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Capital Structure under Imperfect Enforcement

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Author Info
Hvide, Hans K
Leite, Tore

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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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  1. Hvide, Hans K, 2005. "The Quality of Entrepreneurs," CEPR Discussion Papers 4979, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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This page was last updated on 2009-12-21.

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