    • Carlson, M.1    Lazrak, A.2
  • 10
    • 78249234393 scopus 로고    scopus 로고
    • Macroeconomic conditions and the puzzles of credit spreads and capital structure
    • Chen, Hui, 2010, Macroeconomic conditions and the puzzles of credit spreads and capital structure, Journal of Finance 65, 2171-2212.
    • (2010) Journal of Finance , vol.65 , pp. 2171-2212
    • Chen, H.1
  • 11
    • 0009093975 scopus 로고    scopus 로고
    • The relationship between firm investment and financial status
    • Cleary, Sean, 1999, The relationship between firm investment and financial status, Journal of Finance 54, 673-692.
    • (1999) Journal of Finance , vol.54 , pp. 673-692
    • Cleary, S.1
  • 12
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • Faulkender, Michael, and Mitchell 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
  • 13
    • 84977723030 scopus 로고
    • Optimal dynamic capital structure choice: Theory and tests
    • Fischer, Edwin, Robert Heinkel, and Josef 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.1    Heinkel, R.2    Zechner, J.3
  • 14
    • 70249108918 scopus 로고    scopus 로고
    • Capital structure decisions: Which factors are reliably important?
    • Frank, Murray Z., and Vidhan K. Goyal, 2009, Capital structure decisions: Which factors are reliably important? Financial Management 38, 1-37.
    • (2009) Financial Management , vol.38 , pp. 1-37
    • Frank, M.Z.1    Goyal, V.K.2
  • 15
    • 0000361825 scopus 로고    scopus 로고
    • Do personal taxes affect corporate financing decisions?
    • Graham, John 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
  • 16
    • 0040362553 scopus 로고    scopus 로고
    • How big are the tax benefits of debt?
    • Graham, John 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
  • 17
    • 0344436678 scopus 로고    scopus 로고
    • Taxes and corporate finance: A review
    • Graham, John R., 2003, Taxes and corporate finance: A review, Review of Financial Studies 16, 1074-1128.
    • (2003) Review of Financial Studies , vol.16 , pp. 1074-1128
    • Graham, J.R.1
  • 18
    • 0040844857 scopus 로고    scopus 로고
    • Debt, leases, taxes, and the endogeneity of corporate tax status
    • Graham, John R., Michael L. Lemmon, and James S. Schallheim, 1998, Debt, leases, taxes, and the endogeneity of corporate tax status, Journal of Finance 53, 131-162.
    • (1998) Journal of Finance , vol.53 , pp. 131-162
    • Graham, J.R.1    Lemmon, M.L.2    Schallheim, J.S.3
  • 20
    • 0013536177 scopus 로고    scopus 로고
    • Tax incentives to hedge
    • Graham, John R., and Clifford Smith, 1999, Tax incentives to hedge, Journal of Finance 54, 2241-2262.
    • (1999) Journal of Finance , vol.54 , pp. 2241-2262
    • Graham, J.R.1    Smith, C.2
  • 22
    • 84890663370 scopus 로고    scopus 로고
    • Princeton University Press, Princeton, NJ
    • Hayashi, Fumio, 2000, Econometrics (Princeton University Press, Princeton, NJ).
    • (2000) Econometrics
    • Hayashi, F.1
  • 23
    • 0001066475 scopus 로고
    • The agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, Michael C., 1986, The agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 24
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behaviour, agency costs and ownership structure
    • Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behaviour, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 25
    • 78249231716 scopus 로고    scopus 로고
    • The net benefits to leverage
    • Korteweg, Arthur, 2010, The net benefits to leverage, Journal of Finance 65, 2137-2170.
    • (2010) Journal of Finance , vol.65 , pp. 2137-2170
    • Korteweg, A.1
  • 26
    • 0000124595 scopus 로고
    • A state-preference model of optimal financial leverage
    • Kraus, Alan, and Robert H. Litzenberger, 1973, A state-preference model of optimal financial leverage, Journal of Finance 28, 911-922.
    • (1973) Journal of Finance , vol.28 , pp. 911-922
    • Kraus, A.1    Litzenberger, R.H.2
  • 27
    • 78249235153 scopus 로고    scopus 로고
    • Firm size and capital structure, Working paper, Stanford GSB.
    • Kurshev, Alexander, and Ilya A. Strebulaev, 2006, Firm size and capital structure, Working paper, Stanford GSB.
    • (2006)
    • Kurshev, A.1    Strebulaev, I.A.2
  • 28
    • 28244478078 scopus 로고    scopus 로고
    • Do firms rebalance their capital structures?
    • Leary, Mark T., and Michael R. Roberts, 2005, Do firms rebalance their capital structures? Journal of Finance 60, 2575-2619.
