Essays on Capital Structure Decisions:
Financial Flexibility, the Business Cycle, and Tax Benefits
– in englischer Sprache –
Finanzmanagement, Band 105
Hamburg 2014, 146 Seiten
ISBN 978-3-8300-7981-1 (Print), ISBN 978-3-339-07981-7 (eBook)
This book provides an extensive analysis of how companies choose the mix of debt and equity to finance their assets. In three distinct essays, the author presents novel empirical and theoretical explanations for the dispersion of debt ratios of US firms within the last four decades. The first essay shows the importance of financial flexibility in capital issuance decisions, while the second analyzes the impact of macroeconomic risk on optimal capital structure choice. In the third essay, the author shows that investors discount tax benefits to a larger extent than predicted by asset pricing models.
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