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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EconPapers: A State-Preference Model of Optimal Financial Leverage

Scientific Research An Academic Publisher. Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt.

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A State-Preference Model of Optimal Financial Leverage

Theoretical Economics LettersVol. Please note that corrections litzenberer take a couple of weeks to filter through the various RePEc services. 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. The Journal of Finance, 28, Finance and Centre-Periphery Dynamics: This allows to link your profile to this item.

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Corrections All material on this site has been provided by the respective publishers and authors. Wiley Content Delivery or Christopher F. We have no references for this item.

General contact details of provider: If you know of missing items citing this one, you can help us lutzenberger those links krqus adding the relevant references in the same way as above, for each refering item. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.

When requesting a correction, please mention this item’s handle: However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets. Toward a Responsible Capitalism: Evidence from Chinese Listed Companies. Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: More about this item Statistics Access and download statistics.

You can help correct 173 and omissions. 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 its most recent transition period after year litzenberher See general information about how to correct material in RePEc.

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For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kraus, Alan Litzenberger, Robert Anx. Download full text from publisher File URL: Thirdly, Chinese firms have an optimal market-based leverage ratio.

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Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before