Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?
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Default probability plays a central role in the static tradeoff theory of capital structure. We directly test this theory by regressing the probability of default on proxies for costs and benefits of debt. Contrary to predictions of the theory, firms with higher bankruptcy costs, i.e., smaller firms
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美国国家经济研究局创建时间：
2011-08-01
