The cost and timing of financial distress

被引：41

作者：

Elkamhi, Redouane ^{[2
]}

Ericsson, Jan ^{[3
]}

Parsons, Christopher A. ^{[1
]}

机构：

[1] Univ Calif San Diego, Rady Sch Management, La Jolla, CA 92093 USA

[2] Univ Toronto, Rotman Sch Management, Toronto, ON M5S 1A1, Canada

[3] McGill Univ, Desautels Fac Management, Montreal, PQ H3A 2T5, Canada

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2012年 / 105卷 / 01期

关键词：

Trade off theory; Financial distress; Debt-equity holder conflicts; Tax benefits; Financial leverage; OPTIMAL CAPITAL STRUCTURE; STRUCTURAL MODELS; CORPORATE-DEBT; BANKRUPTCY; RISK; FIRM; TRANSACTIONS; DETERMINANTS; LIQUIDATION; VALUATION;

D O I：

10.1016/j.jfineco.2012.02.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Assessments of the trade-off theory have typically compared the present value of tax benefits to the present value of bankruptcy costs. We verify that this comparison overwhelmingly favors tax benefits, suggesting that firms are under-leveraged. However, when we allow firms to experience even modest (e.g., 1-2% annualized) financial distress costs prior to bankruptcy, the cumulative present value of such costs can easily offset the tax benefits. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：62 / 81

页数：20

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