The Impact of Capital Structure Change on Firm Value: Some Estimates
Abstract
This study develops a model based on current corporate finance theories which explains stock returns associated with the announcement of issuer exchange offers. The major independent variables are changes in leverage multiplied by senior security claims outstanding and changes in debt tax shields. Parameter estimates are statistically significant and consistent in sign and relative magnitude with model predictions. Overall, 55 percent of the...
Paper Details
Title
The Impact of Capital Structure Change on Firm Value: Some Estimates
Published Date
Mar 1, 1983
Journal
Volume
38
Issue
1
Pages
107 - 126
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