کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5085441 1477958 2006 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Are corporates' target leverage ratios time-dependent?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Are corporates' target leverage ratios time-dependent?
چکیده انگلیسی
This paper extends the stationary-leverage-ratio model to incorporate a time-dependent target leverage ratio. The theoretical hypothesis of the existence of a time-dependent target leverage ratio reflects the movement of a firm's initial target ratio toward a long-term target ratio over time. Using some simple scenarios about the time-dependence of the target leverage ratio, the numerical results show that the incorporation of the hypothesis into the stationary-leverage-ratio model is capable of producing term structures of probabilities of default that are consistent with some empirical findings. The results provide some evidences to support the hypothesis.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Financial Analysis - Volume 15, Issue 3, 2006, Pages 220-236
نویسندگان
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