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Reply: “The Dynamics of Corporate Debt Management, Decision Rules and Some Empirical Evidence”

Published online by Cambridge University Press:  19 October 2009

John C. G. Boot  and
George M. Frankfurter
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Extract

In his comment [4], Pashmi Thakkar raises two questions concerning our study [1] in three points. Points 1 and 3 have to do with discrediting the existence or proper measurement of our dependent variable, while point 2 argues for a technically biased regression structure resulting in biased estimates.

Type
Communications
Information
Journal of Financial and Quantitative Analysis , Volume 9 , Issue 6 , December 1974 , pp. 1067 - 1068
Copyright
Copyright © School of Business Administration, University of Washington 1974

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References

REFERENCES

[1]Boot, J. C. G., and Frankfurter, G. M.. “The Dynamics of Corporate Debt Management, Decision Pules, and Some Empirical Evidence.” The Journal of Financial and Quantitative Analysis, vol. 7 (September 1972), pp. 1957–1965.Google Scholar
[2]Frankfurter, G. M. “The Dynamics of Corporate Debt Management.” Ph.D. Thesis, State University of New York at Buffalo, 1970.Google Scholar
[3]Miller, M. H., and Modigliani, F.. “Some Estimates of the Cost of Capital to the Elective Utility Industry 1954–57.” The American Economic Review, vol. 56 (June 1966), pp. 333–391.Google Scholar
[4]Thakkar, Rashmi B. “Comment: ‘Dynamics of Corporate Debt Management, Decision Rules, and Some Empirical Evidence,‘” Journal of Financial and Quantitative Analysis, December 1974.Google Scholar