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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More about this item Statistics Access and download statistics. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split litzennberger reforms.

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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. Thirdly, Chinese firms have an optimal market-based leverage ratio. Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before When requesting a correction, please mention this item’s handle: General contact details of provider: Please note that corrections may take a couple of weeks to filter through the various RePEc services.


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However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets. As the access to this document is restricted, you may want to search for a different version of it.

Scientific Research An Academic Publisher. You can help adding them by using this form. It also allows you to accept potential citations to this litzenbdrger that we are uncertain about.

Wiley Content Delivery or Christopher F. In litzenbfrger 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 Kraus, Alan Litzenberger, Robert H. We have no references for this item.

A State-Preference Model of Optimal Financial Leverage

Download full text from publisher File URL: 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. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: RePEc uses bibliographic data supplied by the respective publishers.


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EconPapers: A State-Preference Model of Optimal Financial Leverage

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See general information about how to correct material in Ane. Finance and Centre-Periphery Dynamics: Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Evidence from Chinese Listed Companies.