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• W4212881261 abstract "ABSTRACT We characterize equilibrium leverage dynamics in a trade‐off model in which the firm can continuously adjust leverage and cannot commit to a policy ex ante. While the leverage ratchet effect leads shareholders to issue debt gradually over time, asset growth and debt maturity cause leverage to mean‐revert slowly toward a target. Investors anticipate future debt issuance and raise credit spreads, fully offsetting the tax benefits of new debt. Shareholders are therefore indifferent toward the debt maturity structure, even though their choice significantly affects credit spreads, leverage levels, the speed of adjustment, future investment, and growth." @default.
• W4212881261 created "2022-02-24" @default.
• W4212881261 creator A5060574841 @default.
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• W4212881261 date "2021-01-13" @default.
• W4212881261 modified "2023-10-05" @default.
• W4212881261 title "Leverage Dynamics without Commitment" @default.
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• W4212881261 doi "https://doi.org/10.1111/jofi.13001" @default.
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