夏鑫老师在金融学顶级期刊Journal of Corporate Finance发表论文
夏鑫老师（唯一通讯作者）及其合作者论文《Debt structure and debt overhang》在金融学国际一流学术期刊《Journal of Corporate Finance》上发表。
《Journal of Corporate Finance》是公司金融领域最权威学术期刊，近5年的期刊影响因子为6.088，JCR类别Q1分区，ABS四星期刊。
Abstract: We study the impact of heterogeneous debt structures on corporatefinancing and investment decisions in a dynamic trade-off model. The issuanceof bank debt along with market debt accelerates investment and mitigates theex-post debt overhang relative to exclusive market debt structures. A growthfirm optimally increases its reliance on bank debt and decreases its usage ofmarket debt when it has fewer valuable growth opportunities, its assetvolatility is higher, its bankruptcy cost is lower, or it faces a low tax rateenvironment. We identify the non-monotonic effects of the cyclicality of growthopportunities on firms’ optimal debt composition.
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