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Imperfect Market or Imperfect Theory: A Unified Analytical Theory of Production and Capital Structure of Firms

Chen, Jing - EconWPA - 2005

We present a unified analytical theory of production and capital structure of firms. It is extended from an analytical … theory of production, whose main result is an analytical formula of variable cost of production as a function of fixed cost … and uncertainty. Problems on capital structure can be naturally incorporated into the theory on production from a simple …

Persistent link: https://www.econbiz.de/10005561680

Royalty rates, sub licensing considerations and joint ventures.

Malki, Elli - EconWPA - 1997

Technology transfer agreements between universities and industrial companies usually involve royalties, sublicensing considerations and allocation of equity. This article extends the analysis of my previous one ("The Economic Sense of Royalty Rates", ewp-fin/970903)to deal with sublicensing...

Persistent link: https://www.econbiz.de/10005076945

Foreign Banks in Transition Economies: Small Business Lending and Internal Capital Markets

Haas, Ralph de; Naaborg, Ilko - EconWPA - 2005

On the basis of focused interviews with managers of foreign parent banks and their affiliates in Central Europe and the Baltics, we analyse foreign banks’ small business lending and internal capital markets. This allows us to complement the standard empirical literature, which has difficulty...

Persistent link: https://www.econbiz.de/10005125553

The economic sense of royalty rates.

Malki, Elli - EconWPA - 1997

Academic institutions, involved in technology transfer to industry, are always concerned about the "fairness" of the royalty rate payable to them. The common method used by practitioners is the "Industry-Standard Approach" which is based mainly on past experience. However such approach is very...

Persistent link: https://www.econbiz.de/10005134686

How Do Firms Choose Their Lenders? An Empirical Investigation

Cantillo, Miguel; Wright, Julian - EconWPA - 1998

This article investigates which firms borrow directly from the capital markets and which raise funds through intermediaries. Our empirical results show that large companies with abundant cash and collateral tap the credit markets directly. These markets cater to safe and profitable industries,...

Persistent link: https://www.econbiz.de/10005134863

Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case

Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005

In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...

Persistent link: https://www.econbiz.de/10005134868

Extreme Moves in Foreign Exchange Rates and Risk Limit Setting

Dacorogna, Michel; Blum, Peter - EconWPA - 2003

underestimates the actual extreme risks and, based on methods from the Extreme Value Theory (EVT), we propose and justify a more …

Persistent link: https://www.econbiz.de/10005126103

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

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

Despite the seminal work of Claessens et al. (2002), who highlighted the role of ownership structure on firm performance in East Asia, the relationship between capital structure and ownership remains much unexplored. This is important, given recent empirical and theoretical work linking capital...

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

Despite the seminal work of Claessens et al. (2002), role of ownership structure on capital structure and firm performance in East Asian corporattions remains much unexplored. Within the framework of Bajaj et al. (1998), the present paper empirically examines the effects of a controlling manager...

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

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

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