論文

査読有り
2010年

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

OPERATIONS RESEARCH AND ITS APPLICATIONS
  • Kyoko Yagi
  • ,
  • Ryuta Takashima
  • ,
  • Katsushige Sawaki

12
開始ページ
288
終了ページ
+
記述言語
英語
掲載種別
研究論文(国際会議プロシーディングス)
出版者・発行元
WORLD PUBLISHING CORPORATION

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.


リンク情報
Web of Science
https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=JSTA_CEL&SrcApp=J_Gate_JST&DestLinkType=FullRecord&KeyUT=WOS:000310858100035&DestApp=WOS_CPL
ID情報
  • Web of Science ID : WOS:000310858100035

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