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Managerial Entrenchment and the Choice of Debt Financing

Managerial Entrenchment and the Choice of Debt Financing »

Volume/Issue: 1999/94

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

DOI: http://dx.doi.org/10.5089/9781451851700.001

ISBN: 9781451851700

Keywords: Covenant Restrictions, Credit Risk, Managerial Entrenchment, Private Debt, Public Debt, benefits, debt contract, long-term debt

The paper analyzes the choice between public and private debt by an entrenched manager. The model shows that when the firm’s credit risk is low, management issues public bonds because of the value gains from...

Managerial Entrenchment and the Choice of Debt Financing

Managerial Entrenchment and the Choice of Debt Financing »

Source: Managerial Entrenchment and the Choice of Debt Financing

Volume/Issue: 1999/94

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

ISBN: 9781451851700

Keywords: Covenant Restrictions, Credit Risk, Managerial Entrenchment, Private Debt, Public Debt, benefits, debt contract, long-term debt

The paper analyzes the choice between public and private debt by an entrenched manager. The model shows that when the firm’s credit risk is low, management issues public bonds because of the value gains from...