Corporate investment and financing decisions in the presence of liquidation option
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概要
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This paper provides a unified framework to examine corporate investment and financing decisions in the presence of liquidation option. While the investment decision is characterized by an endogenously determined threshold, the financing decision includes the choice of debt issuance and endogenous default (bankruptcy or debt renegotiation) threshold. We demonstrate that a number of related models are nested in our framework. The introduction of liquidation option lowers the debt level, increases the ex ante firm value, advances the exercise of investment option, and delays the exercise of default (bankruptcy or debt renegotiation) option. We find that the quantitative effects of liquidation option cannot be ignored.
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