Download or read book Essays on Capital Structure and Trade Financing written by Klaus Hammes and published by Department of Economics School of Economics and Commercial Law Go. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Capital Structure written by Andrew Hardy Roper and published by . This book was released on 2002 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Capital Structure written by Adnan Qasim Aldayel and published by . This book was released on 1994 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Capital Structure written by Mark T. Leary and published by . This book was released on 2006 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the second chapter, which is coauthored with Michael R. Roberts, we examine the degree to which firms follow a financing hierarchy, as described by the pecking order hypothesis, in making financing decisions. To do so, we employ a new empirical model and testing strategy that provides improved statistical power relative to previous approaches. After illustrating how our approach solves this power problem, we show that the majority of firms do not adhere to the pecking order's prediction of issuing debt before equity. Further investigation reveals that violations of the pecking order do not appear to be concentrated in low information asymmetry environments or driven by limited debt capacity. Rather, the strict financing hierarchy's failure is due to its omission of other relevant considerations implied by alternative theories. When we incorporate these considerations into the model, its predictive accuracy more than doubles, correctly classifying the majority of issuance decisions in our sample. Thus, contrary to the conclusions of several recent studies, existing explanations appear to accurately characterize most financing decisions.

Download or read book Essays on Capital Structure written by Nirvalur R. Vijayaraghavan and published by . This book was released on 1986 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Capital Structure Decisions written by Philipp Immenkötter and published by . This book was released on 2014 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Capital Structure written by Jing Xue and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays. The first essay provides a theoretical explanation for why leverage is negatively correlated with profitability. It also examines why capital structure varies across industries as well as within one industry. The second essay examines how capital structure can be employed in mitigating the agency problems and improving the efficiency of compensation scheme to the management.

Download or read book Essays on Voting Power Corporate Governance and Capital Structure written by Yinghong Chen and published by . This book was released on 2004 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Capital Structure and Investment written by Evan Dudley and published by . This book was released on 2008 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Two Essays on Capital Structure written by Ayla Kayhan and published by . This book was released on 2004 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three essays on capital structure written by Guangzhong Li and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Capital Structure and Structured Finance written by Gabriel H. Neukomm and published by . This book was released on 2012 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Capital Structure written by Hossein Asgharian and published by . This book was released on 1997 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Capital Structure written by Paula Castro Castro and published by . This book was released on 2015 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Capital Structure and Public Debt Markets written by Viktoriya Staneva and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Risk and Capital Structure written by Babak Lotfaliei and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of two essays and five chapters. The first essay in chapter two addresses the zero-leverage puzzle, the observation that many firms do not issue debt and thus seem to forego sizable debt benefits. Based on the trade-off theory, a firm financed with debt saves on taxes, while it faces the debt costs associated with financial distress. Firms issue debt and net a positive gain by trading off costs and benefits. However, zero-levered firms seemingly ignore significant tax advantages associated with debt financing. I propose that this behavior is due to the value in waiting to issue debt and postponing debt costs. By considering the real option of issuing debt, small and risky firms have incentives to postpone debt issuance, even when standard trade-off theory predicts that these firms should have leverage. Thus, the value of debt-free firms should include an option component whose value is derived from future debt issuance benefits. I present a simple model for a firm's optimal issuance with optimal leverage and default, and find the factors that increase the propensity to remain zero-levered: high volatility, high debt costs, low tax levels, low payout rate, and small size. I verify the factors empirically on a sample of zero-leverage (ZL) firms by estimating a survival and a choice model and an out-of-sample test on levered firms.The second essay in chapter three provides an explanation for the underleverage puzzle by relating it to volatility risk premia. As a stylized fact, many firms have lower leverage compared to what the trade-off theory predicts, in particular based on their low asset volatility. In addition, the underleverage is the highest for Investment-Grade (IG) firms. Without volatility risk, the essay empirically documents that underleverage across firms increases with volatility risk premium at the asset level. The result is the motive to present two models with stochastic asset volatility that feature optimal capital structure. With priced asset volatility risk, the models in standard trade-off settings show that a higher premium implies lower leverage; the assets' Variance Risk Premia (VRP) reduce tax benefits and increase debt costs. Empirically, the models' calibration leaves no significant underleverage patterns in the cross-section of the firms. Thus, seemingly underleveraged firms have high asset volatility risk premia relative to their low physical asset volatility, which explains their apparent underleverage. In particular, the largest proportion of the volatility is systematic for IG firms; and, consequently, VRP are the highest. This in turn leads to a lower implied leverage, close to the IG firms' empirical leverage.Chapter four reviews the literature related to the earlier chapters. Chapter five concludes with the main findings and provides venues for the future research." --

Download or read book Essays on Capital Structure and Institutional Ownership written by Yuan Feng and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: