The timing of debt renegotiation and its implications for irreversible investment and capital structure

DOI10.1080/14697688.2023.2186260MaRDI QIDQ6101080zbMATH OpenOpenAlexFDO

Authors Zhaojun Yang, Nanhui Zhu

Publication date 20 June 2023

Published in Quantitative Finance (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1080/14697688.2023.2186260

zbMATH Keywords

capital structureinvestment optionspermanent coupon deductiontiming of debt renegotiation

Mathematics Subject Classification ID

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

Recommendations

• Investment timing, debt structure, and financing constraints
• The debt hangover: Renegotiation with noncontractible investment
• The non-neutrality of debt in investment timing: a new NPV rule
• Investment Reversibility and Agency Cost of Debt
• Optimal investment timing and volume decisions under debt borrowing constraints
• Investment, agency conflicts, debt maturity, and loan guarantees by negotiation
• RETHINKING DYNAMIC CAPITAL STRUCTURE MODELS WITH ROLL‐OVER DEBT
• Dynamic capital structure choice and investment timing
• Default and Renegotiation: A Dynamic Model of Debt

Cites work

• Asset sale, debt restructuring, and liquidation
• Real options and contingent convertibles with regime switching
• The non-neutrality of debt in investment timing: a new NPV rule
• The use of equity financing in debt renegotiation

Cited in

(11)

• The use of equity financing in debt renegotiation
• Investment, agency conflicts, debt maturity, and loan guarantees by negotiation
• A stochastic model with interacting managerial operating options and debt rescheduling
• Distressed exchange, bargaining power, and prior capital structure
• Debt recapitalization and value in waiting to finance a project
• Optimal investment timing and volume decisions under debt borrowing constraints
• Investment Reversibility and Agency Cost of Debt
• The debt hangover: Renegotiation with noncontractible investment
• Two-stage investment, loan guarantees and share buybacks
• The non-neutrality of debt in investment timing: a new NPV rule
• The pricing of total loss absorption capacity bonds in a jump-diffusion model with regime-switching

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