Concept

Social capital

Related publications (56)

Financing and takeovers

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, cap ...

2008

On the debt capacity of growth options

Erwan Morellec

We relate the value of growth options in the firm's investment opportunity set to the level of debt in the firm's capital structure. Underinestment costs of debt increase and free cash flow benefits fall with additional growth options. Thus, if debt capaci ...

2006

Le management des communautés virtuelles

Olivier Glassey

In the last three decades the management of information technologies has become a major issue in most organizations. In this context, virtual communities (VC), as a means to technologically foster collective social exchanges, are often proposed as viable s ...

EPFL2005

Can managerial discretion explain observed leverage ratios

Erwan Morellec

This article analyzes the impact of managerial discretion and corporate control mechanisms on leverage and firm value within a contingent claims model where the manager derives perquisites from investment. Optimal capital structure reflects both the tax ad ...

Oxford University Press2004

Do Credit Spreads Reflect Stationary Leverage Ratios?

Pierre Collin Dufresne

Most structural models of default preclude the firm from altering its capital structure. In practice, firms adjust outstanding debt levels in response to changes in firm value, thus generating mean-reverting leverage ratios. We propose a structural model o ...

2001

Approaches to efficient capital taxation: leveling the playing field vs. living by the golden rule

Philippe Thalmann

This paper analyzes intersectoral and intertemporal efficiency effects of the Tax Reform Act of 1986 using a general equilibrium model that considers impacts of taxes on the allocation of capital across industries, assets, sectors and time. The model pays ...

1993

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