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A SURVEY OF THE TRADE−OFF THEORY OF CORPORATE FINANCING

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Author(s): Chikashi TSUJI (PhD)

Journal: Business and Management Review
ISSN 2047-0398

Volume: 1;
Issue: 6;
Start page: 102;
Date: 2011;
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Keywords: Capital structure | external financing | Modigliani and Miller’s Proposition | trade-off theory

ABSTRACT
This paper attempts to provide the useful information to update our understanding of corporate financing,particularly, of the trade-off theory of capital structure. For this purpose, more concretely, we first introduce the literature as to the theoretical developments related to this trade-off theory. Then, we survey the US literature that supply the empirical evidence associated with this theory for the US capital markets. Finally, in order to widely overview the empirical evidence internationally, we also survey the literature demonstrating the evidence for other international countries.
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Tango Jona
Tangokurs Rapperswil-Jona