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

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Kraus, Alan Litzenberger, Robert H.

However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. You can help correct errors and omissions.

It also allows you to accept potential citations to this item that we are uncertain about. 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 Evidence from Chinese Listed Companies.

Theoretical Economics LettersVol.

A State-Preference Model of Optimal Financial Leverage

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Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before For technical questions regarding this litzenberrger, or to correct its authors, title, abstract, bibliographic or download information, contact: Finance and Centre-Periphery Dynamics: As the access kraua this document is restricted, you may want to search for a different version of it.

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The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms. Toward a Responsible Capitalism: Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their litzenbefger needs than in using surplus for retiring debt.

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Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: You can help adding them by using this form.

Thirdly, Chinese firms have an litenberger market-based leverage ratio. When requesting a correction, please mention this item’s handle: General contact details of provider: