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Reassessing the effect of growth options on leverage
16 references·1 citing·32 second hop
Reassessing the effect of growth options on leverage (2013)Reassessing the effect of growth options …Back to the Beginning: Persistence and the Cross‐Section of Corporate Capital Structure (2008)Back to the Beginning: Persis…Capital Structure Decisions: Which Factors Are Reliably Important? (2007)Capital Structure Decisions: …Partial adjustment toward target capital structures (2005)Partial adjustment toward tar…Testing Trade-Off and Pecking Order Predictions About Dividends and Debt (2002)Testing Trade-Off and Pecking…The Debt-Equity Choice (2001)The Debt-Equity ChoiceThe investment opportunity set and corporate financing, dividend, and compensation policies (1992)The investment opportunity se…Managerial discretion and optimal financing policies (1990)Managerial discretion and opt…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…On the Existence of an Optimal Capital Structure: Theory and Evidence (1984)On the Existence of an Optima…Optimal capital structure under corporate and personal taxation (1980)Optimal capital structure und…Determinants of corporate borrowing (1977)Determinants of corporate bor…DEBT AND TAXES* (1977)DEBT AND TAXES*Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE (1973)A STATE‐PREFERENCE MODEL OF O…A General Equilibrium Approach To Monetary Theory (1969)A General Equilibrium Approac…Creditor control rights, capital structure, and legal enforcement (2017)Creditor control rights, capi…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Corporate financing and investment decisions when firms have information that investors do not have (1984)Higher market valuation of companies with a small board of directors (1996)Corporate governance, chief executive officer compensation, and firm performance (1999)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The Determinants of Capital Structure Choice (1988)Market Timing and Capital Structure (2002)The cost of capital, corporation finance and the theory of investment (2008)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Law and Finance (1998)Common risk factors in the returns on stocks and bonds (1993)CEO Overconfidence and Corporate Investment (2005)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Information Technology and the U.S. Economy (2001)Nursery Cities: Urban Diversity, Process Innovation, and the Life Cycle of Products (2001)Does female representation in top management improve firm performance? A panel data investigation (2012)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Firms, Contracts, and Financial Structure (1995)Asset pricing and the bid-ask spread (1986)Theory of Financial Decision Making. (1988)The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States (2013)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1977Determinants of corporate borrowing13,160 cited
  • 1969A General Equilibrium Approach To Monetary Theory5,340 cited
  • 1990Managerial discretion and optimal financing policies3,679 cited
  • 1992The investment opportunity set and corporate financing, dividend, and compensation policies3,591 cited
  • 2002Testing Trade-Off and Pecking Order Predictions About Dividends and Debt3,396 cited
  • 1980Optimal capital structure under corporate and personal taxation2,906 cited
  • 1977DEBT AND TAXES*2,896 cited
  • 2007Capital Structure Decisions: Which Factors Are Reliably Important?2,853 cited
  • 1973A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE2,598 cited
  • 1984On the Existence of an Optimal Capital Structure: Theory and Evidence2,477 cited
  • 2005Partial adjustment toward target capital structures2,038 cited
  • 2008Back to the Beginning: Persistence and the Cross‐Section of Corporate Capital Structure1,846 cited

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  • 2001The Debt-Equity Choice1,797 cited
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    • 2017Creditor control rights, capital structure, and legal enforcement30 cited