CARF・農林中央金庫寄付講座共催セミナー

"Investment timing under financing constraint with bank and market debt "

• 日時： 2012年2月3日（金）　17:30-19:00

• 会場： 東京大学経済学研究科学術交流棟（小島ホール）
  　　　　 2階　コンファレンスルーム

• 講師： 芝田　隆志 准教授　（首都大学東京　 社会科学研究科）

• Abstract：
  

  We examine the optimal investment timing decision problem of a firm subject to a bank and market debt financing constraint in which banks have the unique ability to renegotiate outside formal bankruptcy. Optimal investment thresholds have a U-shaped relation with the respective bank and market debt capacity constraint. Optimal debt structures depend on cash flow volatility and bargaining power in private workouts for a given debt capacity constraint. By increasing the debt capacity constraint, the firm is more likely to issue the market debt than the bank debt when the investment is exercised. If the firm does not possess the bargaining power in private workouts, the firm issues bank debt. If the firm possesses a slight or more bargaining power, it is likely that the firm prefers market bank for lower volatility, while the firm prefers bank debt for higher volatility. These results fit well with the findings of empirical studies concerning debt structures.

• プロフィール：
  

  Takashi Shibata is Associate Professor, Graduate School of Social Sciences, Tokyo Metropolitan University(TMU). He received Ph.D., Economics, Kyoto University in 2004.
  His research area is Corporate Finance.