基地研究员夏鑫博士及其合作者论文《Debt structure and debt overhang》在金融学国际一流学术期刊《Journal of Corporate Finance》上发表。

《Journal of Corporate Finance》是公司金融领域权威学术期刊，近5年的期刊影响因子为6.088，JCR类别Q1分区，ABS四星期刊。

Abstract: We study the impact of heterogeneous debt structures on corporatefinancing and investment decisions in a dynamic trade-off model. The issuanceof bank debt along with market debt accelerates investment and mitigates theex-post debt overhang relative to exclusive market debt structures. A growthfirm optimally increases its reliance on bank debt and decreases its usage ofmarket debt when it has fewer valuable growth opportunities, its assetvolatility is higher, its bankruptcy cost is lower, or it faces a low tax rateenvironment. We identify the non-monotonic effects of the cyclicality of growthopportunities on firms'optimal debt composition.

论文链接：Debt structure and debt overhang - ScienceDirect

教师简介

夏鑫，中南财经政法大学金融学院讲师，主要研究方向为公司金融。近几年以第一作者或唯一通讯作者身份在《管理科学学报》、《中国管理科学》、《Journal of Corporate Finance》、《International Review of Economics and Finance》、《North American Journal of Economics and Finance》、《Economic Modelling》、《Applied Economics》、《Economics Letters》等学术期刊发表论文10余篇，担任多本SSCI期刊的审稿人。研究成果曾获得当代经济学博士创新项目资助。