Narrow search
Showing 1 - 10 of 79
Cover Image
Corporate investment with financial constraints : sensitivity of investment to funds from voluntary asset sales
Hovakimian, Gayané; Titman, Sheridan - In: Journal of money, credit and banking : JMCB 38 (2006) 2, pp. 357-374
Persistent link: https://www.econbiz.de/10003311666
Cover Image
Corporate Investment with Financial Constraints : Sensitivity of Investment to Funds from Voluntary Asset Sales
Hovakimian, Gayané - 2009
This paper examines the importance of financial constraints for firm investment expenditures by looking at the … relationship between investment expenditures and proceeds from voluntary asset sales in financially healthy US manufacturing … companies. Specifically, we examine whether asset sales have a greater influence on investment expenditures for firms that are …
Persistent link: https://www.econbiz.de/10012767788
Cover Image
Corporate Investment with Financial Constraints : Sensitivity of Investment to Funds from Voluntary Asset Sales
Hovakimian, Gayane - 2003
This paper examines the importance of financial constraints for firm investment expenditures by looking at the … relationship between investment expenditures and proceeds from voluntary asset sales in financially healthy US manufacturing … companies. Specifically, we examine whether asset sales have a greater influence on investment expenditures for firms that are …
Persistent link: https://www.econbiz.de/10012469271
Cover Image
Financial Market Shocks and the Macroeconomy
Subrahmanyam, Avanidhar - 2013
, by unobserved shocks to participation by informationless traders, and by real investment. The equilibrium relations …
Persistent link: https://www.econbiz.de/10013089186
Cover Image
Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?
Hovakimian, Armen - 2011
Default probability plays a central role in the static tradeoff theory of capital structure. We directly test this theory by regressing the probability of default on proxies for costs and benefits of debt. Contrary to predictions of the theory, firms with higher bankruptcy costs, i.e., smaller...
Persistent link: https://www.econbiz.de/10013122204
Cover Image
Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?
Hovakimian, Armen - 2011
Probability of default plays a central role in the static tradeoff theory of capital structure. We provide a direct test of this theory by regressing the probability of default, measured by S&P credit ratings and Moody's KMV Expected Default FrequencyTM (EDFTM), on firm characteristics that...
Persistent link: https://www.econbiz.de/10013122234
Cover Image
Capital Structure, Corporate Investment, and Investor-Level Taxes : Evidence from a Natural Experiment in Europe
Cohn, Jonathan B.; Titman, Sheridan; Twite, Garry J. - 2021
identifying the effect of taxation on capital structure, payout, and investment decisions. Consistent with theory, we find that … for capital-raising firms, which, in theory, are the most affected by the tax changes. Moreover, investment rates decrease …
Persistent link: https://www.econbiz.de/10013217351
Cover Image
Pricing Strategy and Financial Policy
Titman, Sheridan; Dasgupta, Sudipto - National Bureau of Economic Research (NBER) - 1996
Recent empirical evidence indicates that capital structure changes affect pricing strategies. In most cases, prices increase following the implementation of a leveraged buyout of a major firm in an industry, with the more levered firm charging higher prices on average. Notable exceptions exist...
Persistent link: https://www.econbiz.de/10005575832
Cover Image
Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales
Titman, Sheridan; Hovakimian, Gayane - National Bureau of Economic Research (NBER) - 2003
This paper examines the importance of financial constraints for firm investment expenditures by looking at the … relationship between investment expenditures and proceeds from voluntary asset sales in financially healthy US manufacturing … companies. Specifically, we examine whether asset sales have a greater influence on investment expenditures for firms that are …
Persistent link: https://www.econbiz.de/10005718059
Cover Image
A Dynamic Model of Optimal Capital Structure
Tsyplakov, Sergey - 2006
investment choices. The model extends the dynamic capital structure literature by endogenizing the investment choice as well as …
Persistent link: https://www.econbiz.de/10012735618