Corporate Law and Corporate Governance
Determinants of Corporate Borrowing
Stewart C. Myers
- Year
- 1977
- Venue
- Journal of Financial Economics
- Level
- Advanced
Summary
Explains how debt can distort later investment when part of a project's value accrues to existing creditors. The article supplies the classic debt-overhang mechanism used in corporate finance, restructuring, and covenant analysis.
Citation
Stewart C. Myers. "Determinants of Corporate Borrowing." Journal of Financial Economics, 1977.
DOI: 10.1016/0304-405X(77)90015-0
BibTeX
@article{Myers1977Determinants,
title = {Determinants of Corporate Borrowing},
author = {Stewart C. Myers},
year = {1977},
journal = {Journal of Financial Economics},
doi = {10.1016/0304-405X(77)90015-0},
url = {https://doi.org/10.1016/0304-405X(77)90015-0}
}