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After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this...
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This paper examines time-series patterns of external financing decisions and shows that publicly traded U.S, firms fund a much larger proportion of their financing deficit with external equity when the cost of equity capital is low. The historical values of the cost of equity capital have...
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We draw on a comprehensive set of data of all registered firms in Thailand to examine whether firm size affects the relation between leverage and operating performance during the global financial crisis of 2007–2009. From a data set of 496,430 firm-year observations of a sample of 170,013...
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This paper empirically analyzes the effects of a banking crisis on bank credit to the private sector for a panel of … credit function changes during a banking crisis, reflecting a generalized disruption in the stability of behavioral …
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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...
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in the reputations of credit rating firms and the giant financial firms that manufactured highly rated tranches of … securitized loan pools to blind them to the casino ethics of these firms’ managers and line employees. Government credit … outsource much of their due discipline to credit rating firms and accountants. This outsourcing encouraged institutions to …
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