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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
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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
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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
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INDIAN VENTURE CAPITALISTS (VCs) INVESTMENT EVALUATION CRITERIA
Mishra, Asim - EconWPA - 2005
The Venture capital (VC) industry in India is of recent origin. However, the average investment value of each deal in India have grown from $3.85 million in 2000 to $7.89 million in 2001.These developments together with the recent steps taken by government to promote venture capitalism in India...
Persistent link: https://www.econbiz.de/10005134795
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An Empirical Analysis of Market Reaction Around the Bonus Issues in India
Mishra, Asim - EconWPA - 2005
Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...
Persistent link: https://www.econbiz.de/10005134827
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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 … market rate. With subsidized debt and taxes, there would be a benefit to debt financing, and the unleveraged and leveraged …
Persistent link: https://www.econbiz.de/10005134868
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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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SECURITIES MARKETS AND SOCIAL CAPITAL INTEGRATION IN AFRICA: RISKS AND POLICY OPTIONS
NWAOBI, GODWIN - EconWPA - 2005
The need to develop securities market has, following the recent international financial crises, increasingly attracted the attention of national and international policy makers. Never before have developed and developing countries shared such a strong interest in ensuring the stable growth of...
Persistent link: https://www.econbiz.de/10005561601
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Toeholds and Takeovers
Bulow, Jeremy; Huang, Ming; Klemperer, Paul - EconWPA - 1999
(forthcoming Journal of Political Economy). Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a "toehold" bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its...
Persistent link: https://www.econbiz.de/10005076990
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Why Individual Investors Want Dividends
Dong, Ming; Robinson, Chris; Veld, Chris - EconWPA - 2004
confirmed for cash dividends but is confirmed for stock dividends. Finally, our results indicate that individual investors do …
Persistent link: https://www.econbiz.de/10005076991