KRAUS AND LITZENBERGER 1973 PDF

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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For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.

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EconPapers: A State-Preference Model of Optimal Financial Leverage

Download full text from publisher File URL: Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt. If you have authored this item and are not yet registered with RePEc, litzenbergr encourage you to do it here.

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When requesting a correction, please mention this item’s handle: Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before Thirdly, Chinese firms have an kdaus market-based leverage ratio.

Toward a Responsible Capitalism: Kraus, Alan Litzenberger, Robert H. You can help adding them by using this form. Help us Corrections Found an error or omission?

A State-Preference Model of Optimal Financial Leverage

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 ,itzenberger most recent transition period after year General contact details of provider: Scientific Research An Academic Publisher. Corrections All material on this site has been provided by the respective publishers and authors. Wiley Content Delivery or Christopher F.

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However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets.

A State-Preference Model of Optimal Financial Leverage

Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: The Journal of Finance, 28, Evidence from Chinese Listed Companies.

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. 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.