Empirical analyses indicate that active and passive debt management have limited power to explain the financing behavior of firms. Therefore, discontinuous financing, as a combination of active and passive debt management, might be a more realistic financing strategy. However, the properties of...

In corporate valuation, it is common to assume either passive or active debt management. However, it is questionable whether these pure financing policies reflect the real financing policies of firms with a sufficient degree of accuracy. This shortcoming has led to the development of mixed...

In corporate valuation, it is common to assume either passive or active debt management. However, it is questionable whether these pure financing policies reflect the real financing policies of firms with a sufficient degree of accuracy. This shortcoming has led to the development of mixed...