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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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Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Finance and Centre-Periphery Dynamics: General contact details of provider: 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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Wiley Content Delivery or Christopher F. More about this item Statistics Access and download statistics. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms. See general information about how to correct material in RePEc.

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Evidence from Chinese Listed Companies. 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.

If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. When requesting a correction, please mention this item’s handle: 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 The Journal of Finance, 28, Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before 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 regression.

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Toward a Responsible Capitalism: Theoretical Economics LettersVol. 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 litzenbeger you to do it here.

A State-Preference Model of Optimal Financial Leverage

Kraus, Alan Litzenberger, Robert H. Help us Corrections Found an error or omission? You can help correct errors and omissions. Download full text from publisher File URL: Scientific Research An Academic Publisher. Corrections All material on this site has been provided by the respective publishers and authors.

A State-Preference Model of Optimal Financial Leverage

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