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ChapterTrade-Off and Pecking Order Theories of Debt**We thank Long Chen, Sudipto Dasgupta, Espen Eckbo, Chris Hennessy, Jay Ritter, Michael Roberts, Tan Wang, and Jaime Zender for comments and helpful discussions. Murray Frank thanks Piper Jaffray for financial support. Vidhan Goyal thanks the Research Grants Council of the Hong Kong Special Administrative Region for financial support (Project No. 6489/06H). The literature on capital structure is vast, containing hundreds of papers, and so we cannot hope to cover it all. Inevitably, we have left out a great deal, much of it very important. As such, we apologize in advance for our inevitable oversights. Even more than usual, it must be stressed that this survey reflects only our views.

Murray Z. Frank2008

Chapter2008

Trade-Off and Pecking Order Theories of Debt**We thank Long Chen, Sudipto Dasgupta, Espen Eckbo, Chris Hennessy, Jay Ritter, Michael Roberts, Tan Wang, and Jaime Zender for comments and helpful discussions. Murray Frank thanks Piper Jaffray for financial support. Vidhan Goyal thanks the Research Grants Council of the Hong Kong Special Administrative Region for financial support (Project No. 6489/06H). The literature on capital structure is vast, containing hundreds of papers, and so we cannot hope to cover it all. Inevitably, we have left out a great deal, much of it very important. As such, we apologize in advance for our inevitable oversights. Even more than usual, it must be stressed that this survey reflects only our views.

Murray Z. Frank · Vidhan K. Goyal

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Insolvency and Governance

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 2021Econometric Analysis of Panel Data 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1977Determinants of corporate borrowing 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1984The Capital Structure Puzzle

Cited by

2014Protection of Trade Secrets and Capital Structure Decisions 2014A century of capital structure: The leveraging of corporate America 2014How Stable Are Corporate Capital Structures?2008Testing trade-off and pecking order theories financing SMEs 2010The impact of firm and industry characteristics on small firms’ capital structure 2007Can the Trade-off Theory Explain Debt Structure?

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