Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management
收藏NBER1994-10-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w4886
下载链接
链接失效反馈官方服务：
资源简介：
We argue that long-term debt has a role in controlling management's ability to finance future investments. A company with high (widely-held) debt will find it hard to raise capital, since new security holders will have low priority relative to existing creditors. Conversely for a company with low
提供机构：
美国国家经济研究局
创建时间：
1994-10-01
