15.Capital Structure

... capital structure Although actual levels of debt and equity may vary somewhat over time, most firms try to keep their financing mix close to a target capital structure A firm’s capital structure ... 15.3 CAPITAL STRUCTURE THEORY In the previous section, we showed how capital structure choices affect a firm’s ROE and its risk For a number of reasons, we would expect capital structure...

Ngày tải lên: 06/04/2015, 18:09

... Practice of Corporate Capital Structure Introduction This Paper This paper provides an overview of current capital structure theory together with a detailed analysis of the results of a recent corporate ... Related Papers In addition to this paper, five other papers drawing on the results of the survey include: CFO Views Corporate Debt Structure Corporate Liquidity Cor...

Ngày tải lên: 29/04/2013, 14:06

... Journal of Law economics Franck B and Usha R.Mittoo (2002) The determinants of Capital structure choice: A survey of European firms Friend and Lang, An empirical test of the impact of managerial ... 1984, The capital structure puzzle, Journal of Finance Vol 39, p 575-592 Narayan Rao and Lukose P J., 2000, An Empirical Study on the Determinants of t...

Ngày tải lên: 09/09/2013, 23:46

... between woman on the board and performance 1.2 Objectives of the study An objective of the study is to examine in the Vietnamese bank, the link between women’s participation in top management and its ... responsibilities to the Company and its shareholders The Board plays the central role in the Company’s corporate governance and oversees the work of manage...

Ngày tải lên: 09/09/2013, 23:50

... basic types of capital, external assessment of capital structure and capital structure theory Explain the optimal capital structure using a graphic view of the firm’s cost of capital functions ... approach to capital structures Review the return and risk of alternative capital structures and their linkage to market value, and other important considerations related to capit...

Ngày tải lên: 16/12/2013, 14:57

... owners, and other providers of capital, or they will invest elsewhere 1.1.2 Capital structure and capital structure policy 1.1.2.1 Leverage, Capital Structure and Optimal Capital Structure a Capital ... between capital structure and firm performance Figure1 Summary of recent studies on the relationship between capital structure and firm performance...

Ngày tải lên: 26/12/2013, 15:19

... nên đầu tư vào quốc gia có rủi ro bất thường Trong thực tế, mô hình đối lập xuất liệu, cho thấy ảnh hưởng lợi nhuận đầu tư rủi ro cấu vốn thống trị tác động lựa chọn cấu trúc vốn rủi ro đầu tư ... chi phí nhà đầu tư nước phải đối đầu với môi trường trị bất ổn Nghiên cứu khảo sát tác động rủi ro thông qua việc đầu tư nước ngoài, rủi ro...

Ngày tải lên: 26/12/2013, 15:19

... Cadenillas, Abel, Jaksa Cvitanic, and Fernando Zapatero, 2003, Dynamic principal-agent problems with perfect information, Working paper, USC Clementi, Gian Luca, and Hugo A Hopenhayn, 2002, A ... 1998, Agency costs, risk management, and capital structure, Journal of Finance 53, 1213-1243 Leland, Hayne E., and Klaus.B Toft, 1996, Optimal capital structure, endogenous ba...

Ngày tải lên: 12/01/2014, 22:16

... The Journal of Finance Trần Đình Khôi Nguyên (2006) Capital structure in small and medium-sized enteprises: the case of Vietnam ASEAN Economic Bulletin Nguyễn Ngọc Vũ (2003) Determinants of ... Cost of Capital, Corporate Finance,and the Theory of Investment” American Economic Review Rajan, R G & Zingales, L, (1995), “What we know about capital structure? Some evid...

Ngày tải lên: 26/02/2014, 14:28

... between credit ratings and capital structure The Credit Ratings and Capital Structure 1055 Table IV Credit Rating Impact on Capital Structure Decisions—POM Coefficients by Year Coefficients and standard ... only and 0.0030 for net equity only, and both are statistically significant at 1% Credit Ratings and Capital Structure 1059 Table V Credit Ratin...

Ngày tải lên: 06/03/2014, 08:20

... this paper not necessarily reflect those of the European Central Bank The statement of purpose for the ECB Working Paper Series is available from the ECB website, http :// www.ecb.europa eu/pub/scientific/wps/date/html/index ... the equity ratio, the 14 ECB Working Paper Series No 1096 Septembre 2009 dependent variable can be directly linked to the regul...

Ngày tải lên: 15/03/2014, 10:20

... attempted to measure the magnitude of the welfare gain to an individual investor from the introduction of trading in such securities in the U.S capital market In the first part of the paper we develop ... data on these other asset classes and redo our calculations to include them There remains the empirical problem of determining the relative weights of those assets wh...

Ngày tải lên: 22/03/2014, 20:20

... Agency Theory and Market Timing Theory Most of these theories are based on the company's internal structure and the impact of internal factors of the company and they are based on assumption of stability ... in capital market There are several factors that may have effect on this relationship On the other hand, several factors (economic and accounting)...

Ngày tải lên: 24/04/2014, 15:42

... that experience a ratings change If firms make capital structure decisions with credit ratings in mind, Kisgen says we should expect firms to take action in the form of capital structure adjustments ... Kisgen, D.J., 2009 Do firms target credit ratings or leverage levels?, Journal of Financial and Quantitative Analysis 44, 1323-1344 Kisgen, D.J., 2006 Credit ratings an...

Ngày tải lên: 24/04/2014, 15:44

... 2007 CAPITAL STRUCTURE AND FIRM EFFICIENCY 1451 Myers, 1984) and taxation (DeAngelo and Masulis, 1980; and Bradley et al., 1984) are likely to affect the value of the firm Although corporate capital ... choice of capital structure (see Harris and Raviv, 1991; and Rajan and Zingales, 1995) Firm size (SIZE) is measured by the logarithm of the firm s sales (see T...

Ngày tải lên: 12/06/2014, 19:26