Matches in SemOpenAlex for { <https://semopenalex.org/work/W3195704083> ?p ?o ?g. }
- W3195704083 endingPage "101538" @default.
- W3195704083 startingPage "101538" @default.
- W3195704083 abstract "This paper investigates the impact of managerial moral hazard on the debt overhang of a firm by constructing a contingent claims model in which the manager faces costly effort. Using a calibrated capital structure model, we show that the costs of debt overhang become more serious in the presence of managerial moral hazard. Such costs even account for more than half of the total agency costs at a high level of cash flow. Moreover, in contrast to the results of Hackbarth and Mauer (2012), our model predicts a U-shaped relationship between the leverage ratio and investment opportunities of a firm, which is caused by managers’ moral hazard. Finally, by considering this moral hazard, we also show the coexistence of low leverage ratios and high credit spreads, which explains the phenomenon of “low debt levels and high credit spreads” observed in practice." @default.
- W3195704083 created "2021-08-30" @default.
- W3195704083 creator A5017489902 @default.
- W3195704083 creator A5034737294 @default.
- W3195704083 creator A5069744848 @default.
- W3195704083 date "2021-11-01" @default.
- W3195704083 modified "2023-10-18" @default.
- W3195704083 title "Moral hazard, debt overhang and capital structure" @default.
- W3195704083 cites W1852458464 @default.
- W3195704083 cites W1994328509 @default.
- W3195704083 cites W1994997270 @default.
- W3195704083 cites W2000578291 @default.
- W3195704083 cites W2005734978 @default.
- W3195704083 cites W2101093637 @default.
- W3195704083 cites W2117767955 @default.
- W3195704083 cites W2122529435 @default.
- W3195704083 cites W2132742780 @default.
- W3195704083 cites W2151851171 @default.
- W3195704083 cites W2154044885 @default.
- W3195704083 cites W2166913627 @default.
- W3195704083 cites W2170436279 @default.
- W3195704083 cites W2562949516 @default.
- W3195704083 cites W2729289048 @default.
- W3195704083 cites W2937202293 @default.
- W3195704083 cites W2969299842 @default.
- W3195704083 cites W3042602916 @default.
- W3195704083 cites W3083655051 @default.
- W3195704083 cites W3121170188 @default.
- W3195704083 cites W3121671386 @default.
- W3195704083 cites W3121689764 @default.
- W3195704083 cites W3121997738 @default.
- W3195704083 cites W3123402827 @default.
- W3195704083 cites W3123415522 @default.
- W3195704083 cites W3123443645 @default.
- W3195704083 cites W3124421389 @default.
- W3195704083 cites W3124562575 @default.
- W3195704083 cites W3124801441 @default.
- W3195704083 cites W3125140972 @default.
- W3195704083 cites W3125410471 @default.
- W3195704083 cites W3121437527 @default.
- W3195704083 doi "https://doi.org/10.1016/j.najef.2021.101538" @default.
- W3195704083 hasPublicationYear "2021" @default.
- W3195704083 type Work @default.
- W3195704083 sameAs 3195704083 @default.
- W3195704083 citedByCount "2" @default.
- W3195704083 countsByYear W31957040832022 @default.
- W3195704083 countsByYear W31957040832023 @default.
- W3195704083 crossrefType "journal-article" @default.
- W3195704083 hasAuthorship W3195704083A5017489902 @default.
- W3195704083 hasAuthorship W3195704083A5034737294 @default.
- W3195704083 hasAuthorship W3195704083A5069744848 @default.
- W3195704083 hasConcept C10138342 @default.
- W3195704083 hasConcept C119857082 @default.
- W3195704083 hasConcept C120527767 @default.
- W3195704083 hasConcept C120757647 @default.
- W3195704083 hasConcept C144133560 @default.
- W3195704083 hasConcept C149933338 @default.
- W3195704083 hasConcept C153083717 @default.
- W3195704083 hasConcept C162118730 @default.
- W3195704083 hasConcept C162324750 @default.
- W3195704083 hasConcept C163428354 @default.
- W3195704083 hasConcept C175444787 @default.
- W3195704083 hasConcept C2777482880 @default.
- W3195704083 hasConcept C2780202544 @default.
- W3195704083 hasConcept C29122968 @default.
- W3195704083 hasConcept C36673458 @default.
- W3195704083 hasConcept C39389867 @default.
- W3195704083 hasConcept C41008148 @default.
- W3195704083 hasConcept C44171179 @default.
- W3195704083 hasConcept C556758197 @default.
- W3195704083 hasConceptScore W3195704083C10138342 @default.
- W3195704083 hasConceptScore W3195704083C119857082 @default.
- W3195704083 hasConceptScore W3195704083C120527767 @default.
- W3195704083 hasConceptScore W3195704083C120757647 @default.
- W3195704083 hasConceptScore W3195704083C144133560 @default.
- W3195704083 hasConceptScore W3195704083C149933338 @default.
- W3195704083 hasConceptScore W3195704083C153083717 @default.
- W3195704083 hasConceptScore W3195704083C162118730 @default.
- W3195704083 hasConceptScore W3195704083C162324750 @default.
- W3195704083 hasConceptScore W3195704083C163428354 @default.
- W3195704083 hasConceptScore W3195704083C175444787 @default.
- W3195704083 hasConceptScore W3195704083C2777482880 @default.
- W3195704083 hasConceptScore W3195704083C2780202544 @default.
- W3195704083 hasConceptScore W3195704083C29122968 @default.
- W3195704083 hasConceptScore W3195704083C36673458 @default.
- W3195704083 hasConceptScore W3195704083C39389867 @default.
- W3195704083 hasConceptScore W3195704083C41008148 @default.
- W3195704083 hasConceptScore W3195704083C44171179 @default.
- W3195704083 hasConceptScore W3195704083C556758197 @default.
- W3195704083 hasFunder F4320321001 @default.
- W3195704083 hasFunder F4320322665 @default.
- W3195704083 hasLocation W31957040831 @default.
- W3195704083 hasOpenAccess W3195704083 @default.
- W3195704083 hasPrimaryLocation W31957040831 @default.
- W3195704083 hasRelatedWork W1866180739 @default.
- W3195704083 hasRelatedWork W202945666 @default.
- W3195704083 hasRelatedWork W2069841552 @default.
- W3195704083 hasRelatedWork W2136969886 @default.