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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However, afterthey accelerate their leverage adjustments at a litzeberger as fast as that documented in the developed markets. Thirdly, Chinese firms have an optimal market-based leverage ratio.
Wiley Content Delivery or Christopher F. Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt.
A State-Preference Model of Optimal Financial Leverage
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 This allows to link your profile to this item. Help us Corrections Found an error or omission? 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 The Journal of Finance, 28, Toward a Responsible Capitalism: Scientific Research An Academic Publisher. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.
Specifically, we examine a variety of trade-off and litznberger order models and compare their performance by nesting these two different models in the same regression.
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Kraus, Alan Litzenberger, Robert H.
EconPapers: A State-Preference Model of Optimal Financial Leverage
See general information about how to correct material in RePEc. We have no references for this item. More about this item Statistics Access and download statistics. Please note that corrections may take a couple of weeks to filter through the various RePEc services. Theoretical Economics LettersVol. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. General contact details of provider: Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: