摘要：This paper develops a model in which the interaction of Seniority of the C.E.O in the enterprise and the debt can be analyzed. Multiple securities arise as optimal in the model. This allows for a meaningful analysis of interaction effects between Seniority of the C.E.O in the enterprise and the debt for a panel of USA firms from 2000 to 2009. There is a predicted (positive) relationship between Seniority of the C.E.O in the enterprise and the debt. Finally, this paper uses the recent developments in the econometrics of non-stationary dynamic panels to reassess the relationship between Seniority of the C.E.O in the enterprise and the debt
关键词：Seniority of the C.E.O; debt; cointegration; unit root; FMOLS
