Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 郎咸平教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/0304-405X(95)00842-3 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/262WOS source URL
其它资讯
摘要We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the business segment level. This negative relation between leverage and growth holds for firms with low Tobin's q ratio, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by the capital markets or are not sufficiently valuable to overcome the effects of their debt overhang.
着者Lang L, Ofek E, Stulz RM
期刊名称Journal of Financial Economics
出版年份1996
月份1
日期1
卷号40
期次1
出版社ELSEVIER SCIENCE SA LAUSANNE
页次3 - 29
国际标準期刊号0304-405X
语言英式英语
关键词cash flow; growth; investment; leverage; liquidity
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE; Economics; ECONOMICS
