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Comment: “The Dynamics of Corporate Debt Management, Decision Rules, and Some Empirical Evidenceâ€

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  • Thakkar, Rashmi B.

Abstract

In a previous issue of this journal Boot and Frankfurter (hereafter B-F) published the results of their study on the optimal mix of short-and-long-term debt. While interesting, their results appear to be open to question on the following grounds:1. Use of wrong data: The short-term borrowing data used by B-F in their regression analysis include the following items which do not generally and, rightly so, belong to short-term debt:(a) Reserve for deferred or future income taxes,(b) Restricted surplus for deferred taxes,(c) Insurance reserves,(d) Surplus reserves,(e) Unamortised debt premium, and(f) Contributions for constructions.

Suggested Citation

  • Thakkar, Rashmi B., 1974. "Comment: “The Dynamics of Corporate Debt Management, Decision Rules, and Some Empirical Evidenceâ€," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(6), pages 1065-1066, December.
    • Handle: RePEc:cup:jfinqa:v:9:y:1974:i:06:p:1065-1066_02
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