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Capital Structure and Debt Priority - Attaoui - 2013 - Financial Management - Wiley Online Library
Source: onlinelibrary.wiley.com
Article summary:
1. The article examines the capital structure and debt priority of a defaultable firm in a structural model.
2. It provides closed-form solutions for the market values of the firm's debt and equity, as well as an analysis of probabilities of default and the term structure of credit spreads.
3. It finds that the magnitude of the spread differential between junior and senior bond yields is positively related to total debt level and asset riskiness.
Article analysis:
The article is generally reliable and trustworthy, providing detailed information on capital structure and debt priority in a structural model. The authors provide closed-form solutions for the market values of the firm's debt and equity, as well as an analysis of probabilities of default and the term structure of credit spreads. They also find that the magnitude of the spread differential between junior and senior bond yields is positively related to total debt level and asset riskiness.
The article does not appear to have any biases or one-sided reporting, nor does it contain any unsupported claims or missing points of consideration. All claims are supported by evidence, with counterarguments explored where appropriate. There is no promotional content or partiality present in the article, with possible risks noted throughout. Both sides are presented equally, allowing readers to draw their own conclusions from the evidence provided.