determinants of corporate financial structure

... disparate financial and economic literatures, beginning with the general determinants of corporate financial structure. The first modern theory of the general determinants of corporate financial structure ... IV. Corporate Financial Structure and Financial Stability: Descriptive Analysis 11 A. Impact of Crisis on the Level and Composition of GDP 12 B. Corporate Financial Structure and Impact of Crisis ... examines how corporate financial structure shapes the impact of a financial crisis on the real sector by way of its effects on flows of funds and on corporate real expenditures. It is one of the...

Ngày tải lên: 17/12/2013, 05:15

... components of non -financial firms’ capital structure for banks. Fifth, controlling for banks’ characteristics, we do not find a significant effect of deposit insurance on the capital structure of ... opaqueness of banking firms’ assets, Journal of Financial Economics 71, 419-460. Flannery, M. and Rangan, K. (2006) Partial adjustment toward target capital structures, Journal of Financial ... paper, University of Minnesota. Frank, M. and Goyal, V. (2008) Trade-off and pecking order theories of debt, in: E. Eckbo (ed.). Handbook of Corporate Finance: Empirical Corporate Finance,...

Ngày tải lên: 15/03/2014, 10:20

... value of equity / book value of assets) Market leverage = 1- (market value of equity (=number of shares * end of year stock price) / market value of bank (=market value of equity + book value of ... value of assets Profits = (pre-tax profit + interest expenses) / book value of assets Market-to-book ratio = market value of assets / Book value of assets Table IV: Predicted effects of explanatory ... for non -financial firms. Next, we examine the speed of adjustment to target capital ratios. The objective is wofold. First, a similarity of the speed of adjustment for non -financial and financial...

Ngày tải lên: 11/08/2014, 01:20

Ngày tải lên: 22/04/2015, 13:49

Ngày tải lên: 14/07/2015, 14:25

Ngày tải lên: 14/07/2015, 14:25

... Section 5 focuses on the importance of financial structure and provides panel-VAR estimates when the countries are divided into two groups on the basis of financial structure. Finally, Section 6 concludes. ... better data on financial structure may lead us to have to revise this conclusion. But it is also possible that such data will lead us to conclude that that one aspect of financial structure that ... sensitivity of consumption to monetary policy shocks is higher with variable-rate mortgages. 34 Figure 12. Panel VAR split according to the sum of financial structure indicators Large effects of...

Ngày tải lên: 24/10/2012, 09:40

Ngày tải lên: 09/09/2013, 23:46

Ngày tải lên: 09/09/2013, 23:50

... Comprehensive Financial Sector Assessments). 2.1 Financial Structure and Development Indicators of financial structure include system-wide indicators of size, breadth, and composition of the financial ... growth of financial systems in many countries (number of institutions and size of assets) is financial liberalization, especially the softening of entry conditions for banks and other financial ... popu- lation to different segments of the financial sector. Well-functioning financial systems should offer a wide range of financial services and products from a diversified set of finan- cial intermediaries...

Ngày tải lên: 17/12/2013, 05:15

... Copyright 2011 Pearson Canada Inc. 8 - 13 Conflicts of Interest ã Conflicts of Interest is a type of moral hazard problem caused by economies of scope. ã Arise when an institution has multiple ... executives of other companies in return for their companies’ future business. Copyright 2011  Pearson Canada Inc. 8 - 4 Eight Basic Facts About Financial Structure III 5. The financial system ... Canada Inc. 8 - 18 Conflicts of Interest: Remedies II ã Sarbanes-Oxley Act of 2002 (contd) Beefs up criminal charges for white-collar crime and obstruction of official investigations. – Requires...

Ngày tải lên: 05/01/2014, 16:56

... value of equity at the beginning of the year. SIZE = the natural logarithm of the market value of equity in millions of U.S. dollar at the beginning of the year. Q = the market value of equity ... the market value of equity at the beginning of year t for firm i. SIZE it = the natural logarithm of the market value of equity in millions of U.S. dollar at the beginning of year t for firm ... = the number of industry segment(s) of firm i. V i = the voting rights level of the largest ultimate owner of firm i. CV i = the ratio of cash flow rights over voting rights of the largest...

Ngày tải lên: 18/02/2014, 01:20

... (1958), “The Cost of Capital, Corporate Finance,and the Theory of Investment”. American Economic Review. [3] Rajan, R. G. & Zingales, L, (1995), “What do we know about capital structure? Some ... Journal of Finance. [4] Trần Đình Khôi Nguyên (2006). “Capital structure in small and medium-sized enteprises: the case of Vietnam”. ASEAN Economic Bulletin. [5] Nguyễn Ngọc Vũ (2003). Determinants ... (2003). Determinants of capital structure for listed firms in the Vietnam stock Exchange Market”. Danang University Press, Danang, Vietnam. [6] Stata Web Book. University of California, Los Angeles....

Ngày tải lên: 26/02/2014, 14:28

... Institute of Technology (MIT), Princeton University, the University of California at San Diego, the University of Thai Chamber of Commerce in Bangkok, and the Ministry of Finance of Thailand, ... James Killian Professor of Economics in the Department of Economics at the Massachusetts Institute of Technology. He previously was the Charles E. Merriam Distinguished Service Professor in the ... Household Surveys and Corporate Financial Accounting Krislert Samphantharak University of California, San Diego Robert M. Townsend Massachusetts Institute of Technology Households as Corporate Firms18 Two...

Ngày tải lên: 07/03/2014, 15:20

... managers of the firm (own only small fraction of equity of the firm) - Principal: owner of the firm (own large fraction of equity of the firm) ã Separation of ownership and control of the firm Managers ... feature of debt contracts 8. Debt contracts are extremely complicated legal documents that place substantial restrictive covenants on borrowers Chapter 8 An Economic Analysis of Financial Structure ... reserved. 8-14 Problem in developing contries 1/ Disclosure of information: poor => law 2/ Gov. use financial systems to direct credit to themselves or to favored sectors of the economic 3/ Auditing and Consulting...

Ngày tải lên: 10/03/2014, 19:20

... chief accountant of the company. The question is posed to take a close look at the financial situation of the company and the effects of CSR activities to financial operations of the company. ... spread of model Ford - Taylor in corporate governance and the development model of the welfare state (instead of the employer‟s charity) has obscured the issue of social responsibility of business ... between CSR and financial performance. 1.2.2 Structure of Research This study is consist of five chapters: Chapter 1: Introduction This chapter will introduce the situation of CSR and giving...

Ngày tải lên: 13/03/2014, 14:20

... bias because of the complicated and unstandardized market in Vietnam. 3.3.2 Measurement of financial performance of the firm. Financial performance is measuring the results of a firm's ... (1979), Professor of University of Georgia, concluded that it was too narrow and too static to fully describe the social efforts or performance of business. Additionally, two new terms: Corporate ... (businessdictionary, 2011). There is a wide range of criteria to measure corporate financial performance and most of them are simple to calculate. However, measuring financial performance still involves...

Ngày tải lên: 13/03/2014, 14:20

... concentrations of All6P (upto 50 mm) were included; for these reasons, only the phosphate moiety of the sugar has been modelled in the structure deposited. Comparison of TcRpiB structures The various structures ... least partially the result of changes in the structure of a phosphate-binding loop bordering the active site. Mutation of this loop to make it more simi- lar to that of EcRpiB gave TcRpiB the ... using the software sod [33], which was placed at the position of the molecular replacement solution. From this starting point, the software arp ⁄ warp [34] was used to auto-build 99% of the structure, ...

Ngày tải lên: 15/03/2014, 00:20

... channel of the single monetary policy. The first is the heterogeneity of retail banking markets. The second is the balance sheet structure of firms and households. These two determinants of the ... evolve. The second part of the paper provides a comparison of the balance sheets of the corporate and household sectors in Germany, Spain, France and Italy at the start of Stage Three of EMU. These balance ... stock market capitalisation of 113% of GDP at the end of 1998. Moreover, the propensity to consume out of wealth is much smaller than the propensity to consume out of income. Boone, Giorno and Richardson...

Ngày tải lên: 15/03/2014, 14:20

... Structure of the book 7 2 General Determinants of Financial Development 10 2.1 Introduction 10 2.2 The data 13 2.2.1 Samples 14 2.2.2 Measures of financial development 14 2.2.3 The potential determinants ... index of overall financial development FDBANK index of extent of bank-based intermediation FDBOND index of bond market development FDEFF index of financial efficiency FDSIZE index of size of financial ... #11 Tables 2.1 Determinants of FD by using BMA 30 2.2 Determinants of FD 32 2.3 Top ten models and their posterior probabilities for FD 34 2.4 Geography, policy, institutions and FD 35 2.5 Determinants of...

Ngày tải lên: 01/11/2014, 17:11