| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22870 |
| 来源ID | Working Paper 22870 |
| Ambiguity and the Tradeoff Theory of Capital Structure | |
| Yehuda Izhakian; David Yermack; Jaime F. Zender | |
| 发表日期 | 2016-11-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We examine the impact of ambiguity, or Knightian uncertainty, on the capital structure decision, using a static tradeoff theory model in which agents are both ambiguity and risk averse. The model confirms the well-known result that greater risk—the uncertainty over outcomes—leads firms to decrease leverage. Conversely, the model indicates that greater ambiguity—the uncertainty over the probabilities associated with the outcomes—leads firms to increase leverage. Using a theoretically based measure of ambiguity, our empirical analysis presents evidence consistent with these notions, showing that ambiguity has an important and distinct impact on capital structure. |
| 主题 | Microeconomics ; Mathematical Tools ; Economics of Information ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w22870 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580544 |
| 推荐引用方式 GB/T 7714 | Yehuda Izhakian,David Yermack,Jaime F. Zender. Ambiguity and the Tradeoff Theory of Capital Structure. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22870.pdf（612KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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