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...
| 主要作者: | |
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| 格式: | 雜誌 |
| 語言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
1999.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 1999/094 |
| 在線閱讀: | Full text available on IMF |