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In: Korea and world affairs: a quarterly review, Band 16, Heft 1, S. 68-81
ISSN: 0259-9686
World Affairs Online
In: Asian survey: a bimonthly review of contemporary Asian affairs, Band 31, Heft 1, S. 71-78
ISSN: 0004-4687
World Affairs Online
World Affairs Online
In: Decision sciences, Band 15, Heft 1, S. 1-13
ISSN: 1540-5915
ABSTRACTThis paper demonstrates that shareholder limited liability imposes a restriction on corporate borrowing and that failure to incorporate this restriction into the analysis yields the "reductio ad absurdum" argument against mean‐variance models of optimal capital structure. With corporate income taxes and costless bankruptcy, the firm's value is a monotonically increasing function of debt as long as the amount of debt does not exceed the upper limit imposed by shareholder limited liability. As a result, the introduction of costly bankruptcy into the mean‐variance framework is justified.
In: Asia’s Debt Capital Markets; The Milken Institute Series on Financial Innovation and Economic Growth, S. 207-242
In: Review of Corporate Finance Studies, Forthcoming
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In: Journal of Financial Economics (JFE), Forthcoming
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Working paper
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Working paper
In: Journal of economics and business, Band 59, Heft 5, S. 466-486
ISSN: 0148-6195
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Working paper
In: Accounting & Finance, Band 59, Heft 2, S. 1265-1297
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In: Journal of Empirical Finance, Forthcoming
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