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Corporate Finance in Europe from 1986 to 1996

DELBREIL, Michel; ESTEBAN, Ana; FRIDERICHS, Hans; … - EconWPA - 2000

After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this...

Persistent link: https://www.econbiz.de/10005413207

The Equity Premium: Explained by GDP Growth and Consistent with Portfolio Insurance

Faugere, Christophe; Erlach, Julian Van - EconWPA - 2003

We find that the long-run equity premium is fully explained by GDP growth and that it is consistent with a short-term portfolio insurance motive. We first derive the macroeconomic equivalent of the standard sustainable growth formula to determine the long-run average return on stocks. The...

Persistent link: https://www.econbiz.de/10005413067

A Compositional Statistical Analysis of Capital per Worker

Larrosa, Juan Manuel - EconWPA - 2003

Most of economic literature has presented its analysis under the assumption of homogeneous capital stock composition. However, capital composition differs across countries. What has been the pattern of capital composition associated with World economies? I make an exploratory statistical...

Persistent link: https://www.econbiz.de/10005561304

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

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...

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

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 … ownership of directors and corporate with the firm financing in India. Overall, the findings presented in the paper provide … evidence of definite role of corporate governance mechanisms in firm’s financing decisions in India. …

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

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

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

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