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How much financial flexibility is optimal? A closed-form capital structure model for investment-grade firms

Investment-grade (IG) firms often manage capital structure by preserving financial flexibility and rating resilience rather than targeting a precise leverage ratio. I develop a tractable continuous-time benchmark for the pre-default IG regime in which the key financing choice is the contractual trig...

Täydet tiedot

Tallennettuna:
Päätekijä: Vladimir Manaev
Aineistotyyppi: Artigo
Kieli:Inglês
Julkaistu: Elsevier 2026-07-01
Sarja:International Review of Economics & Finance
Aiheet:
Capital structure
Financial flexibility
Investment-grade
Financing policy
Debt capacity
Closed-form
Linkit:http://www.sciencedirect.com/science/article/pii/S1059056026005617
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