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Leverage and investment in diversified firms

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  • Ahn, Seoungpil
  • Denis, David J.
  • Denis, Diane K.

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File URL: http://www.sciencedirect.com/science/article/B6VBX-4H16P9J-2/2/2c3f6f7631d934995cfaa0318209fd87
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 79 (2006)
Issue (Month): 2 (February)
Pages: 317-337

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Handle: RePEc:eee:jfinec:v:79:y:2006:i:2:p:317-337

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Web page: http://www.elsevier.com/locate/inca/505576

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References

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  1. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, vol. 26(1), pages 3-27, July.
  2. David S. Scharfstein, 1998. "The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates," NBER Working Papers 6352, National Bureau of Economic Research, Inc.
  3. Peyer, Urs C. & Shivdasani, Anil, 2001. "Leverage and internal capital markets: evidence from leveraged recapitalizations," Journal of Financial Economics, Elsevier, vol. 59(3), pages 477-515, March.
  4. Philip E. Berger & Eli Ofek & David Yermack, 1996. "Managerial Entrenchment and Capital Structure Decisions," New York University, Leonard N. Stern School Finance Department Working Paper Seires 96-14, New York University, Leonard N. Stern School of Business-.
  5. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, vol. 32(3), pages 263-292, December.
  6. McConnell, John J. & Servaes, Henri, 1995. "Equity ownership and the two faces of debt," Journal of Financial Economics, Elsevier, vol. 39(1), pages 131-157, September.
  7. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
  8. Hyun-Han Shin & René M. Stulz, 1998. "Are Internal Capital Markets Efficient?," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 531-552, May.
  9. Denis, David J. & Denis, Diane K., 1993. "Managerial discretion, organizational structure, and corporate performance : A study of leveraged recapitalizations," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 209-236, April.
  10. Owen Lamont & Christopher Polk & Jesus Saa-Requejo, . "Financial Constraints and Stock Returns."," CRSP working papers 451, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  11. Lang, Larry & Ofek, Eli & Stulz, Rene M., 1996. "Leverage, investment, and firm growth," Journal of Financial Economics, Elsevier, vol. 40(1), pages 3-29, January.
  12. Raghuram Rajan & Henri Servaes & Luigi Zingales, 2000. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," Journal of Finance, American Finance Association, vol. 55(1), pages 35-80, 02.
  13. Comment, Robert & Jarrell, Gregg A., 1995. "Corporate focus and stock returns," Journal of Financial Economics, Elsevier, vol. 37(1), pages 67-87, January.
  14. Jung, Kooyul & Yong-Cheol, Kim & Stulz, Rene M., 1996. "Timing, investment opportunities, managerial discretion, and the security issue decision," Journal of Financial Economics, Elsevier, vol. 42(2), pages 159-185, October.
  15. Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January.
  16. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  17. Robert Gertner & Eric Powers & David Scharfstein, 2002. "Learning about Internal Capital Markets from Corporate Spin-offs," Journal of Finance, American Finance Association, vol. 57(6), pages 2479-2506, December.
  18. Ahn, Seoungpil & Denis, David J., 2004. "Internal capital markets and investment policy: evidence from corporate spinoffs," Journal of Financial Economics, Elsevier, vol. 71(3), pages 489-516, March.
  19. Amy Dittmar & Anil Shivdasani, 2003. "Divestitures and Divisional Investment Policies," Journal of Finance, American Finance Association, vol. 58(6), pages 2711-2744, December.
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