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Equity Market Timing And Capital Structure
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Book Synopsis Market Timing and Capital Structure by : Malcolm P. Baker
Download or read book Market Timing and Capital Structure written by Malcolm P. Baker and published by . This book was released on 2009 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to past market values. The results suggest the theory that capital structure is the cumulative outcome of past attempts to time the equity market.
Book Synopsis Equity Market Timing and Capital Structure by : Arvind Mahajan
Download or read book Equity Market Timing and Capital Structure written by Arvind Mahajan and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the equity market timing hypothesis of capital structure in major industrialized (G-7) countries. As claimed by its proponents, we find that leverage of firms is negatively related to the historical market-to-book ratio in all G-7 counties. However, this negative relationship cannot be attributed to equity market timing. We find no association between equity issues and market-to-book ratios at the time of equity financing decisions by Japanese firms. Firms in all G-7 countries, except Japan, undo the effect of equity issuance and the impact of equity market timing attempts on leverage is short lived. This is inconsistent with the prediction of the equity market timing hypothesis and more in line with dynamic tradeoff model.
Book Synopsis Inefficient Markets by : Andrei Shleifer
Download or read book Inefficient Markets written by Andrei Shleifer and published by OUP Oxford. This book was released on 2000-03-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
Book Synopsis The Debt/equity Choice by : Ronald W. Masulis
Download or read book The Debt/equity Choice written by Ronald W. Masulis and published by . This book was released on 1988 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mindetavler til sønderjydske kinker by :
Download or read book Mindetavler til sønderjydske kinker written by and published by . This book was released on 1920 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Structure and Corporate Financing Decisions by : H. Kent Baker
Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Book Synopsis Business Environment and Firm Entry by : Leora Klapper
Download or read book Business Environment and Firm Entry written by Leora Klapper and published by World Bank Publications. This book was released on 2004 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.
Book Synopsis Foundations Of Finan by : Eugene F. Fama
Download or read book Foundations Of Finan written by Eugene F. Fama and published by . This book was released on 1976-07-27 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Empirical Capital Structure by : Christopher Parsons
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.
Book Synopsis How Persistent is the Impact of Market Timing on Capital Structure? by : Aydogan Alti
Download or read book How Persistent is the Impact of Market Timing on Capital Structure? written by Aydogan Alti and published by . This book was released on 2004 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the capital structure implications of market timing. I isolate timing attempts in a single major financing event, the initial public offering, by identifying market timers as firms that go public in a hot issue market. I find that hot-market IPO firms issue substantially more equity than cold-market firms. The difference represents a genuine timing effect, as it cannot be explained by firm-level characteristics. Market timing depresses the leverage ratio substantially in the very short-run. However, the timing effect on leverage quickly reverses. Immediately after going public, hot-market firms start increasing their leverage ratios by issuing more debt and less equity relative to cold-market firms. This active reversal policy is strongly visible for two years. At the end of the second year following the IPO, the market timing impact on leverage completely vanishes. The results contrast with recent findings that suggest high persistence of market timing effects on capital structure.
Book Synopsis Corporate Debt Capacity by : Gordon Donaldson
Download or read book Corporate Debt Capacity written by Gordon Donaldson and published by Beard Books. This book was released on 2000-07 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Capital Structures in the United States by : Benjamin M. Friedman
Download or read book Corporate Capital Structures in the United States written by Benjamin M. Friedman and published by University of Chicago Press. This book was released on 2009-05-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Book Synopsis Long-run Effect of Market Timing on Capital Structure by : 葉威儀
Download or read book Long-run Effect of Market Timing on Capital Structure written by 葉威儀 and published by . This book was released on 2007 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does Market Timing or Enhanced Pecking Order Determine Capital Structure? by : Peter Högfeldt
Download or read book Does Market Timing or Enhanced Pecking Order Determine Capital Structure? written by Peter Högfeldt and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the idea that a firm's financing behavior depends crucially on how its ownership structure affects the cost differential between internal and external equity. If ownership is dispersed, the cost differential is relatively small. By issuing public offers when market-to-book values are high, incumbent shareholders benefit if equity is mispriced. The market timing theory predicts that firms' lower leverage is mainly the cumulative result of successful market timings. But if ownership (capital) is separated from control (votes), agency costs due to widespread use of dual-class shares drive a wedge between the costs of internal and external equity as new external shareholders demand compensation. This generates an enhanced pecking order: new equity (rights issues or private placements) is issued only when internal equity and debt are insufficient while public offers are not used since compensating transfers from incumbents to external shareholders needed. The behavior of US IPO firms is consistent with the market timing theory (Baker and Wurgler (2002)) while the enhanced pecking order theory best explains how Swedish IPO firms behave and why market timing is not important. Our results challenge the generality of the market timing theory.
