出版社：Fundação Getulio Vargas, Escola de Pós-Graduação em Economia
摘要：After Modigliani and Miller (1958) presented their capital structure irrel-
evance proposition, analysis of corporate .nancing choices involving debt and
equity instruments have generally followed two trends in the literature, where
models either incorporate informational asymmetries or introduce tax bene.ts
in order to explain optimal capital structure determination (Myers, 2002). None
of these features is present in this paper, which develops an asset pricing model
with the purpose of providing a positive theory of corporate capital structure by
replicating main aspects of standard contractual practice observed in real mar-
kets. Alternatively, the imperfect market structure of the economy is tailored
to match what is most common in corporate reality. Allowance for default on
corporate debt with an associated penalty of seizure of .rm.s future cash .ows
by creditors is introduced, for instance. In this context, a qualitative assessment
of .nancial managers.decisions is carried out through numerical procedures.
