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On the Asset Substitution Problem


  • Gavish, Bezalel
  • Kalay, Avner


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  • Gavish, Bezalel & Kalay, Avner, 1983. "On the Asset Substitution Problem," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(01), pages 21-30, March.
  • Handle: RePEc:cup:jfinqa:v:18:y:1983:i:01:p:21-30_01

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    References listed on IDEAS

    1. Halloran, John A, 1979. "A Note on the Impact of FHLB Advances on the Cost and Availability of Funds at S&Ls," Journal of Finance, American Finance Association, vol. 34(5), pages 1255-1261, December.
    2. Timothy H. Hannan & Ferdinand Mavinga, 1980. "Expense Preference and Managerial Control: the Case of the Banking Firm," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 671-682, Autumn.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    4. Hannan, Timothy H, 1979. "Expense-Preference Behavior in Banking: A Reexamination," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 891-895, August.
    5. Hakansson, Nils H, 1970. "Optimal Investment and Consumption Strategies Under Risk for a Class of Utility Functions," Econometrica, Econometric Society, vol. 38(5), pages 587-607, September.
    6. Goldfeld, Stephen M & Jaffee, Dwight M, 1970. "The Determinants of Deposit-Rate Setting by Savings and Loan Associations," Journal of Finance, American Finance Association, vol. 25(3), pages 615-632, June.
    7. Jolivet, Vincent M., 1966. "The Control of Savings and Loan Associations," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 1(04), pages 58-71, December.
    8. Baltensperger, Ernst, 1980. "Alternative approaches to the theory of the banking firm," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 1-37, January.
    9. Sherman J. Maisel, 1981. "Risk and Capital Adequacy in Commercial Banks," NBER Books, National Bureau of Economic Research, Inc, number mais81-1, January.
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    Cited by:

    1. Kuersten, Wolfgang & Linde, Rainer, 2011. "Corporate hedging versus risk-shifting in financially constrained firms: The time-horizon matters!," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 502-525, June.
    2. Pascal François & Georges Hubner & Nicolas Papageorgiou, 2009. "A Dynamic Model of Risk-Shifting Incentives with Convertible Debt," Cahiers de recherche 0930, CIRPEE.
    3. Zhao, Longkai, 2004. "Corporate risk management and asymmetric information," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(5), pages 727-750, December.
    4. Alexander Reisz, 1999. "Temporal Resolution of Uncertainty, the Investment Policy of Levered Firms and Corporate Debt Yields," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-044, New York University, Leonard N. Stern School of Business-.
    5. Sudipto Sarkar, 2004. "Yield spreads, agency costs and the corporate bond call feature," The European Journal of Finance, Taylor & Francis Journals, vol. 10(4), pages 308-327.
    6. Jeitschko, Thomas D. & Jeung, Shin Dong, 2005. "Incentives for risk-taking in banking - A unified approach," Journal of Banking & Finance, Elsevier, vol. 29(3), pages 759-777, March.
    7. Braun, Alexander & Schmeiser, Hato & Rymaszewski, Przemysław, 2015. "Stock vs. mutual insurers: Who should and who does charge more?," European Journal of Operational Research, Elsevier, vol. 242(3), pages 875-889.
    8. Kokoreva, Maria & Ulugova, Aziza, 2015. "Corporate governance and finance company policy: a review of research," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 160-170.
    9. repec:oup:rcorpf:v:6:y:2017:i:1:p:68-101. is not listed on IDEAS
    10. Gabriel A. Giménez Roche, 2016. "Entrepreneurial ignition of the business cycle: The corporate finance of malinvestment," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(3), pages 253-276, September.
    11. Zsuzsanna Fluck, 1999. "Contingent Control Rights and Managerial Incentives: The Design of Long-term Debt," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-070, New York University, Leonard N. Stern School of Business-.
    12. Isagawa, Nobuyuki, 2006. "Lender's risk incentive and debt concession," International Review of Economics & Finance, Elsevier, vol. 15(2), pages 141-150.
    13. Mauer, David C. & Sarkar, Sudipto, 2005. "Real options, agency conflicts, and optimal capital structure," Journal of Banking & Finance, Elsevier, vol. 29(6), pages 1405-1428, June.
    14. Nobuyuki Isagawa & Satoru Yamaguchi & Tadayasu Yamashita, 2010. "Debt Forgiveness And Stock Price Reaction Of Lending Banks: Theory And Evidence From Japan," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 33(3), pages 267-287.
    15. Vivake Anand & Kamran Ahmed Soomro & Suneel Kumar Solanki, 2016. "Determinants of Credit Rating and Optimal Capital Structure among Pakistani Banks," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(60), pages 169-182, June.
    16. Siddiqi, Mazhar A., 2009. "Investigating the effectiveness of convertible bonds in reducing agency costs: A Monte-Carlo approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1360-1370, November.
    17. Nwaeze, Emeka T., 2005. "Replacement versus adaptation investments and equity value," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 523-549, June.
    18. repec:eee:ejores:v:263:y:2017:i:3:p:1109-1122 is not listed on IDEAS
    19. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.

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