메뉴 건너뛰기




Volumn 66, Issue 5, 2011, Pages 1545-1578

A Unified Theory of Tobin'sq, Corporate Investment, Financing, and Risk Management

Author keywords

[No Author keywords available]

Indexed keywords


EID: 80053061379     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2011.01681.x     Document Type: Article
Times cited : (498)

References (54)
  • 1
    • 0001537962 scopus 로고
    • Optimal investment under uncertainty
    • Abel, Andrew B., 1983, Optimal investment under uncertainty, American Economic Review 73, 228-233.
    • (1983) American Economic Review , vol.73 , pp. 228-233
    • Abel, A.B.1
  • 2
    • 0001320055 scopus 로고
    • A unified model of investment under uncertainty
    • Abel, Andrew B., and Janice C. Eberly, 1994, A unified model of investment under uncertainty, American Economic Review 84, 1369-1384.
    • (1994) American Economic Review , vol.84 , pp. 1369-1384
    • Abel, A.B.1    Eberly, J.C.2
  • 4
    • 80053073581 scopus 로고    scopus 로고
    • Corporate financial and investment policies when future financing is not frictionless, Working paper, Ohio State University
    • Almeida, Heitor, Murillo Campello, and Michael S. Weisbach, 2008, Corporate financial and investment policies when future financing is not frictionless, Working paper, Ohio State University .
    • (2008)
    • Almeida, H.1    Campello, M.2    Weisbach, M.S.3
  • 5
    • 0033270858 scopus 로고    scopus 로고
    • Are there economies of scale in underwriting fees? Evidence of rising external financing costs
    • Altinkilic, Oya, and Robert S. Hansen, 2000, Are there economies of scale in underwriting fees? Evidence of rising external financing costs, Review of Financial Studies 13, 191-218.
    • (2000) Review of Financial Studies , vol.13 , pp. 191-218
    • Altinkilic, O.1    Hansen, R.S.2
  • 7
    • 70349487039 scopus 로고    scopus 로고
    • Why do U.S. firms hold so much more cash than they used to
    • Bates, Thomas W., Kathleen M. Kahle, and René M. Stulz, 2009, Why do U.S. firms hold so much more cash than they used to Journal of Finance 64, 1985-2021.
    • (2009) Journal of Finance , vol.64 , pp. 1985-2021
    • Bates, T.W.1    Kahle, K.M.2    Stulz, R.M.3
  • 8
    • 80053072972 scopus 로고    scopus 로고
    • Market timing, investment, and risk management, Working paper, Columbia University and MIT
    • Bolton, Patrick, Hui Chen, and Neng Wang, 2011, Market timing, investment, and risk management, Working paper, Columbia University and MIT .
    • (2011)
    • Bolton, P.1    Chen, H.2    Wang, N.3
  • 9
    • 0001998274 scopus 로고
    • Pitfalls in financial model-building
    • Brainard, William C., and James Tobin, 1968, Pitfalls in financial model-building, American Economic Review 58, 99-122.
    • (1968) American Economic Review , vol.58 , pp. 99-122
    • Brainard, W.C.1    Tobin, J.2
  • 10
    • 0000898092 scopus 로고    scopus 로고
    • Aggregate investment
    • in Taylor, John B. and Michael Woodford, eds.: (North-Holland, Amsterdam).
    • Caballero, Ricardo J., 1999, Aggregate investment, in Taylor, John B. and Michael Woodford, eds.: Handbook of Macroeconomics (North-Holland, Amsterdam).
    • (1999) Handbook of Macroeconomics
    • Caballero, R.J.1
  • 11
    • 80053058523 scopus 로고    scopus 로고
    • Fixed costs: The demise of marginalq, NBER Working Papers 5508, National Bureau of Economic Research
    • Caballero, Ricardo J., and John V. Leahy, 1996, Fixed costs: The demise of marginalq, NBER Working Papers 5508, National Bureau of Economic Research .
    • (1996)
    • Caballero, R.J.1    Leahy, J.V.2
  • 12
    • 80053079659 scopus 로고    scopus 로고
    • Investment banking costs as a measure of the cost of access to external finance, Mimeograph, Columbia University
    • Calomiris, Charles W., and Charles P. Himmelberg, 1997, Investment banking costs as a measure of the cost of access to external finance, Mimeograph, Columbia University .
    • (1997)
    • Calomiris, C.W.1    Himmelberg, C.P.2
  • 13
    • 80053060622 scopus 로고    scopus 로고
    • Liquidity management and corporate investment during a financial crisis
    • forthcoming).
    • Campello, Murillo, Erasmo Giambona, John R. Graham, and Campbell R. Harvey, 2010, Liquidity management and corporate investment during a financial crisis, Review of Financial Studies (forthcoming).
    • (2010) Review of Financial Studies
    • Campello, M.1    Giambona, E.2    Graham, J.R.3    Harvey, C.R.4
  • 14
    • 77953868824 scopus 로고    scopus 로고
    • The real effects of financial constraints: Evidence from a financial crisis
