Market timing and REIT capital structure changes

... 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

... 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

... 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

... 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

... increase risk and lower welfare See Stiglitz (1982) and Greenwald and Stiglitz (1986) 12 Capital Market Liberalization and Development capital market liberalization can lead to a worsening of market ... between capital market liberalization and capital account instability, between capital account instability and, more broadly CML and macroeconomic instabil...

Ngày tải lên: 11/06/2014, 10:40

... 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

... optimal capital structure is that capital structure which minimizes the firm’s WACC Elliott’s WACC is minimized at a capital structure consisting of 40% debt and 60% equity At that capital structure, ... OPTIMAL CAPITAL STRUCTURE FOR CD Integrated Case: 13 - 25 TO BEGIN, DEFINE THE TERMS “OPTIMAL CAPITAL STRUCTURE AND “TARGET CAPITAL STRUCTURE. ” ANSWER: [SHOW S13...

Ngày tải lên: 01/07/2014, 21:28

... between firm capital structure and firm performance, and a generally initial assessment about the effect of firm performance on firm capital structure, as well as the effect of firm capital structure ... between firm capital structure and firm performance The author explores both the effect of firm performance on firm captial structure as well a...

Ngày tải lên: 10/07/2014, 15:48

... Value and Costs V’ E’ V E D Level of Asset Specificity 29 Strategic Assets, Capital Structure, And Firm Performance PERFORMANCE IMPLICATIONS What does the above discussion imply for firm performance? ... Mobilizing Invisible Assets, Cambridge, MA: Harvard University Press, 1987 Strategic Assets, Capital Structure, And Firm Performance 35 [38] Jensen, M and W...

Ngày tải lên: 13/07/2014, 21:13

... these additional banks are owner managed rather than professionally managed, and therefore not provide a good laboratory for testing the agency costs of the separation of ownership and management.19 ... holdings, and institutional holdings Our application to data from the banking industry is advantageous because of the abundance of quality data available on firms i...

Ngày tải lên: 13/07/2014, 21:13

... is released flows back to the "money market," and that the newly invested money, on the other hand, comes 25 STOCKMARKET, CREDIT AND CAPITAL FORMATION from the "capital market," is a technicality ... p 134 C IT STOCKMARKET, CREDIT AND CAPITAL FORMATION the sul of crt : d1?X the latter affect s the demand for credi funds They may point to the fact that from the...

Ngày tải lên: 05/11/2014, 10:18

... (vi) Analyse the impact of managerial factors of the The thesis focuses on investigating factors affecting the Vietnamese companies on the capital structure; (vii) Propose the capital structure of ... capital components rather than a market based value Besides, there company’s capital structure Factors relating to the asymmetric could be other...

Ngày tải lên: 28/11/2014, 18:36

... bankruptcy process 16- 2 Chapter Outline • • • • • • • • • • The Capital Structure Question The Effect of Financial Leverage Capital Structure and the Cost of Equity Capital M&M Propositions I and II with ... Concepts and Skills • Understand the effect of financial leverage on cash flows and the cost of equity • Understand the impact of taxes and bankruptcy on...

Ngày tải lên: 31/03/2015, 21:18

... preferred stock dividends 524 Cost of Capital and Capital Structure Decisions S1 and S2 = number of shares of common stock outstanding after financing for plan and plan 2, respectively EXAMPLE 27.9 ... company Often alternative sources of funds, including renewal of a loan, are available, and these sources must be considered Capital Structure Decisions 529 CAPITAL...

Ngày tải lên: 06/04/2015, 18:04

... informationbased market timing, testing hypotheses of market inefficiency-based market timing and then the debt market timing 4.1 The equity and debt market timing of REITs Equity market timing theory ... understand the capital financing and capital structure changes of REITs An introduction to different capital structure theories, including the market...

Ngày tải lên: 10/11/2015, 12:27