optimal capital structure and security prices

... between fixed effects model and random effects model 45 Table 4.5: Corporate performance and capital structure 47 Table 4.6: Corporate performance and optimal capital structure 49 Table ... optimal capital structure decision The reverse causality from corporate performance to capital structure, corporate performance has a significant and positive influence on capital structure in related ... Literature 2.2.1 Theories of capital structure and corporate performance 2.2.2 Theories of reverse causality from corporate performance to capital structure 12 2.3 Empirical Literature

Ngày tải lên: 29/11/2018, 23:54

... ROTTERDAM HO CHI MINH CITY THE HAGUE VIETNAM THE NETHERLAND VIETNAM - THE NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS CAPITAL STRUCTURE AND GROWTH OPTION: EVIDENCE FROM VIETNAM’S STOCK MARKET ... weak to protect the rights of shareholders and bondholders, and most of its firms are virtually comprised of small and medium enterprises Keywords: capital structure, growth option, emerging markets, ... hereby declare that my dissertation entitled “Capital Structure and Growth Option: Evidence from an Emerging Market” is the result of my own work and includes nothing which is the outcome of work

Ngày tải lên: 07/12/2018, 00:09

... regressions  Indheran Pillay and Natalie Morley for editing and formatting my final paper  My family and loved ones for their support and understanding Abstract The capital structure theory was pioneered ... Modigliani and Miller (1958) In their study, Modigliani and Miller (1958) argued that capital structure was irrelevant to firm value There is also significant theory on the capital structure of firms and ... investigate the relevance of capital structure on firm value and investigate the capital structure of firms in South Africa The results of the analysis on the relevance of capital structure on firm value

Ngày tải lên: 06/12/2019, 11:26

... regressions  Indheran Pillay and Natalie Morley for editing and formatting my final paper  My family and loved ones for their support and understanding Abstract The capital structure theory was pioneered ... Modigliani and Miller (1958) In their study, Modigliani and Miller (1958) argued that capital structure was irrelevant to firm value There is also significant theory on the capital structure of firms and ... investigate the relevance of capital structure on firm value and investigate the capital structure of firms in South Africa The results of the analysis on the relevance of capital structure on firm value

Ngày tải lên: 09/01/2020, 19:02

... regressions  Indheran Pillay and Natalie Morley for editing and formatting my final paper  My family and loved ones for their support and understanding Abstract The capital structure theory was pioneered ... Modigliani and Miller (1958) In their study, Modigliani and Miller (1958) argued that capital structure was irrelevant to firm value There is also significant theory on the capital structure of firms and ... investigate the relevance of capital structure on firm value and investigate the capital structure of firms in South Africa The results of the analysis on the relevance of capital structure on firm value

Ngày tải lên: 14/01/2020, 15:56

... race of explaining capital structure Hammes (2004) concludes that most capital structure studies are “static” and firms are assumed to stick with a single level of optimal capital structure for good ... models regarding optimal capital structure? And how well can these models capture actual optimal gearing levels? Our analysis is restricted to structural models for capital structure These models ... role of capital structure and how firms make decisions on optimal leverage to maximize their value Literature review Capital structure has always been the main concern of both academics and corporations

Ngày tải lên: 16/01/2020, 15:39

... Jarrell, G.A and Kim, E.H (1984) On The Existence of an optimal capital structure: Theory and Evidence Journal of Finance, 39, 857-877 Calomiris, C., and Wilson, B (2004) Bank capital and portfolio ... determine capital structure of banks They report that, for most banks, regulation and “buffers” are not binding and may have secondary importance in determining their capital structures Theories of optimal ... excluding credits and account receivables Most capital structure theories suggest that the type of assets owned by a firm affect its capital structure choice (Titman and Wessels, 1988) Myers and Majluf

Ngày tải lên: 26/03/2020, 04:17

... DeAngelo, H and R Masulis., (1980) Optimal Capital Structure under Corporate and Personal Taxation, Journal of Financial Economics (March 1980) [10] Harry, DeANGEL., (1980) Optimal Capital Structure ... Corporate and Personal Taxation, Journal of Fmanclal Economics, North-Holland Pubhshmg Company (1980) PP 3-29 [11] Hayne, E Leland., (1994) Corporate Debt Value, Bond Covenants, and Optimal Capital Structure, ... Leverage Clienteles, and Optimal Capital Structure," Journal of Finance (May 1982) [14] Modigliani, F F and M H Miller., (1963) Corporation Income Taxes and the Cost of Capital: A Correction,

Ngày tải lên: 17/06/2020, 00:12

... stake and involved in the management of board of director (Yeh, Lee and Woidtke, 2001; Anderson and Reeb, 2003; Yammeesri and Lodh, 2004) Besides, according to Mishra and McConaughy (1999), and ... sample is 10.3 percent and standard deviation is 0.085, mean value for family firms is 10.6 percent and standard deviation is 0.087 and non-family firms is 10.0 percent and standard deviation is ... 11.6 percent and standard deviation is 0.105, whereby surviving family firm is 11.1 percent and standard deviation is 0.104, and surviving non-family firm is 12.0 percent and standard deviation

