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A Note on the Optimality of the Debt-Equity Mix
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Park, Cheol | - |
| dc.date.accessioned | 2019-12-27T03:04:15Z | - |
| dc.date.available | 2019-12-27T03:04:15Z | - |
| dc.date.issued | 2016-12 | - |
| dc.identifier.citation | 경영논집, Vol.50, pp. 133-143 | - |
| dc.identifier.issn | 2384-2849 | - |
| dc.identifier.other | 07-000062 | - |
| dc.identifier.uri | https://hdl.handle.net/10371/162957 | - |
| dc.description.abstract | Dewatripont and Tirole showed (for the first time) that a mix of debt and equity is optimal and thus provided justification of the most commonly observed capital structure. Using Diamond framework, this note simplifies their model and shows that the main reason why debt-equity mix is optimal is not the divergence of attitude towards risk between shareholders and debtholders as claimed in their papers. It is rather the flexibility debt contract affords in allocating control rights and incentives to liquidate the firm. | - |
| dc.description.sponsorship | Financial support from the Institute of Management Research and Institute of Finance and Banking of the Seoul National University is gratefully acknowledged. | - |
| dc.language.iso | en | - |
| dc.publisher | 서울대학교 경영대학 경영연구소 | - |
| dc.title | A Note on the Optimality of the Debt-Equity Mix | - |
| dc.type | SNU Journal | - |
| dc.contributor.AlternativeAuthor | 박철 | - |
| dc.citation.journaltitle | 경영논집 | - |
| dc.citation.endpage | 143 | - |
| dc.citation.pages | 133-143 | - |
| dc.citation.startpage | 133 | - |
| dc.citation.volume | 50 | - |
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