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Corporate governance and leverage : evidence from a natural experiment
Arping, Stefan; Sautner, Zacharias - 2009
We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...
Persistent link: https://www.econbiz.de/10011380020
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011332820
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Capital structure under financing and investment externalities
Cools, Kees; Zou, Liang - 1992
Persistent link: https://www.econbiz.de/10000122483
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Ordering the preference hierarchies for internal finance, bank loans, bond and share issues
Haan, Leo de; Hinloopen, Jeroen - 2002
, we estimate a multinomial logit model whichconfirms several predictions of both the static trade-off theory and … thepecking-order theory as to the determinants of financing choices. Next, weuse ordered probit models to determine which …
Persistent link: https://www.econbiz.de/10011327550
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The (self-)funding of intangibles
Döttling, Robin; Ladika, Tomislav; Perotti, Enrico C. - 2016
In response to technological change, U.S. corporations have been investing more in intangible capital. This transformation is empirically associated with lower leverage and greater cash holdings, and commonly explained as a precautionary response to reduced debt capacity. We model how firms'...
Persistent link: https://www.econbiz.de/10011556238
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The economic value of flexibility when there is disagreement
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …
Persistent link: https://www.econbiz.de/10011332819
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Market liquidity, investor participation and managerial autonomy : why do firms go private?
Boot, Arnoud W. A.; Gopaian, Radhakrishnan; Thakor, Anjan V. - 2005
We analyze a publicly-traded firm's decision to stay public or go private when managerial autonomy from shareholder intervention affects the supply of productive inputs by management. We show that both the advantage and the disadvantage of public ownership relative to private ownership lie in...
Persistent link: https://www.econbiz.de/10011348720
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On risk, leverage and banks : do highly leveraged banks take on excessive risk?
Koudstaal, Martin; Wijnbergen, Sweder van - 2012
Persistent link: https://www.econbiz.de/10009722695
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Risk-taking, competition and uncertaint : do contingent convertible (CoCo) bonds increase the risk appetite of banks?
Fatouh, Mahmoud; Neamtu, Ioana; Wijnbergen, Sweder van - 2022
We assess the impact of contingent convertible (CoCo) bonds and the wealth transfers they imply conditional on conversion on the risk-taking behaviour of the issuing bank. We also test for regulatory arbitrage: do banks try to maintain risk-taking incentives by issuing CoCo bonds, when...
Persistent link: https://www.econbiz.de/10012887890
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Capital structure and the redeployability of tangible assets
Campello, Murillo; Giambona, Erasmo - 2011
Persistent link: https://www.econbiz.de/10010190656