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Liquidation Triggers and the Valuation of Equity and Debt
Galai, Dan; Raviv, Alon; Wiener, Zvi - EconWPA - 2003
Net-worth covenants, as introduced by Black and Cox (1976), provide the firm’s bondholders with the right to force reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many bankruptcy codes stipulate an automatic stay of...
Persistent link: https://www.econbiz.de/10005561605
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LA INFORMACION CONTABLE Y LA VALUACION DE ACTIVOS DE CAPITAL EN EL SECTOR DE INVERSIONES CHILENO
Rubio, Fernando - EconWPA - 2004
Este trabajo pretende, utilizando una versión modificada del modelo de crecimiento continuo de Higgins para la valuación de activos de capital, obtener evidencia en cuanto a la relevancia de la información contable en la valuación del valor de mercado del patrimonio en la industria de...
Persistent link: https://www.econbiz.de/10005134899
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Analysis of UAE Bank Stocks
Rao, Ananth - EconWPA - 2003
general models like multi-factor CAPM and arbitrage pricing theory (APT) models could be more appropriate models for analysing …
Persistent link: https://www.econbiz.de/10005413135
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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
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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
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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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Inflation and Capital Structure
Noguera, Jose - EconWPA - 2001
This essay is a contribution to the empirical literature on the effect of inflation tax on capital structure. A simple empirical model considering the main results of the current theoretical development is studied, using microdata from a number of American corporations.
Persistent link: https://www.econbiz.de/10005134880
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The dynamics of capital structure in transition economies
Nivorozhkin, Eugene - EconWPA - 2003
This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies’ 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’...
Persistent link: https://www.econbiz.de/10005412747
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DETERMINANTS OF THE FIRM’S CAPITAL STRUCTURE - THE CASE OF THE VERY SMALL ENTERPRISES
BARBOSA, EVALDO GUIMARÃES; MORAES, CRISTIANA DE CASTRO - EconWPA - 2003
This paper seeks empirically to identify the determinants of the very small firms’ financial leverage. This is important because both these enterprises have been under-researched and research in the area has been troubled by samples biased towards very large enterprises. Results support...
Persistent link: https://www.econbiz.de/10005561667
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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