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Author :
Publisher :
ISBN 13 :
Total Pages : 133 pages
Book Rating : 4.:/5 (925 download)
Download or read book Essays in capital structure theory and financial markets written by and published by . This book was released on 2001 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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)
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:
Author : Ludwig M. Lachmann
Publisher : Ludwig von Mises Institute
ISBN 13 : 1610165276
Total Pages : 148 pages
Book Rating : 4.6/5 (11 download)
Download or read book Capital and Its Structure written by Ludwig M. Lachmann and published by Ludwig von Mises Institute. This book was released on 1956 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eugene Nivorozhkin
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.3/5 (91 download)
Download or read book Essays on Capital Structure written by Eugene Nivorozhkin and published by . This book was released on 2001 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Erik Berglöf
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.F/5 ( download)
Download or read book Corporate Control and Capital Structure written by Erik Berglöf and published by . This book was released on 1991 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arvin Ghosh
Publisher : Transaction Publishers
ISBN 13 : 1412808936
Total Pages : 143 pages
Book Rating : 4.4/5 (128 download)
Download or read book Capital Structure and Firm Performance written by Arvin Ghosh and published by Transaction Publishers. This book was released on 2011-12-31 with total page 143 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.
Author : Tzu Tai
Publisher :
ISBN 13 :
Total Pages : 188 pages
Book Rating : 4.:/5 (889 download)
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.
Author : Bahman Fathi Ajirloo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Three Essays on Network Peer Effects on Firms and Financial Markets written by Bahman Fathi Ajirloo and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that address recent topics in corporate finance that concern for scholars, policymakers, and investors. Main body of this dissertation has been developed based on the "nexus of contracts" theory of the firm which in recent years has sparked renewed debates on the motivation underlying firm size and boundary. The first essay explores a network of interconnected firms and examines the impact of the firm's relationships with peers, rivals, and customers on its capital structure, and how the firm's revealed peers influence its financing decisions. We demonstrate that industry classification approach is fraught with measurement error, and instead implement an alternative peer identification scheme that designates peer groups as those explicitly disclosed by managers to shareholders. The results contrast with previous studies that find only weak evidence for peer effects on capital structure. We find that peer effects are particularly strong when focal firms have persistent rivals, in the sense of supplying common customers for at least two consecutive years. While constructing the firm's actual network poses a challenge, the new approach can lead to more real-world insights about firm behavior. In the second essay, I approach to a challenging version of peer effects model with firm's and peer's multinomial decision outcome as endogenous and financial fundamentals as exogenous explanatory variables. I show that managers do not set dividend policy independently and they are significantly under the influence of few self-disclosed diverse competitors rather than industry peers. The test results show that firm's dividend change actions are significantly correlated with past dividend actions of its peers and it is highly predictable for the next period. I also investigate and report marginal effects of firm's and peers' different endogenous and exogenous determinants on the outcome decision variable for example a peer group with an overall dividend increase action in the past 180 days, increases the chance of the dividend increase in the focal firm. Considering the market capitalization of dividend paying firms, the identified marginal effects and prediction of the cash distribution are economically meaningful and important. In the third essay, I propose a new approach to model and measure intangible value of the firm as the joint of network feature and book value of the firm. Despite the growing importance, the empirical asset pricing research has struggled to evaluate the effects of intangible assets on firms' market value. Utilizing characteristics of the firm network, I propose a network-centric value factor to replace the under-performing traditional value factor (HML) in a series of asset pricing factor model. I show that the new value factor portfolio provides stronger performance in all periods of the sample. I also explore short and long strategies to better understand effects of the networks on value of the firms. Initial findings emphasize that asset pricing studies should adjust the factor models by including intangible network value of the firm.
Author : Viktoriya Staneva
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (99 download)
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:
Author : Lorenzo Sasso
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041148515
Total Pages : 248 pages
Book Rating : 4.0/5 (411 download)
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.
Author : Abubakr Saeed
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783838309866
Total Pages : 64 pages
Book Rating : 4.3/5 (98 download)
Download or read book Empirical Analysis of the Capital Structure Determinants written by Abubakr Saeed and published by LAP Lambert Academic Publishing. This book was released on 2009-08 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most bewildering issues in the corporate finance literature. Capital structure theories suggest various factors that affect firm to maintain a target capital structure in order to maximize firm value, by minimizing the costs of prevailing market imperfections. Subsequent to the departures from Modigliani and Miller (1958) s irrelevance proposition, there is a long tradition in corporate finance to investigate the capital structure determinants of firms. Most capital structure studies based on these theories to date uses data from economies that have developed financial markets or approaching higher stages of transition, i.e. China and India. Less developed market and particular specific industry is rare in literacy sphere. This book analyzes the explanatory power of some predominant theories that have been proposed in the literature to explain determinants of capital structures across firms. In particular, this study investigates the capital structure determinants of Pakistani firms based on a panel data set from 2001 to 2005.
