Download or read book Ownership Structure as a Determinant of Capital Structure An Empirical Study of DAX Companeis written by Christian Funke and published by GRIN Verlag. This book was released on 2012-03-02 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2004 in the subject Business economics - Business Management, Corporate Governance, grade: 1.1, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: Empirische Diplomarbeit die mit einer multivariaten Regression untersucht, ob sich die beobachtete Variabilität der Kapitalstrukturen von Unternehmen durch unterschiedliche Eigentümerstrukturen erklären lässt.

Download or read book FDI and Determinants of Capital Structure written by Younghwan Kim and published by . This book was released on 2005 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Equity Ownership and Performance written by Kerstin Groß and published by Springer Science & Business Media. This book was released on 2007-05-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.

Download or read book Capital Structure and Firm Performance written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.

Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.

Download or read book The Determinants of Corporate Capital Structure Evidence from Listed Companies in China written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Capital Structure of Listed Companies in Poland written by Qaizar Hussain and published by International Monetary Fund. This book was released on 1997-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the capital structure of firms listed on the Poland's stock market and identifies lessons that may be useful for the newly formed stock exchanges of the Baltic countries. 2 Several empirical studies have examined the determinants of debt-equity ratios. Most of them, such as Titman and Wessels (1988), Zeckhauser and Pound (1990), and Rajan and Zingales (1995), focus on industrial countries and find that high leverage benefits firm performance. Others, such as Hussain (1996) and Cornelli, Portes and Schaffer (1996) look at developing countries. Hussain (1996) concentrates on Indonesia and finds that high leverage has a negative effect for a sample of listed firms. He introduces shareholder concentration as an additional variable influencing leverage. Cornelli, Portes and Schaffer (1996) examine a large sample of both listed and unlisted firms for Poland, the Czech Republic, and Hungary, asking why debt-equity ratios are generally so low in these countries. They speculate that these low levels may be detrimental to the economy. Despite these two examples, most of the well-known studies on capital structure analyze only G-7 or industrialized countries. Thus considerable scope remains for examining developing countries, especially transition economies. This paper analyzes the capital structure of listed firms in Poland. We are interested in how firms choose among retained earnings, debt, and shares of stock. Cornelli, Portes and Schaffer focus only on the choice between total debt and total equity since they also include a sample of unlisted firms.

Download or read book Credit Rating and the Impact on Capital Structure written by Christian Kronwald and published by GRIN Verlag. This book was released on 2010-03 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Hohenheim (Lehrstuhl für Bankwirtschaft und Finanzdienstleistungen), language: English, abstract: The question about capital structure is one of the most important issues which the management of a company faces in implementing their daily business. Therefore, the question of which factors affect capital structure decisions attracts high attention in the past and recent literature on capital structure. There are many papers providing valuable insights into capital structure choices, starting with the paper of Modigliani and Miller (1958). The MM-Theorem is generally considered a purely theoretical result since it ignores important factors in the capital structure decision like bank-ruptcy costs, taxes, agency costs and information asymmetry. Based on this paper many other theories which consider factors neglected by Modigliani and Miller have been evolved. Two major theories are the Tradeoff- and the Pecking-Order-Theory. The former loosens assumptions stated in the MM-Theorem by including bankruptcy costs and taxes while the latter introduces information asymmetry into the capital structure discussion. Chapter 2.1 will give a brief overview of these theories. For complexity reasons these models cannot capture all relevant factors affecting the capital structure policy of a company. However, all these theories disregard one cru-cial factor which plays an important role on capital markets all over the world. The significance of Credit Ratings is gradually increasing, and it is doing so in many re-spects. This paper focuses on the Credit Rating-Capital Structure-Hypotheses (CRCS) developed by Darren J. Kisgen as a modern approach to the capital structure discussion. The hypothesis argues that credit ratings have an impact on capital struc-ture decisions due to discrete costs (benefits) associated with a rating change. Firstly,

Download or read book Corporate Ownership Capital Structure and Investment written by Mika Ihamuotila and published by . This book was released on 1994 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of Capital Structure A Study on the Cement Sector of Pakistan written by Muhammad Khurram Shabbir and published by . This book was released on 2018-08-19 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Report from the year 2014 in the subject Economics - Finance, grade: A-, course: Adavance research methodology, language: English, abstract: The decisions relating to the capital structure have been one of the most important decisions that have to be taken by the financial managers in any organization. The cement sector of Pakistan plays a vital role in economic development. Hence the importance of decisions pertaining to its capital structure can't be denied. This study investigates the effect of profitability, tangibility, size and liquidity on capital structure decisions of the listed companies in Karachi stock exchange of cement sector in Pakistan. This research study provides the information that would help the management of cement industry to make better decisions related to the capital structure. Its provides a deep insight of an optimal capital structure for the cement industry. Which will then support in maximization of the share value of firms on the one side and the minimization of cost of capital on the other side, and overall it would have a significant effect on the firm's profitability which is the main objective of any organization. The variables include leverage, profitability, liquidity, Size, and tangibility.

Download or read book On the Decision to Go Public written by Alexander Ljungqvist and published by . This book was released on 2016 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test recent theories of when companies go public which predict that 1) more.

Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, have delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.

Download or read book Empirical derivative pricing with LME industrial metal data written by Christian Stepanek and published by Cuvillier Verlag. This book was released on 2015-08-27 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is focused on empirical examinations of commodity derivatives. Commodity futures and options are very important for companies in hedging their commodity price risks. Financial institutions participate also in commodity derivative markets either to gain exposure to commodity prices, diversify their portfolios, or hedge commodity price risk from financial transactions. But also retail investors have been more and more interested in commodity investments for some years. Because of their limited access to commodity markets, they have to rely on special commodity SFPs issued by banks. However, in contrast to derivatives with standard underlyings, such as stocks or bonds, there are various specific aspects to commodity derivatives. Especially interesting from academic as well as practitioners’ point of view are the pricing relations between spot and derivative prices, which are closely linked to market fundamentals. But also from the financialization of commodity markets arise several subjects which require scientific examination. I identify in this thesis several unresolved research questions on commodity futures, options, and SFPs. This way it is possible to offer insights in derivative markets for industrial companies, financial institutions, and retail investors alike.

Download or read book Does capital structure influence firms value written by Ulrike Messbacher and published by GRIN Verlag. This book was released on 2005-12-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2004 in the subject Business economics - Investment and Finance, grade: 1, University of Applied Sciences Kempten (University of Ulster), language: English, abstract: In accordance with the Signalling model by Ross (1977) an increase in gearing represents, in term of a company’s prospective cash flows, a positive signal to external investors. Because, due to the higher risk of financial distress, companies with less optimistic market prospective tend to avoid additional financial obligations. This implies that an increasing indebtedness means a higher quality of business and therefore better valuation. This leads, in turn, to the assumption that the corporate management can influence a firm’s value by changing its capital structure. If capital structure can affect value, how can firms identify an optimal capital structure and what will it look like? It is that mix of debt and equity that maximises the value of a firm and, at the same time, minimise overall cost of capital. In their seminal article, published in 1958 and 1963, Modigliani and Miller argue that under certain assumptions the value of a firm i s independent of its capital structure, but with tax-deductible interest payments, they are positively related. Moreover, there are other approaches with partly contradictory perceptions. For instance, Myers (1998, cited in Fairchild 2003, p.6) argues that there is no universal optimal mix of debt and equity; in fact it depends on firms or industries, and therefore should be considered on a case-by-case basis. Other researchers have added market imperfections, such as bankruptcy costs, agency costs, and gains from leverage- induced tax shields to the analysis and have maintained that an optimal capital structure may exist (Hatfieldet al.1994, p.1). First, this paper shows the basic determinants of a firm’s value in association with the impact of financial leverage on payoffs to stockholders. Secondly, it considers some arguments of capital structure theories, particularly the Modigliani and Miller theorem and the Traditional approach and contrasts them. Finally, the underlying factors of the model assumptions are examined and shown that they are important in the choice of a firm’s debt-equity ratio.

Download or read book Determinants Of The Capital Structure Of The Cement Industry From Pakistan written by Muhammad Bilal and published by GRIN Verlag. This book was released on 2016-02-19 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2015 in the subject Business economics - Operations Research, University of Lahore (Lahore Business School), language: English, abstract: This research/study has been conducted on the capital structure of the cement industry Pakistan taking the sample of 11 companies out of the population of 24 companies registered on the Karachi stock exchange of the period 2001 to 2015. This study used the least square method to find out the relationship of dependent and independent variables. It has taken leverage as a dependent variable and firm size, growth, liquidity, tangibility, non debt tax shield, and profitability as a independent variables, while the 3 independent variables have not supported the assumption (riddance test) of linear regression model, which is profitability liquidity and growth, thus its carry out the research on the remaining 4 variables which is dependent variable leverage and independent variables non debt tax shield, tangibility and firm size. The outcome of the research is demonstrated after analyzing that there is negative relationship in between the firm size and Non debt tax shield with leverage, while there is positive relationship in between the tangibility and leverage. So after analyzing it has been determined the main determinates of capital structure of the cement industry is tangibility of asset.

Download or read book Exchange Traded Funds in Europe written by Adam Marszk and published by Academic Press. This book was released on 2019-04-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions-as well as graphical and descriptive analyses- to show how ETFs are more than conventional, passive investments. With new insights on how ETFs can improve market efficiency and how investors can benefit when using them as investment tools, this book reveals the complexity of the world's second largest ETF market and the ways that ETFs are transforming it. Identifies benefits and threats that ETFs bring to European financial markets Combines empirical data with a full, in-depth analysis of the topic and the special characteristics of Europe Examines the diffusion patterns of innovative financial products, the role of ICT, and the consequent effects of ETFs on the underlying European stock markets

Download or read book Corporations in Evolving Diversity written by Masahiko Aoki and published by Oxford University Press. This book was released on 2010-05-06 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A pioneering contribution which formalizes in game theoretic language complex institutional structure and environment of the corporation both at a moment of time and over time." Douglass C. North, Nobel Laureate in Economics 1993, Spencer T. Olin Professor, Washington University in St. Louis --Book Jacket.