Managerial Entrenchment and the Choice of Debt Financing /
The paper analyzes the choice between public and private debt by an entrenched manager. The model shows that when the firm's credit risk is low, management issues public bonds because of the value gains from increased flexibility rather than reduced restrictions and monitoring. In fact, managem...
| Yazar: | |
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| Materyal Türü: | Dergi |
| Dil: | English |
| Baskı/Yayın Bilgisi: |
Washington, D.C. :
International Monetary Fund,
1999.
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| Seri Bilgileri: | IMF Working Papers; Working Paper ;
No. 1999/094 |
| Online Erişim: | Full text available on IMF |