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Journal article

How investment opportunities affect optimal capital structure

Abstract:

The topic of optimal capital structure1 has been well-studied since 1958, when the original Modigliani- Miller theorem2 appeared. Since then, a great many articles have addressed the question of how companies choose their target leverage from both theoretical and empirical perspectives.


Much of this research has focused on the merits and limitations of the so-called “trade-off theory” of capital structure, which describes companies as weighing the tax and control benefits of m...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1111/jacf.12266

Authors


More by this author
Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Said Business School
Role:
Author
More by this author
Institution:
University of Oxford
Division:
SSD
Department:
Said Business School
Oxford college:
St Edmund Hall
Role:
Author
Publisher:
Wiley Publisher's website
Journal:
Journal of Applied Corporate Finance Journal website
Volume:
29
Issue:
4
Pages:
112–124
Publication date:
2018-02-01
Acceptance date:
2017-01-15
DOI:
EISSN:
1745-6622
ISSN:
1078-1196
Source identifiers:
820381
Pubs id:
pubs:820381
UUID:
uuid:46e972c5-e209-4fc9-b4d0-4164b1244fb6
Local pid:
pubs:820381
Deposit date:
2018-01-18

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