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  • School of Business, Economics and Law / Handelshögskolan
  • Department of Economics / Institutionen för nationalekonomi med statistik
  • Working papers
  • Redigera dokument
  •   Startsida
  • School of Business, Economics and Law / Handelshögskolan
  • Department of Economics / Institutionen för nationalekonomi med statistik
  • Working papers
  • Redigera dokument
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Property Rights and Corporate Finance

Sammanfattning
We examine a central result in corporate finance – the Modigliani-Miller capital structure irrelevance proposition – from a Coasian property rights perspective. Building upon the work of Coase, Demsetz and Cheung, we develop an enabling methodology to study the impact of positive Coasian transaction costs. When the Modigliani-Miller assumption of default-free debt is relaxed in the analysis of corporate leverage, either long-lived transaction costs related to property rights must be explicitly assumed away, or long-lived transaction costs related to property rights must be incorporated into the analysis.
Universitet
Göteborg University. School of Business, Economics and Law
URL:
http://hdl.handle.net/2077/2745
Samlingar
  • Working papers
Fil(er)
gunwpe0174.pdf (146.6Kb)
Datum
2005
Författare
Kairys, Jr., Joseph P.
Graff, Richard A.
Nyckelord
property rights; transaction costs; capital structure
Publikationstyp
Report
ISSN
1403-2465
Serie/rapportnr.
Working Papers in Economics, nr 174
Språk
en
Metadata
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