作者：CHEN, NF
作者单位：Hong Kong University of Science & Technology
作者：MAKSIMOVIC, V; ZECHNER, J
摘要：We show that risk characteristics of projects' cash flows are endogenously determined by the investment decisions of all firms in an industry. As a result, in reasonable settings, financial structures which create incentives to expropriate debtholders by increasing risk are shown not to reduce value in an industry equilibrium. Without taxes, capital structure is irrelevant for individual firms despite its effect on the equityholders' incentives, but the maximum total amount of debt in the indu...
作者：LEASE, RC; MASULIS, RW; PAGE, JR
作者单位：Vanderbilt University; Tulane University
作者：MCQUEEN, G; THORLEY, S
作者单位：University of Washington; University of Washington Seattle
