The Dynamics of Corporate Debt Management, Decision Rules, and Some Empirical Evidence

John C. G. Boot and George M. Frankfurter

Journal of Financial and Quantitative Analysis, 1972, vol. 7, issue 4, 1957-1965

Abstract: This study deals with the problem of debt — composition of the firm — specifically, the optimal mix of short- and long-term debt, or the optimal maturity composition of the total debt. It can be viewed as a subproblem of the more familiar determination of the optimal mix between total debt and owner's equity (Modigliani and Miller [15 and 16], Durand [3], Schwartz [18], Solomon [20], etc.).

Date: 1972
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