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• W2184720926 abstract "Bond credit spreads have been shown to reflect the issuing firm’s default probability. In an efficient market, spreads will reflect both the fir m’s current risk and investors’ expectations about how that risk level might change in the future. Col lin-Dufresne and Goldstein (2001) show analytically that the expected future behavior of a firm’s leverage importantly influences the appropriate credit spread on long-term bonds. We implement this insight empirically, by using current information to proxy for investors’ expecta tions about future leverage changes. We find that expected future leverage affects bond credit s preads, and that expectations formed under the trade-off and pecking-order theories of capital str ucture both enjoy empirical support. However, separate estimations by firm leverage, firm size, b ond credit-ratings and direction of leverage change reveal a relatively wider applicability of t he trade-off theory." @default.
• W2184720926 created "2016-06-24" @default.
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• W2184720926 date "2007-01-01" @default.
• W2184720926 modified "2023-09-27" @default.
• W2184720926 title "What Can We Learn About Capital Structure From Bond Credit Spreads? 1" @default.
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