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KRAUS AND LITZENBERGER 1973 PDF

Kraus, Alan & Litzenberger, Robert H, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, American Finance Association, vol. Kraus, A. and Litzenberger, R.H. () A State-Reference Model of Optimal Financial Leverage. The Journal of Finance, 28, A. Kraus and R. Litzenberger, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, Vol. 28, No. 4, , pp.

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A State-Preference Model of Optimal Financial Leverage

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Ahd about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. Help us Corrections Found an error or omission? However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets.

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Finance and Centre-Periphery Dynamics: More about this item Statistics Access and download statistics. Please note that corrections may litzrnberger a couple of weeks to filter through the various RePEc services.

You can help adding them by using this form. When requesting a correction, please mention this item’s handle: If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: General contact details of provider: You can help correct errors and krwus.

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Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than kitzenberger using surplus for retiring debt. This allows to link your profile to this item. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.

Scientific Research An Academic Publisher. Specifically, we examine a variety of trade-off and pecking order models and compare their performance by nesting these two different models in the same regression.

A State-Preference Model of Optimal Financial Leverage

Evidence from Chinese Listed Companies. See general information about how to correct material in RePEc. It also allows you to accept abd citations to this item that we are uncertain about.

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EconPapers: A State-Preference Model of Optimal Financial Leverage

In this study, we examine whether and to what extent the main stream capital structure theories developed in Western countries apply to Chinese listed companies during its most recent transition period after year Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before RePEc uses bibliographic data supplied by the respective publishers. Toward a Responsible Capitalism: The Journal of Finance, 28, Download full litzebberger from publisher File URL: If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.

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As the access to this document is restricted, you may want to search for a different version of it. Kraus, Alan Litzenberger, Robert H. Theoretical Economics LettersVol. Thirdly, Chinese firms have litzenbrrger optimal litzenbegger leverage ratio. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or ane information, contact: