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An Essay On Capital Structure
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Author :Klaus Hammes Publisher :Department of Economics School of Economics and Commercial Law Go ISBN 13 : Total Pages :188 pages Book Rating :4.3/5 (91 download)
Book Synopsis Essays on Capital Structure and Trade Financing by : Klaus Hammes
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:
Book Synopsis An Essay on Capital Structure by : Juliane Cho
Download or read book An Essay on Capital Structure written by Juliane Cho and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Capital Structure by : Leming Lin
Download or read book Essays in Capital Structure written by Leming Lin and published by . This book was released on 2014 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debt to increase by 6 percentage points.
Book Synopsis Essays in Capital Structure by : Jing Xue
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.
Book Synopsis Essays in Capital Structure by : Adnan Qasim Aldayel
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:
Book Synopsis Essays in Capital Structure by : Mark T. Leary
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.
Book Synopsis Essays on Corporate Risk and Capital Structure by : Babak Lotfaliei
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." --
Book Synopsis Essays on Capital Structure by : Andrew Hardy Roper
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:
Book Synopsis Essays on Capital Structure Decisions by : Philipp Immenkötter
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:
Book Synopsis Essays on Capital Structure by : Nirvalur R. Vijayaraghavan
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:
Book Synopsis Essays of Capital Structure, Risk Management, and Options on Index Futures by : Tzu Tai
Download or read book Essays of Capital Structure, Risk Management, and Options on Index Futures written by Tzu Tai and published by . This book was released on 2014 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes the following three essays involved in the joint determination of capital structure and stock rate of return, fair deposit insurance premium estimation, and the prediction of implied volatility of options on index futures. The first essay identifies the joint determinants of capital structure and stock returns by using three alternative approaches to deal with the measurement error-in-variable problem. The main contribution of this essay is the comprehensive confirmation on theories in corporate finance. The empirical results from the structural equation modeling (SEM) with confirmatory factor analysis (CFA) show that stock returns, asset structure, growth, industry classification, uniqueness, volatility and financial rating, profitability, government financial policy, and managerial entrenchment are main factors of capital structure in either market- or book- value basis. Finally, the results in robustness test by using the Multiple Indicators and Multiple Causes (MIMIC) model and the two-stage, least square (2SLS) method show the necessity and importance of latent attributes to describe the trade-off between the financial distress and agency costs in capital structure choice. In the second essay, we use the structural model in terms of the Stair Tree model and barrier option to evaluate the fair deposit insurance premium in accordance with the constraints of the deposit insurance contracts and the consideration of bankruptcy costs. The simulation results suggest that insurers should adopt a forbearance policy instead of a strict policy for closure regulation to avoid losses from bankruptcy costs. An appropriate deposit insurance premium can alleviate potential moral hazard problems caused by a forbearance policy. In the third essay, we use two alternative approaches, time-series and cross-sectional analysis and constant elasticity of variance (CEV) model, to give different perspective of forecasting implied volatility. We use call options on the S & P 500 index futures expired within 2010 to 2013 to do the empirical work. The abnormal returns in our trading strategy indicate the market of options on index futures may be inefficient. The CEV model performs better than Black model because it can generalize implied volatility surface as a function of asset price.
Book Synopsis Essays on Capital Structure and Public Debt Markets by : Viktoriya Staneva
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:
Book Synopsis Capital Structure and Corporate Governance by : Lorenzo Sasso
Download or read book Capital Structure and Corporate Governance written by Lorenzo Sasso and published by Kluwer Law International B.V.. This book was released on 2013-08-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.
Book Synopsis Three Essays on Capital Structure and Structured Finance by : Gabriel H. Neukomm
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:
Book Synopsis Essays on Capital Structure and Firm Investment by : Yiming Xu
Download or read book Essays on Capital Structure and Firm Investment written by Yiming Xu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study the interactions between firms' capital structure and real decisions. First, I investigate how a firm's financial leverage will impact its investment contingent on whether future growth opportunities are anticipated. Second, I test the under and over investment hypothesis related to debt financing contingent on whether the firm is likely to under or over invest. Last, I investigate how a firm's production technology can impact its production and capital structure decisions. In Chapter 1, I investigate the impact of anticipations of future growth opportunities on leverage-investment interactions. I show that when growth opportunities are unanticipated, the negative impact of leverage on investment is up to two times larger than when they are anticipated. The presence of institutional stockholdings significantly reduces the under investment problem. An instrumental variable analysis reveals that the leverage-investment relationship is weak when the problem of endogeneity is controlled. The results provide strong evidence that Canadian firms take ex ante leverage adjustments to mitigate the debt overhang problem. Chapter 2 studies the extent to which leverage-investment interactions depend on the level of initial investment as well future investment opportunities in US firms. I find a strong negative relationship between leverage and investment for firms with low levels of (initial) investment and high investment opportunities. I also find a positive relationship between leverage and investment for firms with high levels of (initial) investment and low growth opportunities. I distinguish between Tobin's Average Q and Marginal Q as proxies for firms' investment opportunities and propose a novel method to estimate Marginal Q. Chapter 3 is a joint work with Varouj Aivazian. In this chapter, we investigate the interactions between the flexibility of a firm's production and its financial structure. This chapter shows that production flexibility is an important factor explaining the cross sectional variations in financial leverage among U.S. firms. Alternative empirical measures of production flexibility are all shown to be positively associated with financial leverage. This chapter also develops a novel measure of inter-temporal production flexibility and identifies important linkages between production and financing decisions.
Book Synopsis The Capital Structure Decision by : Harold Bierman
Download or read book The Capital Structure Decision written by Harold Bierman and published by Springer Science & Business Media. This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1958 an academic paper on corporate finance written by two professors (Merton Miller and Frances Modigliani, who were later awarded the Nobel prize for their research efforts) was published in The American Economic Review. One prime conclusion of their paper was that the exact form of a firm's capital structure did not affect the firm's value. Later papers by the same two authors and by many others modified the assumptions and changed this conclusion. We now think that capital structure decisions do affect a firm's value and corporate managers should understand better the financing alternatives that are available. One of the most important financial decisions is the decision to buy or lease assets. The leasing industry is large and getting larger. Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12). The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders). Managers should increase their understanding of capital structure alternatives and remember that choosing the best capital structure is an art and not an exact simple calculation. But applying the art can be improved with understanding.
Book Synopsis Essays on Capital Structure and Institutional Ownership by : Yuan Feng
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:
