Arbeitspapier
Determinants of Railroad Capital Structure, 1830-1885
U.S. Railroads suffered repeated financial crises in the 19th and 20th Centuries. These crises were caused by a combination of high debt levels and strongly procyclical revenues and profits. Given the inherent instability of profits, why did railroads depend primarily on debt to finance their initial growth? I find that, over 1830-1885, railroads faced significant agency and control problems, which were partially mitigated by the use of debt. Around 1885, new developments reinforced the initial tendency towards debt-heavy capital structures.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2001-15
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schiffman, Daniel A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Bar-Ilan University, Department of Economics
- (wo)
-
Ramat-Gan
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Schiffman, Daniel A.
- Bar-Ilan University, Department of Economics
Entstanden
- 2001
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