کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093937 1376154 2011 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Leverage change, debt overhang, and stock prices
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Leverage change, debt overhang, and stock prices
چکیده انگلیسی
We document a significant and negative effect of the change in a firm's leverage ratio on its stock prices. We find that the negative effect is stronger for firms that have higher leverage ratios, higher likelihood of default, and face more severe financial constraints. Moreover, firms with an increase in leverage ratio tend to have less future investment. These findings are consistent with Myers' (1977) debt overhang theory that an increase in leverage may lead to future underinvestment, thus reducing a firm's value.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 17, Issue 3, June 2011, Pages 391-402
نویسندگان
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