Pledgeability, Industry Liquidity, and Financing Cycles
收藏NBER2017-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w23055
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资源简介：
Why do firms choose high debt when they anticipate high valuations, and underperform subsequently? We propose a theory of financing cycles where the importance of creditors control rights over cash flows (pledgeability) varies with industry liquidity. The market allows firms take on more debt when
提供机构：
美国国家经济研究局
创建时间：
2017-01-01
