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Capital Structure in the Absence of Agency
The Nature of Agency Problems
Agency Costs and an Optimal Capital Structure
6 other sections not shown
accounting information agency cost associated agency cost function agency problems agency theory agents amount of debt assets assumed assumption bankruptcy costs bondholders call option call provisions callable debt capital market Chapter common stock convertible debt corner solution corporate bonds corporate debt corporate tax rate costless costs of debt debt and equity debt financing deductions efforts entrepreneur equity capital exercise price exist Figure Financial Economics firm's first-best free rider problem Haugen increase informational asymmetry interior optimal investment opportunity investors Journal of Economics Journal of Finance leverage levered firm managerial marginal agency cost market value maximizing Modigliani-Miller Theorem moral hazard optimal capital structure percent perk consumption portfolio provides put option resolving agency problems risk incentive problem risk neutral risk sharing riskless securities securityholders Senbet solution stock options stockholders strategy supply curve tax arbitrage tax subsidy taxable theorem theory of agency units of debt utility variance wealth