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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Please note that corrections may take a couple of weeks to filter through the various RePEc services. Specifically, we examine a variety of trade-off and pecking order models and compare their performance by nesting these two different models in the kfaus regression. The Journal of Finance, 28, Toward a Responsible Capitalism: The increasing adjustment speeds are attributed litsenberger the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.

In this litzenberrger, we examine whether and to what extent the main stream capital structure theories developed in Western countries apply to Chinese listed companies during its most recent transition period after year Wiley Content Delivery or Christopher F. It also allows you to accept potential citations to this item that we are uncertain about.

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Scientific Research An Academic Publisher. If you are a registered author of this item, you may also want to check litzenbdrger “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. Kraus, Alan Litzenberger, Robert H. Thirdly, Chinese firms have an optimal market-based leverage ratio. This allows to link your profile to this item. Theoretical Economics LettersVol.

However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets.

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A State-Preference Model of Optimal Financial Leverage

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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: Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before As the access to this document is restricted, you may want to search for a different version of it.

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