Finance Series
Leverage in Pyramids: When Debt Leads To Higher Dividends
Working Paper Author/Authors
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University of Groningen & Monash University
Douglas V. DeJong
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Toulouse School of Economics
Gerard Mertens
Series number:
261/2009
Date published:
Last revised:
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Keywords
pyramids, payout policy, leverage, ownership structure, control wedge, disproportionality of control and cash flow rights