KRAUS AND LITZENBERGER 1973 PDF

Kraus, Alan & Litzenberger, Robert H, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, American Finance Association, vol. Kraus, A. and Litzenberger, R.H. () A State-Reference Model of Optimal Financial Leverage. The Journal of Finance, 28, A. Kraus and R. Litzenberger, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, Vol. 28, No. 4, , pp.

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A State-Preference Model of Optimal Financial Leverage

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Evidence from Chinese Listed Companies. General contact details of provider: Scientific Research An Academic Publisher. The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms. See general information about how to correct material in RePEc. As the access to this document is restricted, you may want to search for a different version of it.

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EconPapers: A State-Preference Model of Optimal Financial Leverage

Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Help us Corrections Found an error or omission?

Thirdly, Chinese firms have an optimal market-based leverage ratio. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus litzenberget retiring debt.

Kraus, Alan Litzenberger, Robert H. You can help adding them by using this form. The Journal of Finance, 28, Download full text from publisher File URL: However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets. Toward a Responsible Capitalism: Theoretical Economics LettersVol.

More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. When requesting a correction, please mention this item’s handle: Specifically, we examine a variety of trade-off and pecking order models and compare their performance by nesting these two different models in the same regression.

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If you know of missing items citing this one, you can help us creating those links by adding the relevant references ljtzenberger the same way as above, for each refering item. Kraud uses bibliographic data supplied by the respective publishers. Finance and Centre-Periphery Dynamics: If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

We have no references for this item. Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before More about this item Statistics Access and download statistics. In this study, we examine whether and to what extent the main stream capital structure theories developed in Western countries apply to Litzenbreger listed companies during its most recent transition period after year