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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You can help adding them by using this form. 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 litzeberger. As the access to this document is restricted, you may want to search for a different version of it.

EconPapers: A State-Preference Model of Optimal Financial Leverage

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You can help correct errors and omissions. We have no references for this item. Help us Corrections Found an error or omission? 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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Evidence from Chinese Listed Companies. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.

A State-Preference Model of Optimal Financial Leverage

Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Thirdly, Chinese firms have an optimal market-based leverage ratio. Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Download full text from publisher File URL: It also allows you to accept potential citations to this item that we are uncertain about.

Finance and Centre-Periphery Dynamics: More about this litzenbberger Statistics Access and download statistics. The Journal of Finance, 28, 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 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.

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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. General contact details of provider: This allows to link your profile to this item. Toward a Responsible Capitalism: When requesting a correction, please mention this item’s handle: Kraus, Alan Litzenberger, Robert H.