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The Determinants of Corporate Leverage and Dividend Policies

Опубликовано на портале: 02-10-2003
Journal of Applied Corporate Finance. 1995.  Vol. 7. No. 4. P. 4-19. 
In this paper we analyze the leverage and dividend choices than 6,700 industrial corporations over a 30-year period. Our empirical analysis is designed to provide a basis for assessing the relative importance of the various factors - taxes, contracting costs (particularly, the financial distress costs and the "free cash flow" benefits of debt), and signaling effects - in explaining corporate financial behavior. Such findings can than be used to guide corporate managers in thinking about trade-offs among different leverage and dividend choices.

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текст в формате pdf доступен на персонльной странице Майкла Барклая (Michael J. Barclay
):
http://www.simon.rochester.edu/fac/barclay/research1.htm
http://www.simon.rochester.edu/fac/barclay/PublishedPapers/JACF1995b.pdf
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