Managerial Entrenchment and the Choice of Debt Financing

Managerial Entrenchment and the Choice of Debt Financing
The paper analyzes the choice between public and private debt by an entrenched manager. The model shows that when the firm's credit risk is low, management issues public bonds because of the value gains from increased flexibility rather than reduced restrictions and monitoring. In fact, management's expected private gains decrease as initial... READ MORE...

Publication date: July 1999
ISBN 9781451851700
$15.00

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