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Problems in the Theory of Optimal Capital Structure

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  • Robichek, Alexander A.
  • Myers, Stewart C.

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  • Robichek, Alexander A. & Myers, Stewart C., 1966. "Problems in the Theory of Optimal Capital Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 1(02), pages 1-35, June.
  • Handle: RePEc:cup:jfinqa:v:1:y:1966:i:02:p:1-35_01
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    References listed on IDEAS

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    1. Markus K. Brunnermeier & Jonathan A. Parker & Christian Gollier, 2007. "Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns," American Economic Review, American Economic Association, pages 159-165.
    2. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, pages 341-360.
    3. Malcolm Baker & Jeffrey Wurgler, 2006. "Investor Sentiment and the Cross-Section of Stock Returns," Journal of Finance, American Finance Association, vol. 61(4), pages 1645-1680, August.
    4. John Y. Campbell, 2001. "Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk," Journal of Finance, American Finance Association, vol. 56(1), pages 1-43, February.
    5. Wei Huang & Qianqiu Liu & S. Ghon Rhee & Liang Zhang, 2010. "Return Reversals, Idiosyncratic Risk, and Expected Returns," Review of Financial Studies, Society for Financial Studies, vol. 23(1), pages 147-168, January.
    6. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-470, May.
    7. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    8. Ravi Bansal & Amir Yaron, 2004. "Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles," Journal of Finance, American Finance Association, vol. 59(4), pages 1481-1509, August.
    9. Bali, Turan G. & Cakici, Nusret & Whitelaw, Robert F., 2011. "Maxing out: Stocks as lotteries and the cross-section of expected returns," Journal of Financial Economics, Elsevier, vol. 99(2), pages 427-446, February.
    10. Merton, Robert C., 1987. "A simple model of capital market equilibrium with incomplete information," Working papers 1869-87., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    11. Nicholas Barberis & Ming Huang, 2008. "Stocks as Lotteries: The Implications of Probability Weighting for Security Prices," American Economic Review, American Economic Association, vol. 98(5), pages 2066-2100, December.
    12. French, Kenneth R. & Schwert, G. William & Stambaugh, Robert F., 1987. "Expected stock returns and volatility," Journal of Financial Economics, Elsevier, vol. 19(1), pages 3-29, September.
    13. Wei, Steven X. & Zhang, Chu, 2005. "Idiosyncratic risk does not matter: A re-examination of the relationship between average returns and average volatilities," Journal of Banking & Finance, Elsevier, vol. 29(3), pages 603-621, March.
    14. Nicholas Barberis & Ming Huang & Tano Santos, 2001. "Prospect Theory and Asset Prices," The Quarterly Journal of Economics, Oxford University Press, vol. 116(1), pages 1-53.
    15. Fu, Fangjian, 2009. "Idiosyncratic risk and the cross-section of expected stock returns," Journal of Financial Economics, Elsevier, vol. 91(1), pages 24-37, January.
    16. Black, Fischer, 1976. "The pricing of commodity contracts," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 167-179.
    17. Allen, Linda & Bali, Turan G., 2007. "Cyclicality in catastrophic and operational risk measurements," Journal of Banking & Finance, Elsevier, vol. 31(4), pages 1191-1235, April.
    18. Merton, Robert C, 1987. " A Simple Model of Capital Market Equilibrium with Incomplete Information," Journal of Finance, American Finance Association, vol. 42(3), pages 483-510, July.
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    Cited by:

    1. John R. Graham & Mark T. Leary & Michael R. Roberts, 2013. "A Century of Capital Structure: The Leveraging of Corporate America," NBER Chapters,in: New Perspectives on Corporate Capital Structure National Bureau of Economic Research, Inc.
    2. Cameron, Trudy Ann, 1992. "The impact of grouping coarseness in alternative grouped-data regression models," Journal of Econometrics, Elsevier, pages 419-421.
    3. R. Jarrow & A. Purnanandam, 2007. "The valuation of a firm’s investment opportunities: a reduced form credit risk perspective," Review of Derivatives Research, Springer, pages 39-58.
    4. Andrew B. Abel, 2015. "Optimal Debt and Profitability in the Tradeoff Theory," NBER Working Papers 21548, National Bureau of Economic Research, Inc.
    5. Robert A. Taggart, Jr., 1981. "Secular Patterns in Corporate Finance," NBER Working Papers 0810, National Bureau of Economic Research, Inc.
    6. Martel, Jocelyn, 1996. "Solutions au stress financier," L'Actualité Economique, Société Canadienne de Science Economique, vol. 72(1), pages 51-78, mars.
    7. DeAngelo, Harry & DeAngelo, Linda & Whited, Toni M., 2011. "Capital structure dynamics and transitory debt," Journal of Financial Economics, Elsevier, vol. 99(2), pages 235-261, February.
    8. Yair E. Orgler & Robert A. Taggart, Jr., 1981. "Implications of Corporate Capital Structure Theory for Banking Institutions," NBER Working Papers 0737, National Bureau of Economic Research, Inc.
    9. Pierpaolo Pattitoni & Barbara Petracci & Massimo Spisni, 2011. "Fee Structure, Financing, and Investment Decisions: The Case of REITs," Working Paper series 30_11, Rimini Centre for Economic Analysis.
    10. Walter A. Varvel, 1976. "The motivation for base holding company acquisitions," Working Paper 76-02, Federal Reserve Bank of Richmond.
    11. Stewart Myers, 1989. "Still searching for optimal capital structure," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 80-105.
    12. John Graham & Mark T. Leary & Michael R. Roberts, 2014. "How Does Government Borrowing Affect Corporate Financing and Investment?," NBER Working Papers 20581, National Bureau of Economic Research, Inc.
    13. Lemma W. Senbet & Robert A. Taggart, Jr., 1981. "Capital Structure Equilibrium under Incomplete Market Conditions," NBER Working Papers 0747, National Bureau of Economic Research, Inc.
    14. Segal, Uzi & Spivak, Avia, 1989. "Firm size and optimal growth rates," European Economic Review, Elsevier, vol. 33(1), pages 159-167, January.
    15. Jocelyn Martel, 1996. "Solutions au stress financier : Un survol de la littérature," CIRANO Working Papers 96s-03, CIRANO.
    16. Robert A. Taggart, Jr., 1980. "Taxes and Corporate Capital Structure in an Incomplete Market," NBER Working Papers 0594, National Bureau of Economic Research, Inc.
    17. Schauten, M.B.J. & Spronk, J., 2006. "Optimal Capital Structure: Reflections on Economic and Other Values," ERIM Report Series Research in Management ERS-2006-074-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    18. Graham, John R. & Leary, Mark T. & Roberts, Michael R., 2015. "A century of capital structure: The leveraging of corporate America," Journal of Financial Economics, Elsevier, vol. 118(3), pages 658-683.

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