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Introducing Capital Structure in a Production Economy : Implications for Investment, Debt and Dividends
Alessandrini, Fabio - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
This model adds to the standard neoclassical model of business fluctuations by introducing a more realistic capital structure problem, where firms have to balance the tax benefits of debt with the costs of potential financial distress. Therefore, firms solve a dynamic problem with both an...
Persistent link: https://www.econbiz.de/10005859002
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The Marginal Source of Finance
Lindhe, Tobias - 2002
dividend level because of an aggravated free cash flow problem. The existence of such a cost - which has been used in arguing …
Persistent link: https://www.econbiz.de/10010321814
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Carbon Boards and Transition Risk: Explicit and Implicit exposure implications for Total Stock Returns and Dividend Payouts
Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021
, multiple total stock return measures distinguishing dividend payouts from simple stock returns. Results suggest that both … explicit and implicit risks are positively related to dividend payouts and not to stock returns, while the overall effect on … exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in …
Persistent link: https://www.econbiz.de/10012819783
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The Ownership Structure of Repurchasing Firms
Skjeltorp, Johannes A.; Ødegaard, Bernt Arne - 2004
This paper provides an examination of the ownership structure in Norwegian firms that announced repurchase plans during the period 1999 through 2001, as well as for groups of these firms conditional on whether they actually executed repurchases or not. By using detailed information on various...
Persistent link: https://www.econbiz.de/10012143621
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Influence of internal factors on the use of equity- and mezzanine-based financing in family firms
Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie - 2009
The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...
Persistent link: https://www.econbiz.de/10010305699
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Private equity minority investments in large family firms: what influences the attitude of family firm owners?
Achleitner, Ann-Kristin; Schraml, Stephanie; Tappeiner, … - 2008
This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great...
Persistent link: https://www.econbiz.de/10010305713
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Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights
Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009
We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...
Persistent link: https://www.econbiz.de/10010305733
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Business Angels and Firm Performance: First Evidence from Population Data
Andersson, Fredrik W.; Lodefalk, Magnus - 2020
Business angels dominate early-stage investment in firms, but research on their investment effects is scarce and is limited by sample selection. Therefore, we propose an algorithm for identifying business angel investments from total population data. We apply the algorithm to study business...
Persistent link: https://www.econbiz.de/10012654469
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Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium
Ugolini, Stefano - 2010
This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron's (1962) hypothesis: universality is interpreted as a strategy for banks to reach...
Persistent link: https://www.econbiz.de/10012143755
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Optimal Securitization with Heterogeneous Investors
Malamud, Semyon; Rui, Huaxia; Whinston, Andrew B. - Swiss National Centre of Competence in Research North … - 2010
We solve the problem of optimal securitization for an issuer facing heterogeneous investorswith arbitrary time and risk preferences. We show that the optimal securitizationis characterized by multiple nonlinear tranches, and each investor gets a portfolio of thesetranches. In particular, when...
Persistent link: https://www.econbiz.de/10009305109