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EnglishWe develop a dynamic investment options model with optimal capital structure and evaluate the effect of time-to-build on firm value and leverage choices. With time-to-build the firm increases initial leverage in order to reduce the impact of delayed cash flows resulting from time-to-build. The impact of time-to-build is more severe the higher the revenue volatility, competitive erosion and investment costs and when the firm issues long-term debt. Time-to-build is shown to have a substantial impact on firm values for plausible parameter values
| Titolo: | Optimal capital structure and the impact of time-to-build | |
| Autore/i: | AGLIARDI, ELETTRA; Koussis N. | |
| Autore/i Unibo: | ||
| Anno: | 2013 | |
| Rivista: | ||
| Digital Object Identifier (DOI): | http://dx.doi.org/10.1016/J.frl.2013.02.002 | |
| Abstract: | We develop a dynamic investment options model with optimal capital structure and evaluate the effect of time-to-build on firm value and leverage choices. With time-to-build the firm increases initial leverage in order to reduce the impact of delayed cash flows resulting from time-to-build. The impact of time-to-build is more severe the higher the revenue volatility, competitive erosion and investment costs and when the firm issues long-term debt. Time-to-build is shown to have a substantial impact on firm values for plausible parameter values | |
| Data prodotto definitivo in UGOV: | 2014-02-24 12:14:01 | |
| Data stato definitivo: | 2016-07-09T17:27:26Z | |
| Appare nelle tipologie: | 1.01 Articolo in rivista |
File in questo prodotto:
http://hdl.handle.net/11585/134085
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