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- Title
ELASTICITY OF CAPITAL SUPPLY AND SECOND ORDER CONDITIONS: COMMENT.
- Authors
NICHOLS, ALAN
- Abstract
The article presents commentary and criticism on the report "Elasticity of Capital Supply, Monopsonistic Discrimination, and Optimum Capital Structure," by Douglas Vickers from the March 1967 issue asserting optimum capital structure of corporations are defined by financial leverage and supply function elasticity measurements of the capital market. The author argues that Vickers' conclusions are erroneous due to inconsideration of second order calculations, and modeling is provided showing the possibility of contradictory results.
- Subjects
CAPITAL structure; ELASTICITY (Economics); MATHEMATICAL models of capital; OPTIMAL designs (Statistics); CAPITAL market; RESEARCH evaluation
- Publication
Journal of Finance (Wiley-Blackwell), 1967, Vol 22, Issue 4, p665
- ISSN
0022-1082
- Publication type
Article
- DOI
10.1111/j.1540-6261.1967.tb00303.x