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Investment options with debt-financing constraints
Authors:Nicos Koussis  Spiros H Martzoukos
Institution:1. Department of Accounting, Finance and Economics , Frederick University Cyprus , 7, Y. Frederickou Str. Pallouriotisa, Nicosia , 1036 , Cyprus bus.kn@fit.ac.cy;3. Department of Public and Business Administration , University of Cyprus , PO Box 20537, CY 1678 , Nicosia , Cyprus
Abstract:A contingent claims model is used to study the impact of debt-financing constraints on firm value, optimal capital structure, the timing of investment and other variables, such as credit spreads. The optimal investment trigger follows a U shape as a function of exogenously imposed constraint. Risky, equity-financed R&D growth options increase firm value by increasing the option value on unlevered assets, while their impact on the net benefits of debt is small.
Keywords:capital structure  financing constraints  endogenous default  real options  R&  D  growth options
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