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EnglishA dynamic investment options model with “time-to-build”, debt and equity constraints is studied to evaluate the effects on firm value and leverage choices. It is shown that a firm is more likely to face financing constraints with short term debt. With “time-to-build” and a tax scheme with full loss offset provisions, the firm increases initial leverage in order to reduce the impact of delayed cash flow receipts resulting from “time-to-build”. Under no deductibility for losses, the firm would reduce initial debt significantly. The joint impact of “time-to-build” and financing constraints causes a significant decrease in firm values.
| Titolo: | Multistage investment options, time-to-build and financing constraints |
| Autore/i: | AGLIARDI, ELETTRA; KOUSSIS, NICOS |
| Autore/i Unibo: | |
| Anno: | 2011 |
| Titolo del libro: | Proceedings of the 8th International Conference on Applied Financial Economics. |
| Pagina iniziale: | 344 |
| Pagina finale: | 354 |
| Abstract: | A dynamic investment options model with “time-to-build”, debt and equity constraints is studied to evaluate the effects on firm value and leverage choices. It is shown that a firm is more likely to face financing constraints with short term debt. With “time-to-build” and a tax scheme with full loss offset provisions, the firm increases initial leverage in order to reduce the impact of delayed cash flow receipts resulting from “time-to-build”. Under no deductibility for losses, the firm would reduce initial debt significantly. The joint impact of “time-to-build” and financing constraints causes a significant decrease in firm values. |
| Data prodotto definitivo in UGOV: | 1-apr-2014 |
| Appare nelle tipologie: | 2.01 Capitolo / saggio in libro |
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