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) and higher market concentration in the banking sector had a positive effect on bank profitability, while, surprisingly … as disintermediation, internationalization and privatization, on the profitability of banks. Several proxies based on … bank balance sheet data at the micro level as well as macroeconomic variables are used to capture these changes. The case …
Persistent link: https://www.econbiz.de/10013370097
banking. Using cross-sectional data on publicly traded, highest-level U.S. bank holding companies, we find empirical evidence …
Persistent link: https://www.econbiz.de/10010318364
regulation (Basel I). Using bank-level panel data from Norway, important hypotheses concerning the determination of the buffer …
Persistent link: https://www.econbiz.de/10012143614
structure decisions in family firms from Anglo-Saxon countries. We provide new evidence for a bank-based economy. In this sense …, Germany provides a very fruitful research environment as it (i) traditionally has a bank-based financial system and (ii …
Persistent link: https://www.econbiz.de/10010305690
Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms, using a comprehensive sample of 777 large...
Persistent link: https://www.econbiz.de/10010273646
This paper develops a model of corporate investment and financing decisions thatdiffers from previous contributions by recognizing that firms face uncertainty regardingtheir future access to credit markets and may have to search for creditors when raisingdebt financing. We show that accounting...
Persistent link: https://www.econbiz.de/10009305075
This paper develops a dynamic trade-off model of optimal capital structure that takes intoaccount the fact that most firms have both invested assets and growth opportunities. Thesetwo sources of value react quite differently to business cycle risk. In particular, growth optionsare more sensitive...
Persistent link: https://www.econbiz.de/10009305114
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, capital structure plays the role of a...
Persistent link: https://www.econbiz.de/10005858240
The aim of this study is to test whether the relation between the informational content of equity offering announcements and their impact on the firm value depends on the motive of the offering. The use of the proceeds allows differentiating the equity issues according to the theories that...
Persistent link: https://www.econbiz.de/10005858305
We test leverage predictions of the trade-off and pecking order models usingSwiss data. At an aggregate level, leverage of Swiss firms is comparativelylow, but the results depend crucially on the exact definition of leverage.Confirming the pecking order model but contradicting the trade-off...
Persistent link: https://www.econbiz.de/10005858714