Corporate Investment and Financing Dynamics
研究了在包含投资的权衡模型中杠杆率的行为，发现企业即使行使完最后投资期权也会保留财务灵活性而少用债务，且杠杆路径取决于投资过程结构，模拟结果与数据吻合。
Abstract We consider the behavior of leverage ratios in a trade-off model with investment. Debt underutilization to retain financial flexibility persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Leverage paths crucially hinge on the structure of the investment process, which leads firms to have significantly different target leverage ratios. Structural estimation of key parameters reveals that simulated model moments can match data moments. In simulated panels, leverage regression results are in line with the evidence, and average leverage ratios are path-dependent and persistent for extended periods of time.