Erwan Morellec is with Ecole Polytechnique Fédérale de Lausanne (EPFL), Swiss Finance Institute, and CEPR. Boris Nikolov is with the William E. Simon Graduate School of Business Administration, University of Rochester. Norman Schürhoff is with the Faculty of Business and Economics at University of Lausanne, Swiss Finance Institute, and CEPR. We thank an anonymous referee, the Associate Editor, the Editor (Campbell Harvey), and Darrell Duffie for many valuable comments and Julien Hugonnier for suggesting an elegant approach to the calculation of conditional densities in our setting. We also thank Tony Berrada, Peter Bossaerts, Bernard Dumas, Michael Lemmon, Marco Pagano, Michael Roberts, René Stulz, Toni Whited (AFA discussant), Marc Yor, Jeff Zwiebel, and seminar participants at Boston College, Carnegie Mellon University, HEC Paris, the London School of Economics, the University of Colorado at Boulder, the University of Lausanne, the University of Pennsylvania, the University of Rochester, the 2008 American Finance Association meetings, 2008 North American Summer Meetings of the Econometric Society, and the conference on “Understanding Corporate Governance” organized by the Fundación Ramón Aceres in Madrid for helpful comments. Erwan Morellec and Norman Schürhoff acknowledge financial support from the Swiss Finance Institute and from NCCR FINRISK of the Swiss National Science Foundation.
Corporate Governance and Capital Structure Dynamics
Version of Record online: 21 MAY 2012
© 2012 the American Finance Association
The Journal of Finance
Volume 67, Issue 3, pages 803–848, June 2012
How to Cite
MORELLEC, E., NIKOLOV, B. and SCHÜRHOFF, N. (2012), Corporate Governance and Capital Structure Dynamics. The Journal of Finance, 67: 803–848. doi: 10.1111/j.1540-6261.2012.01735.x
- Issue online: 21 MAY 2012
- Version of Record online: 21 MAY 2012
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