    • (2005) Journal of Finance , vol.60 , pp. 2575-2619
    • Leary, M.T.1    Roberts, M.R.2
  • 29
    • 47749124164 scopus 로고    scopus 로고
    • Back to the beginning: Persistence and the cross-section of corporate capital structure
    • Lemmon, Michael L., Michael R. Roberts, and Jaime F. Zender, 2008, Back to the beginning: Persistence and the cross-section of corporate capital structure, Journal of Finance 63, 1575-1608.
    • (2008) Journal of Finance , vol.63 , pp. 1575-1608
    • Lemmon, M.L.1    Roberts, M.R.2    Zender, J.F.3
  • 30
    • 0031285989 scopus 로고    scopus 로고
    • Tax-induced earnings management by firms with net operating losses
    • Maydew, Edward L., 1997, Tax-induced earnings management by firms with net operating losses, Journal of Accounting Research 35, 83-96.
    • (1997) Journal of Accounting Research , vol.35 , pp. 83-96
    • Maydew, E.L.1
  • 31
    • 84944072660 scopus 로고
    • Debt and taxes
    • Miller, Merton H., 1977, Debt and taxes, Journal of Finance 32, 261-275.
    • (1977) Journal of Finance , vol.32 , pp. 261-275
    • Miller, M.H.1
  • 32
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance, and the theory of investment
    • Modigliani, F., and Merton H. Miller, 1958, The cost of capital, corporation finance, and the theory of investment, American Economic Review 48, 261-297.
    • (1958) American Economic Review , vol.48 , pp. 261-297
    • Modigliani, F.1    Miller, M.H.2
  • 33
    • 78249286351 scopus 로고    scopus 로고
    • Dynamic capital structure under managerial entrenchment: Evidence from a structural estimation, Working paper, University of Rochester.
    • Morellec, Erwan, Boris Nikolov, and Norman Schürhoff, 2008, Dynamic capital structure under managerial entrenchment: Evidence from a structural estimation, Working paper, University of Rochester.
    • (2008)
    • Morellec, E.1    Nikolov, B.2    Schürhoff, N.3
  • 34
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, Stewart C., 1977, Determinants of corporate borrowing, Journal of Financial Economics 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 35
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, Stewart C., 1984, The capital structure puzzle, Journal of Finance 39, 575-592.
    • (1984) Journal of Finance , vol.39 , pp. 575-592
    • Myers, S.C.1
  • 36
    • 0012235377 scopus 로고    scopus 로고
    • Measuring investment distortions arising from stockholder-bondholder conflicts
    • Parrino, Robert, and Michael S. Weisbach, 1999, Measuring investment distortions arising from stockholder-bondholder conflicts, Journal of Financial Economics 53, 3-42.
    • (1999) Journal of Financial Economics , vol.53 , pp. 3-42
    • Parrino, R.1    Weisbach, M.S.2
  • 37
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: Comparing approaches
    • Petersen, Mitchell A., 2009, Estimating standard errors in finance panel data sets: Comparing approaches, Review of Financial Studies 22, 435-480.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.A.1
  • 38
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan, Raghuram G., and Luigi 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
  • 39
    • 0002736266 scopus 로고
    • A theory of optimal capital structure
    • Scott, James H., 1976, A theory of optimal capital structure, Bell Journal of Economics 7, 33-54.
    • (1976) Bell Journal of Economics , vol.7 , pp. 33-54
    • Scott, J.H.1
  • 40
    • 34547872054 scopus 로고    scopus 로고
    • Do tests of capital structure theory mean what they say?
    • Strebulaev, Ilya 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
  • 41
    • 78249278936 scopus 로고    scopus 로고
    • Simple formulas for standard errors that cluster by both firm and time, Working paper, Arrowstreet Capital.
    • Thompson, Samuel B., 2009, Simple formulas for standard errors that cluster by both firm and time, Working paper, Arrowstreet Capital.
    • (2009)
    • Thompson, S.B.1
  • 42
    • 0001574842 scopus 로고
    • Bankruptcy costs: Some evidence
    • Warner, Jerold B., 1977, Bankruptcy costs: Some evidence, Journal of Finance 32, 337-347.
    • (1977) Journal of Finance , vol.32 , pp. 337-347
    • Warner, J.B.1
  • 43
    • 0010778645 scopus 로고
    • Bankruptcy resolution: Direct costs and violation of priority of claims
    • Weiss, Lawrence A., 1990, Bankruptcy resolution: Direct costs and violation 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
  • 44
  • 45
    • 84963044477 scopus 로고
    • What do "statistical demand" curves show?
    • Working, E. J., 1927, What do "statistical demand" curves show? Quarterly Journal of Economics 41, 212-235.
    • (1927) Quarterly Journal of Economics , vol.41 , pp. 212-235
    • Working, E.J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.