    • Campello, Murillo, John R. Graham, and Campbell R. Harvey, 2010, The real effects of financial constraints: Evidence from a financial crisis, Journal of Financial Economics 97, 470-487.
    • (2010) Journal of Financial Economics , vol.97 , pp. 470-487
    • Campello, M.1    Graham, J.R.2    Harvey, C.R.3
  • 16
    • 0000334217 scopus 로고
    • An intertemporal general equilibrium model of asset prices
    • Cox, John C., Jonathan E. Ingersoll Jr., and Stephen A. Ross, 1985, An intertemporal general equilibrium model of asset prices, Econometrica 53, 363-384.
    • (1985) Econometrica , vol.53 , pp. 363-384
    • Cox, J.C.1    Ingersoll Jr, J.E.2    Ross, S.A.3
  • 19
    • 80053066213 scopus 로고    scopus 로고
    • Dynamic agency and theqtheory of investment
    • forthcoming).
    • DeMarzo, Peter, Michael Fishman, Zhiguo He, and Neng Wang, 2010, Dynamic agency and theqtheory of investment, Journal of Finance (forthcoming).
    • (2010) Journal of Finance
    • DeMarzo, P.1    Fishman, M.2    He, Z.3    Wang, N.4
  • 20
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar, Amy, and Jan Mahrt-Smith, 2007, Corporate governance and the value of cash holdings, Journal of Financial Economics 83, 599-634.
    • (2007) Journal of Financial Economics , vol.83 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 21
    • 0000822794 scopus 로고
    • Super contact and related optimality conditions
    • Dumas, Bernard, 1991, Super contact and related optimality conditions, Journal of Economic Dynamics and Control 4, 675-685.
    • (1991) Journal of Economic Dynamics and Control , vol.4 , pp. 675-685
    • Dumas, B.1
  • 22
    • 80053091295 scopus 로고    scopus 로고
    • Investment and value: A neoclassical benchmark, Working paper, Northwestern University
    • Eberly, Janice, Sergio Rebelo, and Nicolas Vincent, 2009, Investment and value: A neoclassical benchmark, Working paper, Northwestern University .
    • (2009)
    • Eberly, J.1    Rebelo, S.2    Vincent, N.3
  • 23
    • 33746781777 scopus 로고    scopus 로고
    • Corporate financial policy and the value of cash
    • Faulkender, Michael, and Rong Wang, 2006, Corporate financial policy and the value of cash, Journal of Finance 61, 1957-1990.
    • (2006) Journal of Finance , vol.61 , pp. 1957-1990
    • Faulkender, M.1    Wang, R.2
  • 25
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: Theory and tests
    • Fischer, Edwin O., Robert Heinkel, and Josef Zechner, 1989, 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
  • 26
    • 84993843447 scopus 로고
    • Risk management, coordinating corporate investment, and financing policies
    • Froot, Kenneth, David Scharfstein, and Jeremy Stein, 1993, Risk management, coordinating corporate investment, and financing policies, Journal of Finance 48, 1629-1658.
    • (1993) Journal of Finance , vol.48 , pp. 1629-1658
    • Froot, K.1    Scharfstein, D.2    Stein, J.3
  • 27
    • 51749100246 scopus 로고    scopus 로고
    • The value of financial flexibility
    • Gamba, Andrea, and Alexander Triantis, 2008, 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
  • 28
    • 0012875458 scopus 로고    scopus 로고
    • Financing investment
    • Gomes, Joao F., 2001, Financing investment, American Economic Review 91, 1263-1285.
    • (2001) American Economic Review , vol.91 , pp. 1263-1285
    • Gomes, J.F.1
  • 29
    • 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
  • 30
    • 84960599817 scopus 로고
    • A theory of debt based on the inalienability of human capital
    • Hart, Oliver, and John H. Moore, 1994, A theory of debt based on the inalienability of human capital, Quarterly Journal of Economics 109, 841-879.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 841-879
    • Hart, O.1    Moore, J.H.2
  • 31
    • 0000939170 scopus 로고
    • Tobin's marginalqand averageq: A neoclassical interpretation
    • Hayashi, Fumio, 1982, Tobin's marginalqand averageq: A neoclassical interpretation, Econometrica 50, 215-224.
    • (1982) Econometrica , vol.50 , pp. 215-224
    • Hayashi, F.1
  • 34
    • 34547890741 scopus 로고    scopus 로고
    • How costly is external financing? Evidence from a structural estimation
    • Hennessy, Christopher A., and Toni 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
  • 35
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, 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
  • 36
    • 62349122580 scopus 로고    scopus 로고
    • Neoclassical models of endogenous growth: The effects of fiscal policy, innovation and fluctuations
    • in Aghion, Philippe and Steven Durlauf, eds.: (North-Holland, Amsterdam).
    • Jones, Larry E., and Rodolfo E. Manuelli, 2005, Neoclassical models of endogenous growth: The effects of fiscal policy, innovation and fluctuations, in Aghion, Philippe and Steven Durlauf, eds.: Handbook of Economic Growth (North-Holland, Amsterdam).
    • (2005) Handbook of Economic Growth
    • Jones, L.E.1    Manuelli, R.E.2
  • 37
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints
    • Kaplan, Steven N., and Luigi Zingales, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints Quarterly Journal of Economics 112, 169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 40
    • 84993608428 scopus 로고
    • Corporate debt value, bond covenants, and optimal capital structure
    • Leland, Hayne 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
  • 41
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland, Hayne E., and David H. Pyle, 1977, Informational asymmetries, financial structure, and financial intermediation, Journal of Finance 32, 371-387.
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.E.1    Pyle, D.H.2
  • 42
    • 0000186211 scopus 로고
    • Investment under uncertainty
    • Lucas, Robert E., Jr., and Edward C. Prescott, 1971, Investment under uncertainty, Econometrica 39, 659-681.
    • (1971) Econometrica , vol.39 , pp. 659-681
    • Lucas Jr, R.E.1    Prescott, E.C.2
  • 44
    • 0002541742 scopus 로고
    • An integrated model of multinational flexibility and financial hedging
    • Mello, Antonio S., John E. Parsons, and Alexander J. Triantis, 1995, An integrated model of multinational flexibility and financial hedging, Journal of International Economics 39, 27-51.
    • (1995) Journal of International Economics , vol.39 , pp. 27-51
    • Mello, A.S.1    Parsons, J.E.2    Triantis, A.J.3
  • 45
    • 84960603393 scopus 로고
    • A model of demand for money by firms
    • Miller, Merton H., and Daniel Orr, 1966, A model of demand for money by firms, Quarterly Journal of Economics 80, 413-435.
    • (1966) Quarterly Journal of Economics , vol.80 , pp. 413-435
    • Miller, M.H.1    Orr, D.2
  • 46
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance, and the theory of investment
    • Modigliani, Franco, and Merton Miller, 1958, The cost of capital, corporation finance, and the theory of investment, American Economic Review 53, 261-297.
    • (1958) American Economic Review , vol.53 , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 47
    • 46749121307 scopus 로고    scopus 로고
    • Agency conflicts and risk management
    • and .
    • Morellec, Erwan, and Clifford W. Smith, Jr., 2007, Agency conflicts and risk management, Review of Finance 11, 1-23.
    • (2007) Review of Finance , vol.11 , pp. 1-23
    • Morellec, E.1    Smith Jr, C.W.2
  • 48
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 50
    • 78249272965 scopus 로고    scopus 로고
    • Collateral, risk management, and the distribution of debt capacity
    • Rampini, Adriano A., and S. Viswanathan, 2010, Collateral, risk management, and the distribution of debt capacity, Journal of Finance 65, 2293-2322.
    • (2010) Journal of Finance , vol.65 , pp. 2293-2322
    • Rampini, A.A.1    Viswanathan, S.2
  • 51
    • 68249159913 scopus 로고    scopus 로고
    • The corporate propensity to save
    • Riddick, Leigh A., and Toni M. Whited, 2009, The corporate propensity to save, Journal of Finance 64, 1729-1766.
    • (2009) Journal of Finance , vol.64 , pp. 1729-1766
    • Riddick, L.A.1    Whited, T.M.2
  • 52
    • 60449107699 scopus 로고    scopus 로고
    • Bank lines of credit in corporate finance: An empirical analysis
    • Sufi, Amir, 2009, Bank lines of credit in corporate finance: An empirical analysis, Review of Financial Studies 22, 1057-1088.
    • (2009) Review of Financial Studies , vol.22 , pp. 1057-1088
    • Sufi, A.1
  • 53
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin, James, 1969, A general equilibrium approach to monetary theory, Journal of Money, Credit and Banking 1, 15-29.
    • (1969) Journal of Money, Credit and Banking , vol.1 , pp. 15-29
    • Tobin, J.1
  • 54
    • 84977734564 scopus 로고
    • Debt, liquidity constraints, and corporate investment: Evidence from panel data
    • Whited, Toni M., 1992, Debt, liquidity constraints, and corporate investment: Evidence from panel data, Journal of Finance 47, 1425-1460.
    • (1992) Journal of Finance , vol.47 , pp. 1425-1460
    • Whited, T.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.