资本结构外文文献翻译Word文档下载推荐.docx
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资本结构外文文献翻译Word文档下载推荐.docx
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crisis.
Indeed,
evidence
indicates
excessive
leverage
orchestrated
major
global
banks
(e.g.,
through
the
mortgage
lending
collateralized
obligations)
so-called
“shadow
banking
system”
may
be
underlying
cause
recent
economic
dislocation.
Less
obvious
role
among
nonfinancial
firms.
To
date,
problems
in
U.S.
non-financial
sector
have
been
minor
compared
distress
despite
seizing
capital
markets
during
crisis.
For
example,
bankruptcies
limited
given
economic
decline
largest
since
great
depression
1930s.
In
fact,
bankruptcy
filings
firms
occurred
mostly
industries
automotive
manufacturing,
newspapers,
real
estate)
faced
fundamental
pressures
prior
This
surprising
fact
begs
question,
“How
important
is
risk
for
firms?
”
At
heart
this
issue
uncertainty
about
determinants
total
firm
as
well
components
risk.
Study
Recent
academic
research
both
asset
pricing
corporate
finance
rekindled
an
interest
analyzing
equity
price
risk.
A
current
strand
literature
examines
finding
Campbell
et
al.
(2001)
firm-specific
(idiosyncratic)
has
tended
increase
over
last
40
years.
Other
work
suggests
idiosyncratic
risk
a
priced
factor
(see
Goyal
Santa-Clara,
2003,
others).
Also
related
these
studies
Pá
stor
Veronesi
(2003)
showing
how
investor
about
profitability
determinant
and
value.
examined
volatility
bond
pricing
Dichev,
1998,
Campbell,
Hilscher,
Szilagyi,
2008).
However,
much
empirical
examining
takes
assets
or
tries
explain
trend
contrast,
paper
different
tack
investigation
First,
we
seek
to
understand
at
level
considering
total
product
risks
inherent
operations
(i.e.,
business
risks)
associated
with
risks).
Second,
attempt
assess
relative
importance
risks
implications
policy.
Early
Modigliani
Miller
(1958)
policy
may
largely
irrelevant
value
because
investors
can
replicate
many
decisions
low
cost
via
homemade
leverage)
well-functioning
should
able
distinguish
between
distress.
Nonetheless,
policies,
such
adding
structure,
magnify
equity.
on
management
suggests
also
reduce
policies
hedging
derivatives.
often
motivated
by
substantial
deadweight
costs
other
market
imperfections
Empirical
provides
conflicting
accounts
costly
typical
publicly
traded
firm.
We
directly
address
roles
our
analysis
utilize
large
sample
United
States.
Our
goal
identifying
most
important
(volatility)
relies
viewing
as
transforming
into
Thus,
throughout
paper,
consider
wedge
asset
volatility.
static
setting,
provides
magnifies
operating
cash
flow
Because
determined
owners
(and
managers),
are
careful
examine
firms’
characteristics
policy.
Specifically,
a
variety
suggested
previous
and,
clearly
possible,
those
company
(i.e.
factors
determining
risk)
fina
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