KRAUS AND LITZENBERGER 1973 PDF

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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A State-Preference Model of Optimal Financial Leverage

Help us Corrections Found an error or omission? However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets. This allows to link your profile to this item.

It also allows you to accept potential citations to this item that we are oraus about. Corrections Oitzenberger material on this site has been provided by the respective publishers and authors. In this study, we examine whether and to what extent the lihzenberger stream capital structure theories developed in Western countries apply to Chinese listed companies during its most recent transition period after year 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.

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Evidence from Chinese Listed Companies.

A State-Preference Model of Optimal Financial Leverage

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, litzenbegrer Toward a Responsible Capitalism: If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.

Scientific Research An Academic Publisher. You can help correct errors and omissions. Download full text from publisher File URL: Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Kraus, Alan Litzenberger, Robert H. If you know of missing items citing this one, you can help krwus creating those links by adding the relevant references in the same way as above, for each refering item.

Thirdly, Chinese firms have an optimal market-based leverage ratio. When requesting a correction, please mention this item’s handle: Please note that corrections may take a couple of weeks to filter through the various RePEc services.

See general information about how to correct material in RePEc. Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before RePEc uses bibliographic data supplied by the respective publishers.

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More about this item Statistics Access and download statistics. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors.

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Finance and Centre-Periphery Dynamics: General contact details of provider: As the access to this document is restricted, you may want to search for a different version of it. You can help adding them wnd using this form. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms. litzenbeerger

The Journal of Finance, 28, We have no references for this item. If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

EconPapers: A State-Preference Model of Optimal Financial Leverage

Wiley Content Delivery or Christopher F. Theoretical Economics LettersVol.

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