The Aggregate Dynamics of Capital Structure and Macroeconomic Risk | Zendy

Harjoat Singh Bhamra | Zendy; LarsAlexander Kuehn | Zendy; Ilya A. Strebulaev | Zendy

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The Aggregate Dynamics of Capital Structure and Macroeconomic Risk

Author(s) -

Harjoat Singh Bhamra,

LarsAlexander Kuehn,

Ilya A. Strebulaev

Publication year - 2008

Publication title -

ssrn electronic journal

Language(s) - English

Resource type - Journals

ISSN - 1556-5068

DOI - 10.2139/ssrn.1265870

Subject(s) - aggregate (composite) , capital structure , economics , systematic risk , risk adjusted return on capital , dynamics (music) , econometrics , monetary economics , financial economics , business , macroeconomics , financial capital , capital formation , human capital , market economy , debt , materials science , physics , acoustics , composite material

We study the impact of time-varying macroeconomic conditions on optimal dynamic capital struc- ture and the aggregate dynamics of firms in a cross-section. Our structural-equilibrium framework embeds a contingent-claim corporate financing model within a standard consumption-based asset-

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