Author : Steven M. Fazzari
Publisher : Routledge
ISBN 13 : 1317470567
Total Pages : 193 pages
Book Rating : 4.3/5 (174 download)
Download or read book Financial Conditions and Macroeconomic Performance written by Steven M. Fazzari and published by Routledge. This book was released on 2015-06-05 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially.
Author : Han Liu
Publisher :
ISBN 13 :
Total Pages : 103 pages
Book Rating : 4.:/5 (957 download)
Download or read book Essays in Finance written by Han Liu and published by . This book was released on 2016 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current thesis presents three chapters in finance that investigate how a firm's characteristics affect its internal corporate financing decision as well as the external perception of the firm by the financial market. The paper advances empirical asset pricing by studying how the market's expectations about firms vary systematically with firms' profitabilities and the impact of these expectations on stock prices. Further, the paper adds to corporate finance by investigating new channels through which firms determine their capital structure and compensation contract for their executives. Previous research indicated that sorting firms by their profitabilities generates sizeable cross-sectional variations in subsequent period stock returns. Firms that have high profitability this period tend to outperform low profitability firms in the next period. The first chapter of this paper investigates whether high profit firms have higher returns because they are fundamentally riskier in some way, or whether mispricing drives the return difference. The chapter presents evidence that the premium associated with profitability is difficult to reconcile with risk-based explanations but is consistent with expectation errors. Firms with a lower profitability prove more volatile, suffer greater drawdowns and are more sensitive to macroeconomic conditions. This means that the profitable firms are actually less risky by most measures and perform better during economic downturns. In addition, a monotonic relationship exists between profitability and forecast error. Stock analysts tend to be overoptimistic for low profitability firms relative to high profitability firms. Surprisingly, this mis-expectation can persist for as long as five years into the future. Furthermore, the profitability premium is mainly concentrated among firms about which the anlysts express the most optimism. The second chapter, jointly authored with Francesco D'Acunto, Carolin Pflueger and Michael Weber, shows that the frequency with which firms adjust output prices is an important determinant of persistent capital structure. Using restricted BLS data, we constructed a measure of the individual firm's output price rigidity and matched it with financial information of the firm. Flexible-price firms choose higher financial leverage than inflexible-price firms, controlling for known determinants of capital structure. We rationalize this novel fact using a costly-state-verification model, where inflexible-price firms are more exposed to aggregate shocks, and hence face tighter financial constraints. The model predicts that bank lending, by providing monitoring, relaxes financial constraints and narrows the leverage gap between inflexible- and flexible-price firms. Consistent with model predictions, we show that inflexible-price firms increased leverage more than did flexible-price firms following the staggered implementation of the 1994 repeal of interstate bank branching regulations. Firms' frequency of price adjustment did not change around this deregulation, supporting a causal interpretation of price flexibility on corporate leverage. In the third chapter of the dissertation, I investigate the role that innovation plays in executive compensation. Agency-based theory of optimal executive compensation literature has long puzzled over the empirical observation that executives are being compensated for industry performances that are outside the executive's control. Using patent-based metrics as the measure of innovativeness, I show that this "pay for luck" phenomenon is mainly concentrated among the most innovative firms and is stronger for firms in more innovative industries. I conjecture that motivating innovation might require a different contract design,and in some cases, "pay for luck" might actually be optimal in incentivizing experimentation.
Author : Bennett W. Golub
Publisher :
ISBN 13 :
Total Pages : 568 pages
Book Rating : 4.:/5 (123 download)
Download or read book Two Essays in Applied Economics and Finance written by Bennett W. Golub and published by . This book was released on 1984 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sung-Wook Lee
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (187 download)
Download or read book Three Essays on Market Structure and Capital Structure written by Sung-Wook Lee and published by . This book was released on 1990 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Benjamin Friedrich
Publisher : ibidem-Verlag / ibidem Press
ISBN 13 : 3838255399
Total Pages : 138 pages
Book Rating : 4.8/5 (382 download)
Download or read book The Theory of Capital Structure - How theory meets practice in the German market written by Benjamin Friedrich and published by ibidem-Verlag / ibidem Press. This book was released on 2012-02-03 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of capital structure is one of the most exciting and complex topics in corporate finance. After many years of debate it is still extremely difficult to provide a conclusive answer to the question which capital structure maximises the value of a company and what factors determine the optimal mix of debt and equity capital.This book provides a comprehensive introduction to capital structure theory and investigates its practical relevance in the German market. The main objectives are to explore the link between capital structure theory and corporate practice and to test determinants of capital structure choice empirically.The book has been written for students, researchers, and academics, but also for practitioners seeking empirical evidence of capital structure theory and an empirical model that can be used to estimate the optimal level of debt for an individual company in relation to an existing industry optimum.
Author : Philipp Immenkötter
Publisher :
ISBN 13 : 9783830079811
Total Pages : 146 pages
Book Rating : 4.0/5 (798 download)
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:
