Optimal Financial Policy and Firm Valuation

Authors

  • MICHAEL J. BRENNAN,

  • EDUARDO S. SCHWARTZ

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    • University of British Columbia. Reaearch support from the Corporate Finance Division of the Department of Finance, Ottawa is gratefully acknowledged. We also thank Fischer Black for helpful comments. This paper was completed while E. Schwartz was on a Leave Fellowship sponsored by the Social Sciences and Humanities Research Council of Canada.

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