Agency Costs, Risk Management, and Capital Structure

Theory of the firm: Managerial behavior, agency costs and ownership structure

1976 • 62,465 citations

The Pricing of Options and Corporate Liabilities

1973 • 29,036 citations

The Cost of Capital, Corporation Finance and the Theory of Investment

1958 • 15,488 citations

Determinants of corporate borrowing

1977 • 13,054 citations

ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES*

1974 • 10,570 citations

CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION

1963 • 5,822 citations

The Theory of Capital Structure

1991 • 3,949 citations

The Determinants of Firms' Hedging Policies

1985 • 3,317 citations

DEBT AND TAXES*

1977 • 3,086 citations

Risk Management: Coordinating Corporate Investment and Financing Policies

1993 • 3,031 citations

Corporate Debt Value, Bond Covenants, and Optimal Capital Structure

1994 • 2,681 citations

Modeling Term Structures of Defaultable Bonds

1999 • 2,575 citations

VALUING CORPORATE SECURITIES: SOME EFFECTS OF BOND INDENTURE PROVISIONS

1976 • 2,451 citations

Evaluating Natural Resource Investments

1985 • 2,417 citations

A Simple Approach to Valuing Risky Fixed and Floating Rate Debt

1995 • 2,167 citations

Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads

1996 • 2,014 citations

Pricing Derivatives on Financial Securities Subject to Credit Risk

1995 • 1,972 citations

The Maturity Structure of Corporate Debt

1995 • 1,679 citations

Dynamic Capital Structure Choice: Theory and Tests

1989 • 1,509 citations

A Markov Model for the Term Structure of Credit Risk Spreads

1997 • 1,509 citations

Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry

1996 • 1,378 citations

On the Determinants of Corporate Hedging

1993 • 1,246 citations

How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed

1998 • 1,231 citations

Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms

2004 • 1,036 citations

The Determinants of Corporate Debt Maturity Structure

1996 • 936 citations

Evidence on Corporate Hedging Policy

1996 • 730 citations

Contingent Claims Analysis of Corporate Capital Structures: an Empirical Investigation

1984 • 722 citations

Design and Valuation of Debt Contracts

1996 • 642 citations

On the Corporate Demand for Insurance

1982 • 623 citations

A RATIONALE FOR DEBT MATURITY STRUCTURE AND CALL PROVISIONS IN THE AGENCY THEORETIC FRAMEWORK

1980 • 599 citations

On the Corporate Demand for Insurance

1982 • 592 citations

Strategic Debt Service

1997 • 564 citations

Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure

1978 • 466 citations

Does Default Risk in Coupons Affect the Valuation of Corporate Bonds?: A Contingent Claims Model

1993 • 438 citations

Pricing the risks of default

1998 • 437 citations

Interactions of Corporate Financing and Investment Decisions: A Dynamic Framework

1994 • 365 citations

Measuring the Agency Cost of Debt

1992 • 299 citations

Pricing Credit-Sensitive Debt When Interest Rates, Credit Ratings and Credit Spreads are Stochastic

1996 • 270 citations

Optimal Financial Policy and Firm Valuation

1984 • 244 citations

THE TRAJECTORY OF CORPORATE FINANCIAL RISK MANAGEMENT

1993 • 223 citations

A Jump-Diffusion Approach to Modeling Credit Risk and Valuing Defaultable Securities

1997 • 171 citations

How Big is the Tax Advantage to Debt?

1984 • 161 citations

Asset substitution and the agencycosts of debt financing

1986 • 143 citations

The Use of Interest Rate Futures and Options by Corporate Financial Managers

1986 • 139 citations

Corporate Finance over the Past 25 Years

1995 • 130 citations

On the Asset Substitution Problem

1983 • 104 citations

Bond Prices, Yield Spreads, and Optimal Capital Structure with Default Risk

1994 • 80 citations

Corporate Hedging: What, Why and How?

1998 • 72 citations

The Valuation of Default Risk in Corporate Bonds and Interest Rate Swaps

1996 • 51 citations

Debt Valuation, Strategic Debt Service and Optimal Dividend Policy

1996 • 33 citations

The Relation Between Risk and Optimal Debt Maturity and the Value of Leverage

1990 • 26 citations

Dynamic Optimal Risk Management and Dividend Policy under Optimal Capital Structure and Maturity

1998 • 18 citations

Session Topic: Risk, Information and Capital Budgeting: Discussion

1974 • 12 citations

DISCUSSION

1974 • 6 citations

The Investment Policy and the Pricing of Equity in a Levered Firm: A Reexamination of the Contingent Claims' Valuation Approach

1994 • 4 citations

Endogenous Bankruptcy, Endogenous Restructuring, and Dynamic Capital Structure

1998 • 3 citations