Arbeitspapier
Debt, hedging, and human capital
This paper provides a theory of debt and hedging based on human capital. We distinguish human capital from physical capital in two ways: (1) human capital is inalienable and can exercise a one-sided option to leave the firm, and (2) human capital is not perfectly replaceable. We show that a firm may reach the first best solution while issuing debt or equity to outsiders provided that either the insiders receive a senior claim or that the firm hedges. We then show that, given asymmetric information concerning costs, the only viable solution has the firm issuing debt to outsiders and hedging.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2005-30
- Klassifikation
-
Wirtschaft
- Thema
-
Humankapital
Hedging
Kapitalstruktur
Börsengang
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Smith, Stephen D.
Wall, Larry D.
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Atlanta
- (wo)
-
Atlanta, GA
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
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Objekttyp
- Arbeitspapier
Beteiligte
- Smith, Stephen D.
- Wall, Larry D.
- Federal Reserve Bank of Atlanta
Entstanden
- 2005
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