An Optimal Investment Policy in Equity-Debt Financed Firms with Finite Maturities

被引：0
作者：
Yagi, Kyoko [1 ]
Takashima, Ryuta [2 ]
Sawaki, Katsushige [3 ]
机构：
[1] Akita Prefectural Univ, Dept Management Sci & Engn, 84-4 Ebinokuchi, Yurihonjo, Akita 0150055, Japan
[2] Chiba Inst Technol, Dept Risk Sci Finance & Management, Narashino, Chiba 2750016, Japan
[3] Nanzan Univ, Grad Sch Business Adm, Showa Ku, Nagoya, Aichi 4668673, Japan
来源：
OPERATIONS RESEARCH AND ITS APPLICATIONS | 2010年 / 12卷
关键词：
Investment timing; Finite maturity; Debt financing; Capital structure; Real options; VALUATION;
D O I：
暂无
中图分类号：
C93 [管理学]; O22 [运筹学];
学科分类号：
070105 ; 12 ; 1201 ; 1202 ; 120202 ;
摘要：
In this paper we examine an optimal investment policy of the firm, which is financed by issuing equity and debt during a period of time, using real options framework. We examine the effects of the maturity of investment on the values of equity, debt, firm, tax shield and bankruptcy cost. Specifically, we show that the investment timing depends not only on the investment threshold but also on the coupon payment. We also show that the optimal leverage ratio is determined independently of investment decision.
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页码：288 / +
页数：2
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