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Journal of corporate finance : contracting, governance, and organization, v.66, 2021년, pp.101700 -
Barclay, Michael J. (Simon Business School, University of Rochester) , Fu, Fangjian (Lee Kong Chian School of Business, Singapore Management University) , Smith, Clifford W. (Simon Business School, University of Rochester)
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Abstract We assume executives managing corporate financial policy consider the firm's current and target leverage, investment plans, anticipated cash flows, and consequences of alternative sequences of financing transactions, operating within efficient markets. Our analysis yields time-series and c...
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