The Impact of Corporate Governance Structures on the Agency Cost of Debt

The Impact of Corporate Governance Structures on the Agency Cost of Debt
This paper uses a stochastic continuous time model of the firm to study how different corporate governance structures affect the agency cost of debt. In the absence of asymmetric information, it shows that control of the firm by debtholders with a minority stake delays the exit decision and reduces the underinvestment problem. Such a governance... READ MORE...

Publication date: December 2001
ISBN 9781451874501
$15.00

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