Auflistung LIF-SAFE Working Papers nach Schlagwort "capital structure"

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    • Financing Asset Growth 

      Brennan, Michael J.; Kraft, Holger (2013-08-11)
      In this paper we provide new evidence that corporate financing decisions are associated with managerial incentives to report high equity earnings. Managers rely most heavily on debt to finance their asset growth when their ...

    • Incentive Effects from Write-down CoCo Bonds: An Empirical Analysis 

      Hesse, Henning (2018-05-01)
      Departing from the principle of absolute priority, CoCo bonds are particularly exposed to bank losses despite not having ownership rights. This paper shows the link between adverse CoCo design and their yields, confirming ...

    • Leaning Against the Wind: Debt Financing in the Face of Adversity 

      Brennan, Michael J.; Kraft, Holger (2016-12-29)
      We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider ...