Equity Depletion from Government-Guaranteed Debt
收藏NBER2008-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w14581
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Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Miller neutrality, firms issue guaranteed debt up to the limit the government permits. Declines in asset
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美国国家经济研究局创建时间：
2008-12-01
