Sökning: "Nikola Pajkic"

Hittade 1 uppsats innehållade orden Nikola Pajkic.

  1. 1. Shareholder Advantage and Short-Term Leverage

    C-uppsats, Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Författare :Nikola Pajkic; Pratik Kulkarni; [2023]
    Nyckelord :Bargaining; Default; Debt maturity structure; Rollover risk;

    Sammanfattning : We find a correlational relationship between proxies of shareholder bargaining power and liquidation costs (indicating the value extraction ability of shareholders from debtholders in reorganization in default) and short-term leverage. Theoretical literature suggests to us that firms with higher shareholder advantage will reduce their short-term leverage to a greater extent than those with lower shareholder advantage (due to shareholders disliking commitment to rollover risk) in a systemic shock to bond market liquidity, i. LÄS MER