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How capital structure adjusts dynamically during financial crises

Ariff, Mohamed; Taufiq, Hassan; Shamsher, Mohamad - 2008

The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were...

Persistent link: https://www.econbiz.de/10009441702

On the estimation and comparison of short-rate models using the generalised method of moments

Faff, R.; Gray, P. - 2006

moments (GMM) has been a popular technique for estimation and inference relating to continuous-time models of the short …-term interest rate. GMM has been widely employed to estimate model parameters and to assess the goodness-of-fit of competing short …-rate specifications. The current paper conducts a series of simulation experiments to document the bias and precision of GMM estimates of …

Persistent link: https://www.econbiz.de/10009448412

Conditional coskewness and asset pricing

Smith, Daniel R. - 2007

We explore the empirical usefulness of conditional coskewness to explain the cross-section of equity returns. We find that coskewness is an important determinant of the returns to equity, and that the pricing relationship varies through time. In particular we find that when the conditional...

Persistent link: https://www.econbiz.de/10009483388

Noise Ratio As a Non-Nested Model Selection Tool.

Kurmanj, Agir - 2009

-nested RE models, whose parameter vector is estimated either by GMM, in Chapter 1, or by the continuous updating estimator in … variant of it covered in Durlauf and Maccini (1995). All statistics used for model comparison are evaluated at the GMM …

Persistent link: https://www.econbiz.de/10009431155

Entropy Based Moment Selection in Generalized Method of Moments

Shin, Changmock - 2005

GMM provides a computationally convenient estimation method and the resulting estimator can be shown to be consistent …

Persistent link: https://www.econbiz.de/10009431183

Does Better Environmental Performance Affect Revenues, Cost, or Both? Evidence From a Transition Economy

Earnhart, Dietrich; Lizal, Lubomir - 2007

This study analyzes the effect of corporate environmental performance on financial performance in a transition economy. In particular, it assesses whether good environmental performance affects revenues, costs, or both, and if so, in which directions. As environmental performance improves, do...

Persistent link: https://www.econbiz.de/10009476891

Regional unemployment and human capital in transition economies 1

Jurajda, ŠtěpÁn; Terrell, Katherine - 2009

Differences in regional unemployment in post-communist economies are large and persistent. We show that within-country regional variation in inherited human capital in four such economies explains the bulk of regional variation in unemployment; we explore potential explanations. Our evidence...

Persistent link: https://www.econbiz.de/10009477362

Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?

Svejnar, Jan - 2007

Economic development implies that the efficiency of firms in developing countries is approaching that of firms in advanced economies. We examine the extent of this convergence among all firms as well as a subset of firms near the efficiency frontier in two economies that represent alternative...

Persistent link: https://www.econbiz.de/10009477424

“European Enlargement and Strategy of Transnational Corporations in Central and East European Economies: The Case of the Car Industry”

Richet, Xavier; Bourassa, Frédéric. - 1999

Our main working hypothesis is that the restructuring and catching up of Central and Eastern European economies (CEEEs) enterprises are faster through their integration into international networks than through independent strategies. For instance, the Polish or Hungarian car industry, not to...

Persistent link: https://www.econbiz.de/10009463695

"The Influence of the Development of Reference Interest Rates in Choosing Investment and Debt Financial Tools for Corporations - Case of the Czech Republic in 1997-2002s"

Polák, Petr. - 2007

This paper focuses on the development of reference interest rates in the Czech Republic after the currency crisis of May 1997 and covers the period to the years 2002/2003 (that is to the time just before the country’s entry into the European Union) when the currency exchange of the Czech...

Persistent link: https://www.econbiz.de/10009463760