Switching to a poor business activity: optimal capital structure, agency costs and covenant rules

We address the issue of modeling and quantifying the asset substitution problem in a setting where equityholders decisions alter both the volatility and the return of the firm cash flows. Our results contrast with those obtained in models where the agency problem is reduced to a pure risk-shifting p...

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Veröffentlicht in:	Annals of finance 2007-07, Vol.3 (3), p.389-409
Hauptverfasser:	Décamps, Jean-Paul, Djembissi, Bertrand
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital structure Studies
Online-Zugang:	Volltext
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