Ngày tải lên: 01/09/2020, 14:13

... stake and involved in the management of board of director (Yeh, Lee and Woidtke, 2001; Anderson and Reeb, 2003; Yammeesri and Lodh, 2004) Besides, according to Mishra and McConaughy (1999), and ... sample is 10.3 percent and standard deviation is 0.085, mean value for family firms is 10.6 percent and standard deviation is 0.087 and non-family firms is 10.0 percent and standard deviation is ... 11.6 percent and standard deviation is 0.105, whereby surviving family firm is 11.1 percent and standard deviation is 0.104, and surviving non-family firm is 12.0 percent and standard deviation

Ngày tải lên: 18/09/2020, 08:52

... 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 ... predictions and rationalizes moderate debt ratios Figure The Static Theory of capital structure: Optimal capital structure and the cost of capital Source: Ross, A.S., Westerfield, W.R., and Jordan, ... Writer Duong Hong Ngoc CHAPTER I Backgrounds on capital structure and firm performance 1.1 Firm’s capital and capital structure 1.1.1 Cost of capital For each project that a company invests in,...

Ngày tải lên: 26/12/2013, 15:19

... ‘On the Existence of an Optimal Capital Structure: Theory and Evidence’, Journal of Finance, Vol 39, pp 857–78 Castanias, R (1983), ‘Bankruptcy Risk and Optimal Capital Structure , Journal of ... (Harris and Raviv, 1988); and in particular, asymmetric information (Myers and Majluf, 1984; and Journal compilation C C 2007 The Authors Blackwell Publishing Ltd 2007 CAPITAL STRUCTURE AND FIRM ... 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 Titman and Wessels, 1988; Rajan and Zingales,...

Ngày tải lên: 12/06/2014, 19:26

... THE OPTIMAL CAPITAL STRUCTURE FOR CD Integrated Case: 13 - 25 TO BEGIN, DEFINE THE TERMS OPTIMAL CAPITAL STRUCTURE AND “TARGET CAPITAL STRUCTURE. ” ANSWER: [SHOW S13-16 HERE.] THE OPTIMAL CAPITAL ... firm’s 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, ... thus, its optimal capital structure would call for less debt On the other hand, the less automated process would call for less operating leverage; thus, the firm’s optimal capital structure would...

Ngày tải lên: 01/07/2014, 21:28

... their performance, and minimize their financing cost, by maintaining the appropriate capital structure or the optimal capital structure Harris and Raviv (1991) argue that capital structure is related ... asset tangibility and capital structure, and the effect of capital structure on corporate market performance The research process was presented as figure 3: Page 18 Capital Structure and Firm Performance ... 129-143 Leland, H E (1994) Corporate Debt Value, Bond Covenants, and Optimal Capital Structure Journal of Finance, 49 (4), 1213-1252 Margaritis, D and Psillaki, M (2007) Capital structure and firm...

Ngày tải lên: 10/07/2014, 15:48

... resources; poor capital structure decisions lead to a possible reduction/loss in the value derived from strategic assets Strategic Management Research and Capital Structure A firm’s capital structure ... 1987 Strategic Assets, Capital Structure, And Firm Performance 35 [38] Jensen, M and W Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure, ” Journal of Financial ... advantage from its capital structure decision Current research in both strategic management and finance has begun to examine the relationship between firm strategy and its capital structure [52]...

Ngày tải lên: 13/07/2014, 21:13

... 671-682 23 Harris, M., and A Raviv, 1990 Capital Structure and the Informational Role of Debt,” Journal of Finance 45: 321-349 Harris, M., and A Raviv, 1991 “The Theory of Capital Structure, ” Journal ... sheet and income statements (e.g., Demsetz and Lehn 1985, Gorton and Rosen 1995, Mehran 1995, Ang, Cole, and Lin 2000), 2) stock market returns and their volatility (e.g., Saunders, Strock, and ... conditions and in setting up individualized firm benchmarks for performance See Harris and Raviv (1991) and Myers (2001) for general discussions of the choice of capital structure, and see Berger,...

Ngày tải lên: 13/07/2014, 21:13

... growth and leverage Tong and 19 Green (2005) find significant positive relationship between growth and leverage Nguyen and Ramachandran (2006) explore the capital structure of 558 Small and Medium ... capital structure and firm performance Research Questions:  Which theories may be best explained capital structure of the listed firms in HOSE?  What are the factors affecting the capital structure ... connection with optimal capital structure The idea of modern theory of capital structure is originated from the path breaking contribution of Modigliani and Miller (1958) under the perfect capital market...

Ngày tải lên: 22/10/2015, 13:28

... σ and liquidation value L of the project The mix of debt and credit will depend on these parameters, however, as we explore next II Optimal Capital Structure and Security Prices The capital structure ... 1213-1252 Leland, Hayne E., 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 ... default, and asset substitution Here, we derive the optimal security design and show that the standard agency problems between debt and equity holders may not arise I The Setting and the Optimal...

Ngày tải lên: 12/01/2014, 22:16

... Identification and authentication Overview of Security Policies 17 Records retention and backup 18 Security Awareness and education 19 Partner and 3rd party connectivity 20 System development and deployment ... the information systems and to the severity, probability, and extent of potential for direct and indirect, tangible and intangible harm Data Security Policy - Structure and Guidelines • December ... monitoring and audit for policy compliance 13 Firewall implementation and management 14 Virus prevention and protection 15 System and network ownership and management 16 End user accountability and...

Ngày tải lên: 17/09/2012, 09:40