• I. Introduction
  • II. The Model
  • A. Assumptions
  • B. Model Solution
  • C. Model Predictions
  • III. Empirical Analysis
  • A. Estimation Strategy
  • B. Empirical Specication
  • IV. Estimation Results
  • A. Dynamic Capital Structure without Agency Conflicts
  • B. The Estimated Cost of Control Challenge and Bargaining Power
  • C. Robustness Checks
  • D. The Determinants of Entrenchment and Financing Decisions
  • V. Conclusion
  • Appendix A: Proofs and Data Denitions
  • Appendix B: Simulated Evidence
  • References