Footnotes 1 . This is not a self‐contained survey article. I have stated theories intuitively and not attempted to derive them. I have attempted to cite interesting and representative research by others but have nevertheless skipped over many useful empirical and theoretical contributions. For an extensive survey and bibliography, see Ronald Masulis, The Debt‐Equity Choice (New York: Ballinger Publishing Co., 1988). 2 . See Michael Long and Ileen Malitz in “Investment Patterns and Financial Leverage,” in B. Friedman, ed., Corporate Capital Structure in the United States (Chicago: University of Chicago Press, 1985). Also, Sheridan Titman and Roberto Wessels find that debt ratios are negatively related to marketing and selling expenses and R&D expenses. These expenses are obvious proxies for intangible assets, although Titman and Wessels interpret them as proxies for “uniqueness.” See S. Titman and R. Wessels , “ The Determinants of Capital Structure Choice ,” Journal of Finance , vol. 43 , no. 1 , March 1988 , 1 – 19 . See also note 24 below. 3 . Clifford Smith , “ Investment Banking and the Capital Acquisition Process . Journal of Financial Economics , vol. 15 , no. 12 , JanuaryFebruary 1986 , 3 –
Journal of Applied Corporate Finance – Wiley
Published: Mar 1, 1993
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