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Math."],"published-print":{"date-parts":[[2021,1]]},"abstract":"<jats:p>In this paper, we study the optimal capital structure model with endogenous bankruptcy when the firm's asset value follows an exponential L\u00e9vy process with positive jumps. In the Leland--Toft framework [ J. Finance, 51 (1996), pp. 987--1019], we obtain the optimal bankruptcy barrier in the classical continuous-observation model and the periodic-observation model, recently studied by Palmowski et al. [ Finance Stoch, 24 (2020), pp. 1035--1082]. We further consider the two-stage optimization problem of obtaining the optimal capital structure. Detailed numerical experiments are conducted to study the sensitivity of the firm's decision-making with respect to the observation frequency and positive jumps of the asset value.<\/jats:p>","DOI":"10.1137\/20m1362127","type":"journal-article","created":{"date-parts":[[2021,8,24]],"date-time":"2021-08-24T13:15:21Z","timestamp":1629810921000},"page":"1112-1149","source":"Crossref","is-referenced-by-count":4,"title":["Effects of Positive Jumps of Assets on Endogenous Bankruptcy and Optimal Capital Structure: Continuous- and Periodic-Observation Models"],"prefix":"10.1137","volume":"12","author":[{"given":"Dante Mata","family":"L\u00f3pez","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jos\u00e9 Luis","family":"P\u00e9rez","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kazutoshi","family":"Yamazaki","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"351","published-online":{"date-parts":[[2021,8,24]]},"reference":[{"key":"atypb1","first-page":"645","volume":"41","author":"Albrecher H.","year":"2011","journal-title":"Astin Bull."},{"key":"atypb2","doi-asserted-by":"publisher","DOI":"10.1080\/03461238.2011.624686"},{"key":"atypb3","doi-asserted-by":"publisher","DOI":"10.1016\/j.spa.2016.06.021"},{"key":"atypb4","doi-asserted-by":"publisher","DOI":"10.3150\/15-BEJ695"},{"key":"atypb5","doi-asserted-by":"publisher","DOI":"10.1016\/j.spa.2003.07.005"},{"key":"atypb6","doi-asserted-by":"publisher","DOI":"10.1016\/j.insmatheco.2012.10.008"},{"key":"atypb7","doi-asserted-by":"publisher","DOI":"10.1016\/j.insmatheco.2014.01.005"},{"key":"atypb8","doi-asserted-by":"publisher","DOI":"10.1093\/jjfinec\/nbi022"},{"key":"atypb9","doi-asserted-by":"publisher","DOI":"10.1086\/338705"},{"key":"atypb10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9965.2009.00375.x"},{"key":"atypb11","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00208"},{"key":"atypb12","doi-asserted-by":"publisher","DOI":"10.1239\/aap\/1019160954"},{"key":"atypb13","doi-asserted-by":"publisher","DOI":"10.1016\/j.cam.2013.12.044"},{"key":"atypb14","doi-asserted-by":"publisher","DOI":"10.1086\/381280"},{"key":"atypb15","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00247"},{"key":"atypb16","doi-asserted-by":"publisher","DOI":"10.1007\/s007800100058"},{"key":"atypb17","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/1.4.427"},{"key":"atypb18","first-page":"73","author":"Kou S. 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