Human capital, bankruptcy and capital structure

We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with thos...

Ausführliche Beschreibung

Bibliographische Detailangaben

Hauptverfasser:	Berk, Jonathan B. 1962- (VerfasserIn), Stanton, Richard 1951- (VerfasserIn), Zechner, Josef 1955- (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Cambridge, Mass. National Bureau of Economic Research 2007
Schriftenreihe:	Working paper series / National Bureau of Economic Research 13014
Online-Zugang:	kostenfrei
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