کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5083217 1477794 2017 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Optimal capital structure with moral hazard
ترجمه فارسی عنوان
ساختار سرمایه مطلوب با خطر اخلاقی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper extends the classic optimal capital structure model to the case of moral hazard based on the principal-agent problem, where the firm's output dynamically depends on the agent's efforts. We derive closed-form results for the value of risky debt, credit spread, default threshold, and for optimal capital structure with moral hazard. The numerical results indicate that the firm issues more debt with higher coupon ex ante and defaults earlier ex post than without manager moral hazard. The different initial values of firms' cash flow induce different risk preferences of the manager to his value and consequently the manager acts in the opposite approaches especially when the firm is on the verge of bankruptcy. The paper also consider the occasions in which hiring a manager is optimal for the principal.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 48, March 2017, Pages 326-338
نویسندگان
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