Investment Decisions, Debt Renegotiation Friction, and Agency Conflicts

This paper investigates how investment decisions are influenced by the possibility of debt renegotiation failure and shareholder–debtholder conflicts by extending the Sundaresan and Wang (2007) model. We find that the difference in investment thresholds due to agency conflicts decreases as sharehold...

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Veröffentlicht in:	International review of finance 2020-06, Vol.20 (2), p.493-504
1. Verfasser:	Kim, Hwa‐Sung
Format:	Artikel
Sprache:	eng
Schlagworte:	International finance Investment policy
Online-Zugang:	Volltext
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