Book Synopsis Corporate Finance by : Jonathan Berk
Download or read book Corporate Finance written by Jonathan Berk and published by Prentice Hall. This book was released on 2011-11-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: ALERT: Before you purchase, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. Several versions of Pearson's MyLab & Mastering products exist for each title, including customized versions for individual schools, and registrations are not transferable. In addition, you may need a CourseID, provided by your instructor, to register for and use Pearson's MyLab & Mastering products. Packages Access codes for Pearson's MyLab & Mastering products may not be included when purchasing or renting from companies other than Pearson; check with the seller before completing your purchase. Used or rental books If you rent or purchase a used book with an access code, the access code may have been redeemed previously and you may have to purchase a new access code. Access codes Access codes that are purchased from sellers other than Pearson carry a higher risk of being either the wrong ISBN or a previously redeemed code. Check with the seller prior to purchase. --
Book Synopsis Market-Timing of Capital Structure and Factors Influencing the Leverage Decision of Firms by : Johannes Weigl
Download or read book Market-Timing of Capital Structure and Factors Influencing the Leverage Decision of Firms written by Johannes Weigl and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Family Business Studies by : Alfredo De Massis
Download or read book Family Business Studies written by Alfredo De Massis and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis book provides a thorough review and compendium of important family business research. It should be in the personal library of every family business scholar and graduate student involved in this vital field of study.Õ Ð Michael A. Hitt, Texas A&M University, US ÔA systematic review of the field and an incredibly useful reference book for anyone involved in studying or teaching family business.Õ Ð Sara Carter OBE FRSE, Strathclyde Business School, UK ÔThis book offers a succinct but thorough overview of how our understanding of significant issues in family business has evolved through rigorous research. This annotated bibliography of the 215 top-cited family business studies provides the empirical evidence and the basis for insightful comments from the authors on topics which will benefit from further scholarly debate and research. The authors are to be congratulated for making accessible those research contributions which have the potential to make a meaningful difference to the practice of family business.Õ Ð Jill Thomas, The University of Adelaide Business School, Australia ÔI highly recommend the annoted bibliography by De Massis, Sharma, Chua, and Chrisman to experienced scholars as well as to incoming researchers. The authors selected carefully (and in a transparent manner) relevant papers and summarized them in a way that provides a helpful basis for future research. Well done!Õ Ð Sabine B. Rau, WHUÐOtto Beisheim School of Management, Germany ÔA welcome addition to the field of family business studies! Offers an update and thorough compendium of relevant research conducted within the last 15 years. A most useful reference for doctoral students, established scholars and thoughtful practitioners. Importantly, the first three chapters offer critical commentary and synthesis that go well beyond what one typically finds in an annotated bibliography. Overall, this book offers a solid foundation for moving the study of family business forward.Õ Ð Lloyd Steier, University of Alberta, Canada ÔIf I had been asked to suggest the currently most-needed editorial endeavor for advancing family business studies, I would have answered with no hesitation: an up-to-date annotated bibliography. The fieldÕs growth over the past 15 years has been so intense, that even experts who devote most of their research efforts to family business Ð not to mention younger scholars approaching the field Ð will significantly benefit from De Massis, Sharma, Chua, and ChrismanÕs indispensable work.Õ Ð Carlo Salvato, Bocconi University, Italy and Associate Editor, Family Business Review This book catalogues the 215 most-cited empirical, theoretical, and practical articles on family business published in 33 journals since 1996. Researchers, students, and practicing managers will find it indispensable as a quick reference and guide to what we have learned about family firms. Annotations for the articles consist of: summary of key findings, research questions, contributions, and research implications. They also include a detailed description of the methodologies, empirical data, definitions, and conceptual models used. In addition, the book features chapters that review the literature, discuss how family businesses have been defined, present recent trends in family business empirical research, and provide an agenda for future research. Scholars, researchers and PhD students in the fields of family business, entrepreneurship, organization theory, management, economics, finance, anthropology, sociology and business history will find this compendium insightful. The topics covered in the book will also prove to be essential to practitioners Ð both advisors and operators of family enterprises Ð as it will provide evidence-based knowledge on the issues and dilemmas faced by them in everyday life.
