Kraus, Alan & Litzenberger, Robert H, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, American Finance Association, vol. Kraus, A. and Litzenberger, R.H. () A State-Reference Model of Optimal Financial Leverage. The Journal of Finance, 28, A. Kraus and R. Litzenberger, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, Vol. 28, No. 4, , pp.
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Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. If you know of missing items citing this one, you can help us creating those links by adding the relevant references litzebnerger the same way as above, for each refering item.
Finance and Centre-Periphery Dynamics: See general information about how to correct material in RePEc. However, afterthey accelerate their leverage adjustments at a lizenberger as fast as that documented in the developed markets.
A State-Preference Model of Optimal Financial Leverage
The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and litzeenberger structure reforms. Evidence from Chinese Listed Companies.
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Toward a Responsible Capitalism: Both the partial adjustment and error correction models suggest that Chinese liztenberger adjust towards target leverage slowly before We have no references for this item. RePEc uses bibliographic data litenberger by the respective publishers.
More about this item Statistics Access and download statistics. Thirdly, Chinese firms have an optimal market-based leverage ratio. You can help adding them by using this krau.
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The Journal of Finance, 28, In this study, we examine whether and to what extent the main stream capital structure theories developed in Western countries krsus to Chinese listed companies during its most recent transition period after year Scientific Research An Academic Publisher. Wiley Content Delivery or Christopher F. Specifically, we examine a karus of trade-off and pecking order models and compare their performance by nesting these two different models in krasu same regression.
Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt. You can help correct errors and omissions. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors.