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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We have no references for this item. Finance and Centre-Periphery Dynamics: Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt. Lotzenberger 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.
Wiley Content Delivery or Christopher F. Thirdly, Chinese firms have an optimal market-based leverage ratio. Please note that corrections may take a couple of weeks to filter through the various RePEc services.
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More about this item Statistics Access and download statistics. In this study, we examine whether and to what extent the main stream capital structure theories developed in Western countries apply to Chinese listed companies during its most recent transition period after year It also allows you to accept potential citations to this item that we are uncertain about. You can help adding them by using this form. Scientific Research An Academic Publisher. Theoretical Economics LettersVol. Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: General contact details of provider: Evidence from Chinese Listed Companies.
Download full text from publisher File URL: This allows to link your profile to this item. Specifically, we examine a variety of trade-off and pecking order models and compare their performance by nesting these two different models in the same regression.
A State-Preference Model of Optimal Financial Leverage
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Help us Corrections Found an error or omission? Kraus, Alan Litzenbeerger, Robert H. See general information about how to correct material in RePEc. However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets.
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The increasing adjustment speeds are attributed to the shrinking transaction costs and agency annd caused by recent currency and share-split structure reforms. Toward a Responsible Capitalism: More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before As the access to this document is restricted, you may want to search for a different version of it.