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    题名: Macroeconomic Conditions, Firm-Level Productivity, and Capital Structure Choices
    作者: Huang, Hsing-Hua;Chen, Wei-Kuang;Lin, Chia-Fan
    陳威光;林家帆
    贡献者: 金融系
    关键词: Capital;Capital Structure;Firm;Firm Level;Manufacturing;Productivity
    日期: 2011-03
    上传时间: 2015-09-15 14:42:57 (UTC+8)
    摘要: This study develops a simple structural model to scrutinize a firm`s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks by which the dynamics of the firm`s unlevered asset value and EBIT are endogenously determined. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. We further provide some supportive empirical evidence from US manufacturing firms.
    關聯: Middle Eastern Finance and Economics, 11, 44-52
    数据类型: article
    显示于类别:[金融學系] 期刊論文

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