Credit market frictions and capital structure dynamics

DOI10.1016/J.JET.2014.09.021MaRDI QIDQ894071zbMATHOpenAlexFDO

Authors J. Hugonnier, Semyon Malamud, Erwan Morellec

Publication date 23 November 2015

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.jet.2014.09.021

zbMATH Keywords

default riskdynamic capital structurecredit supply uncertaintysearch and bargaining

Mathematics Subject Classification ID

Credit risk (91G40) Corporate finance (dividends, real options, etc.) (91G50)

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Cites work

• Capital mobility and asset pricing
• Credit market frictions and capital structure dynamics
• Endogenous Liquidity and Defaultable Bonds
• Investment Reversibility and Agency Cost of Debt
• Maintaining a Reputation when Strategies are Imperfectly Observed
• Markov perfect equilibrium. I: Observable actions
• Optimal capital structure and endogenous default
• Over-the-Counter Markets
• RETHINKING DYNAMIC CAPITAL STRUCTURE MODELS WITH ROLL‐OVER DEBT
• Term Structures of Credit Spreads with Incomplete Accounting Information

Cited in

(17)

• Optimal dividend strategy for a general diffusion process with time-inconsistent preferences and ruin penalty
• Taxes and financial frictions: implications for corporate capital structure
• The role of the leverage effect in the price discovery process of credit markets
• The effects of asset liquidity on dynamic sell-out and bankruptcy decisions
• The effect of neglecting the slope parameters' heterogeneity on dynamic models of corporate capital structure
• Numerical approximation of a cash-constrained firm value with investment opportunities
• Robust leverage dynamics without commitment
• Credit spread and liquidation value-based debt financing constraint
• Financial frictions, capital reallocation, and aggregate fluctuations
• scientific article; zbMATH DE number 2156344 (Why is no real title available?)
• Target-initiated takeover with search frictions
• On a dividend problem with random funding
• A mechanism for thawing the credit markets
• Do country-level creditor protections affect firm-level debt structure concentration?
• Liquidity management with decreasing returns to scale and secured credit line
• Credit market frictions and capital structure dynamics
• The interaction of debt financing, cash grants and the optimal investment policy under uncertainty

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