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- W2899124511 endingPage "198" @default.
- W2899124511 startingPage "145" @default.
- W2899124511 abstract "Firms’ inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage even if the new debt is junior and would reduce firm value. These asymmetric forces in leverage adjustments, which we call the leverage ratchet effect, cause equilibrium leverage outcomes to be history-dependent. If forced to reduce leverage, shareholders are biased toward selling assets relative to potentially more efficient alternatives such as pure recapitalizations." @default.
- W2899124511 created "2018-11-09" @default.
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- W2899124511 creator A5043941158 @default.
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- W2899124511 date "2017-12-14" @default.
- W2899124511 modified "2023-10-07" @default.
- W2899124511 title "The Leverage Ratchet Effect" @default.
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- W2899124511 doi "https://doi.org/10.1111/jofi.12588" @default.
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