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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Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt. We have no references for this item.

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You can help adding them by using this form. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms. When requesting a correction, please mention this item’s handle: 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.


Thirdly, Chinese firms have an optimal market-based leverage ratio. Download full text from publisher File URL: It also allows you to accept potential citations to this item that we are uncertain about.

A State-Preference Model of Optimal Financial Leverage

Help us Corrections Found an error or omission? 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.

Wiley Content Delivery or Christopher F. Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before 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 The Journal of Finance, 28, Toward a Responsible Capitalism: If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.

Theoretical Economics LettersVol. As the access to this document is restricted, you may want to search for a different version of it.

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More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. Corrections All material on this site has been litzenbergeg by the respective publishers and authors. Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Scientific Research An Academic Llitzenberger.

Kraus, Alan Litzenberger, Robert H. However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets.