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Capital Structure under Imperfect Enforcement

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  • Hvide, Hans K
  • Leite, Tore

Abstract

Building on a costly state verification framework, we propose a theory of capital structure with imperfect enforcement. In addition to being consistent with stylized facts on the choice of capital structure, it accommodates a range of empirical regularities on the repayment behaviour, such as strategic defaults of debt obligations, costly bankruptcy, investor intervention, and violations of absolute priority rules.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4757.

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Date of creation: Nov 2004
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Handle: RePEc:cpr:ceprdp:4757

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Related research

Keywords: cash diversion; costly state verification; financial contracts; outside equity;

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Cited by:
  1. HansK. Hvide, 2009. "The Quality of Entrepreneurs," Economic Journal, Royal Economic Society, vol. 119(539), pages 1010-1035, 07.

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