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Abstract: We present a continuous-time asset pricing model of the levered firm where shareholders select not only the timing but also the form of control transfers. Owners are allowed to walk out of the firm either by (i) defaulting on their debt obligations or (ii) selling the firm with its debt obligations, as in a corporation sale. The structural model relates shareholders' ex-post choice to both technological and financial factors. We obtain that the likelihood of default being chosen instead of a... (Update)
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BibTeX entry: (Update)
@misc{ dahlstr-corporate,
author = "Tom Dahlstr\"om and Pierre Mella-Barral",
title = "Corporate Walkout Decisions and the Value of Default",
url = "citeseer.ist.psu.edu/401513.html" }
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4 The Costs and Bene#ts of Ownership: A Theory of Vertical and.. (context) - Sanford, Oliver et al. - 1986
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