under governmental control. It is argued that governors have strong incentives to induce firms to choose a higher leverage … by providing subsidized loans, because higher leverage increases the probability of financial distress, in which case the …

jointhypothesis test - whether firms adjust toward target leverage, andwhether the proxy used for target leverage is the true … targetleverage. Prior studies use the time-series mean leverage for eachfirm, the industry median leverage, an estimated cross …-sectionalleverage, and a tobit estimated leverage using the factorssuggested by the static trade-off theory as proxies for the targetleverage …

joint hypothesis test - whether firms adjust toward target leverage, and whether the proxy used for target leverage is the … true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an … estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as …

and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage … that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also … privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. …

results. Study carried out by two of three set in the hypotheses. First, the amount of leverage and maturity there is a …

(leverage) and the term of the debt contract (debt maturity). However, little is known about the theoretical interdependence … between leverage and debt maturity. Furthermore, leverage and debt maturity are treated independently in most empirical … between leverage and debt maturity in both the Australia and the US capital markets. Our theoretical model, which builds upon …

This thesis analyses the impact of tax policy on firms' leverage ratios in a balanced panel of 129 medium-sized listed … companies from II European countries from 1993 to 2005. A general model of company leverage is applied within which King's tax … finance. Various leverage measures are studied to check for the robustness of the estimated model. Total debt is then …

essay tests theoretical predictions about therelationship between leverage and firm performance set forth by thecorporate … finance literature. The dynamic relationship between firmperformance and leverage is examined empirically using theDifference … GMM method of econometric estimation. Multiple measuresof performance and leverage are utilized, controlling …

recapitalization. The model reproduces known relations between firm size, leverage and growth opportunities. The model predicts that … firms time capital structure adjustments to their target leverage ratios with the exercise of their growth options. Compared … profitable firms have higher leverage. Firms facing low corporate tax rates choose not to issue any debt. Increases in volatility …