Similar Search Results

The cost of capital and optimal financing policy in a dynamic setting

Karpavičius, Sigitas - In: Journal of Banking & Finance 48 (2014) C, pp. 42-56

setting. In an environment without taxes and bankruptcy costs, the results are generally consistent with the Modigliani … assumptions about either taxes or bankruptcy costs leads to conclusions that are generally different from those in Modigliani and … with the subjective discount factor of the firm’s manager if there are taxes and bankruptcy costs. The empirical analysis …

Persistent link: https://www.econbiz.de/10011077968

Shareholder value creation in Japanese banking

Radić, Nemanja - In: Journal of Banking & Finance 52 (2015) C, pp. 199-207

This paper advances the study of Fiordelisi and Molyneux (2010) by examining the shareholder value efficiency and its determinants for a large sample of Japanese banks between 1999 and 2011. A new, specifically tailored measure of the Economic Value Added approach, based on the shadow price of...

Persistent link: https://www.econbiz.de/10011209838

The q-theory explanation for the external financing effect: New evidence

Huang, Yuan; Lam, F.Y. Eric C.; Wei, K.C. John - In: Journal of Banking & Finance 49 (2014) C, pp. 69-81

investment and total profitability gross of R&D expenditures as a measure of true economic profitability, we provide new evidence … in support of the q-theory explanation for the external financing effect. We also test the market timing explanation for …

Persistent link: https://www.econbiz.de/10011118122

Determinants of bank interest margins: Impact of maturity transformation

Entrop, Oliver; Memmel, Christoph; Ruprecht, Benedikt; … - In: Journal of Banking & Finance 54 (2015) C, pp. 1-19

This paper explores the extent to which interest risk exposure is priced into bank margins. Our contribution to the literature is twofold: First, we extend the Ho and Saunders (1981) model to capture interest rate risk and expected returns from maturity transformation. Banks price interest risk...

Persistent link: https://www.econbiz.de/10011264656

What drives the disappearing dividends phenomenon?

Kuo, Jing-Ming; Philip, Dennis; Zhang, Qingjing - In: Journal of Banking & Finance 37 (2013) 9, pp. 3499-3514

countries, after adjusting for risk there is little support for catering theory even among firms incorporated in common law …

Persistent link: https://www.econbiz.de/10010682603

Anxious periods and bank lending

Delis, Manthos D.; Kouretas, Georgios P.; Tsoumas, Chris - In: Journal of Banking & Finance 38 (2014) C, pp. 1-13

We examine the lending behavior of banks during anxious periods. The main characteristic of anxious periods is that the perceptions and expectations about economic conditions worsen for economic agents even though the economy is not in a recession. We identify distinct periods of anxiety for...

Persistent link: https://www.econbiz.de/10010719830

Returns to scale at large banks in the US: A random coefficient stochastic frontier approach

Feng, Guohua; Zhang, Xiaohui - In: Journal of Banking & Finance 39 (2014) C, pp. 135-145

This paper investigates the returns to scale of large banks in the US over the period 1997–2010. This investigation is performed by estimating a random coefficient stochastic distance frontier model in the spirit of Tsionas (2002) and Greene (2005, 2008). The primary advantage of this model is...

Persistent link: https://www.econbiz.de/10010730415

Dealing with cross-firm heterogeneity in bank efficiency estimates: Some evidence from Latin America

Goddard, John; Molyneux, Philip; Williams, Jonathan - In: Journal of Banking & Finance 40 (2014) C, pp. 130-142

This paper contributes to the bank efficiency literature through an application of recently developed random parameters models for stochastic frontier analysis. We estimate standard fixed and random effects models, and alternative specifications of random parameters models that accommodate...

Persistent link: https://www.econbiz.de/10010738265

Productivity and efficiency at large and community banks in the US: A Bayesian true random effects stochastic distance frontier analysis

Feng, Guohua; Zhang, Xiaohui - In: Journal of Banking & Finance 36 (2012) 7, pp. 1883-1895

This paper compares the productivity and efficiency of large banks and community banks in the United States over the period 1997–2006. This comparison is performed by estimating a true random effects stochastic distance frontier model—a model that is capable of disentangling unobserved...

Persistent link: https://www.econbiz.de/10011065723

Beyond bankruptcy: Does the US bankruptcy code provide a fresh start to entrepreneurs?

Mathur, Aparna - In: Journal of Banking & Finance 37 (2013) 11, pp. 4198-4216

than the average small firm by problems relating to profitability, cash flow, health insurance costs, or taxes. Further …

Persistent link: https://www.econbiz.de/10011065738