Earticle

초록

영어

This study examines the interactions between investment and financing decisions under Knightian uncertainty. We first derive the optimal coupon and investment threshold under Knightian uncertainty. When financing and investment decisions interact, the jointly optimal coupon decreases with the degree of Knightian uncertainty, which supports empirical research. We show that the tax effect on investment decisions increases as the degree of Knightian uncertainty increases. We also find that the jointly determined coupon is less influenced by Knightian uncertainty.

목차

Abstract
Ⅰ. Introduction
II. Model
1. Knightian uncertainty
2. Corporate securities under Knightian uncertainty
3. Optimal coupon and investment threshold under Knightian uncertainty
Ⅲ. Impacts of Knightian uncertainty on financial decisions
1. Optimal investment threshold and coupon
2. Effects of Knightian uncertainty on the interaction of two decisions
Ⅳ. Conclusion
References

키워드

저자

• Hwa-Sung Kim [ School of Management, Kyung Hee University, Seoul, South Korea ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330