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The dynamics of capital structure in transition economies

Nivorozhkin, Eugene - EconWPA - 2003

’ target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We … explicitly model the adjustment of companies’ leverage to a target leverage, and this target leverage is itself explained by a … under investigation. Bulgarian companies adjusted much faster to the target leverage than Czech firms. The speed of …

Persistent link: https://www.econbiz.de/10005412747

Firm Performance and Compensation Structure: Performance Elasticities of Average Employee Compensation

Rayton, Bruce A. - EconWPA - 1996

Agency costs are a cost of production, and firms that do a better job of minimizing these costs should exhibit better performance. This paper tests this hypothesis by calculating the performance elasticity of average employee hourly compensation for U.S. manufacturing firms. This elasticity...

Persistent link: https://www.econbiz.de/10005076551

The Size of Employee Stakeholding in Large UK Corporations

Rayton, Bruce A.; Seaton, Jonathan S. - EconWPA - 1996

The existing debate about policies designed to foster the development of a stakeholder economy have largely avoided a fundamental question. How large is the financial stake employees currently hold in their companies? This paper addresses this question using data from the Datastream database,...

Persistent link: https://www.econbiz.de/10005125764

Are CEOs the Only Residual Claimants? Estimation of the Performance Elasticity of Per-Employee Compensation

Rayton, Bruce A. - EconWPA - 1994

This paper evaluates the intensity of the value-maximization incentives for average employees generated through wage, salary, and bonus mechanisms. This is accomplished through estimation of the elasticity of average employee hourly compensation with respect to changes in firm performance. This...

Persistent link: https://www.econbiz.de/10005134449

Debt-Deflation: Concepts, and a Stylised Model

Peter, Goetz von - EconWPA - 2005

This paper proposes a model of how agents adjust their asset holdings in response to losses in general equilibrium. By emphasising the relation between deflation and financial distress, we capture some original features of the early debt-deflation literature, such as distress selling,...

Persistent link: https://www.econbiz.de/10005126279

Optimal Convergence Trading

KArgin, Vladislav - EconWPA - 2004

This article examines arbitrage investment in a mispriced asset when the mispricing follows the Ornstein-Uhlenbeck process and a credit- constrained investor maximizes a generalization of the Kelly criterion. The optimal differentiable and threshold policies are derived. The optimal...

Persistent link: https://www.econbiz.de/10005134713

How Ownership Structure Affects Capital Structure and Firm Performance? Recent Evidence from East Asia

Driffield, Nigel; Mahambare, Vidya; Pal, Sarmistha - EconWPA - 2005

-specific and the effects of ownership structure on firm performance cannot be delineated from its effects on leverage. More …

Persistent link: https://www.econbiz.de/10005076974

How Ownership Structure Affects Capital Structure and Firm Performance? Recent Evidence from East Asia

Driffield, Nigel; Mahambare, Vidya; Pal, Sarmistha - EconWPA - 2005

cannot be delineated from its effects on leverage. As such, the results presented here confirm and extend the essential …

Persistent link: https://www.econbiz.de/10005076997

Testing Static Tradeoff against Pecking Order Models of Capital Structure in Brazilian Firms

Medeiros, Otavio Ribeiro De; Daher, Cecilio Elias - EconWPA - 2004

We test two models with the purpose of finding the best empirical explanation for the capital structure of Brazilian firms. The models tested were developed to represent the Static Tradeoff Theory and the Pecking Order Theory. The sample consists of firms listed in the Sao Paulo (Brazil) stock...

Persistent link: https://www.econbiz.de/10005134823

Corporate Governance Mechanisms and Firm Financing in India

Kumar, Jayesh - EconWPA - 2005

This study investigates the firm financing patterns in India and the role of corporate governance mechanisms. We use firm-level time series data of nearly 2000 listed companies from 1994 through 2000, to analyze the firm’s corporate financing behavior in connection with its corporate...

Persistent link: https://www.econbiz.de/10005134838