Corporate liquidity, dividend policy and default risk: optimal financial policy and agency costs

DOI10.1142/S0219024910005929MaRDI QIDQ3580184zbMATH OpenFDO

Authors Yann Braouezec, Charles-Albert Lehalle

Publication date 11 August 2010

Published in International Journal of Theoretical and Applied Finance (Search for Journal in Brave)

zbMATH Keywords

default riskdividend policyModigliani-Miller theoremcorporate liquidityagency cost of dividend policystochastic default thresholds

Mathematics Subject Classification ID

Corporate finance (dividends, real options, etc.) (91G50)

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Cites work

• An analysis of the conditions for the validity of Modigliani-Miller theorem with incomplete markets
• Controlled diffusion models for optimal dividend pay-out
• Effects of confinement on the statistics of encounter times: exact analytical results for random walks in a partitioned lattice
• Optimal dividend policy and growth option
• Risk vs. profit potential:
• The pricing of options and corporate liabilities

Cited in

(9)

• Dividend policy relevance in a levered firm -- the binomial case
• Dividends as a signalling mechanism: the case of illiquid stock markets
• Interplay between dividend rate and business constraints for a financial corporation
• Dividend policy and capital structure of a defaultable firm
• Capital structure and tax convexity when the maturity of debt is finite
• Market frictions and corporate finance: an overview paper
• Endogenous Managerial Incentives and the Optimal Combination of Debt and Dividend Commitments
• Corporate Fraction and the Equilibrium Term Structure of Equity Risk *
• Exit options and dividend policy under liquidity constraints

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