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Capital Structure
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Capital structure dynamics and transitory debt
Capital structure dynamics and transitory debt,10.1016/j.jfineco.2010.09.005,Journal of Financial Economics,Harry DeAngelo,Linda DeAngelo,Toni M. Whit
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Capital structure dynamics and transitory debt
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Citations: 6
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Harry DeAngelo
,
Linda DeAngelo
,
Toni M. Whited
Firms deliberately but temporarily deviate from permanent leverage targets by issuing transitory debt to fund investment. Leverage targets conservatively embed the option to issue transitory debt, with the evolution of leverage reflecting the sequence of investment outlays. We estimate a dynamic
capital structure
model with these features and find that it replicates industry leverage very well, explains debt issuances/repayments better than extant tradeoff models, and accounts for the leverage changes accompanying investment “spikes.” It generates leverage ratios with slow average speeds of adjustment to target, which are dampened by intentional temporary movements away from target, not debt issuance costs.
Journal:
Journal of Financial Economics - J FINAN ECON
, vol. 99, no. 2, pp. 235-261, 2011
DOI:
10.1016/j.jfineco.2010.09.005
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Citation Context
(1)
...8 In a related study,
DeAngelo, DeAngelo, and Whited (2009)
model debt as a transitory financing vehicle to meet the funding needs associated with random shocks to investment opportunities...
...24
DeAngelo, DeAngelo and Whited (2009)
make a similar observation...
Patrick Bolton
,
et al.
A Unified Theory of Tobin's q, Corporate Investment, Financing, and Ri...
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Citations
(6)
Deviation from the target capital structure and acquisition choices
(
Citations: 7
)
Vahap B. Uysal
Journal:
Journal of Financial Economics - J FINAN ECON
, 2011
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