The Effect of Leverage on Bidding Behavior: Theory and Evidence from the FCC Auctions

This paper investigates how firms’ bidding behavior in various auctions is affected by capital structure. A theoretical model is developed where the first price sealed bid and the English auction are examined. We find as debt levels increase, firms tend to

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Year of publication:	1999-12
Authors:	Clayton, Matthew J. ; Ravid, S. Abraham
Institutions:	Finance Department, Stern School of Business

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Extent:	application/pdf
Series:	New York University, Leonard N. Stern School Finance Department Working Paper Seires.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005475256