KRAUS AND LITZENBERGER 1973 PDF

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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

Wiley Content Delivery or Christopher F. You can help correct errors and omissions. Please note that corrections may take a couple of lutzenberger to filter through the various RePEc services. Scientific Research An Academic Publisher. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.

A State-Preference Model of Optimal Financial Leverage

Corrections All material on this site has been provided by the respective publishers and authors. In this litzenberrger, 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 Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Toward a Responsible Capitalism: 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.

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However, afterthey accelerate their ktaus adjustments at a speed as fast as that documented in the developed markets. Litzenbergfr you have authored this item and are not yet registered with RePEc, we encourage you to do it here.

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EconPapers: A State-Preference Model of Optimal Financial Leverage

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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. 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. Download full text from publisher File URL: More about this item Statistics Access and download statistics.

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It also allows you to accept potential citations to this item that we are uncertain about. Thirdly, Chinese firms have an optimal market-based leverage ratio. Kraus, Alan Litzenberger, Robert H.

Theoretical Economics LettersVol. Secondly, Chinese firms seem to be more sensitive in expanding debt annd meeting their financing needs than in using surplus for retiring debt.

Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly an When requesting a correction, please mention this item’s handle: Evidence from Chinese Listed Companies.

Finance and Centre-Periphery Dynamics: