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Flexible Prices and Leverage
D'Acunto, Francesco - 2017
The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...
Persistent link: https://www.econbiz.de/10012962123
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Flexible Prices and Leverage
D'Acunto, Francesco - 2017
The frequency with which firms adjust output prices is an important determinant of persistent differences in capital structure across firms. The most flexible-price firms have a 19% higher long-term financial leverage ratio than the most sticky-price firms, controlling for known determinants of...
Persistent link: https://www.econbiz.de/10012970598
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Flexible Prices and Leverage
D'Acunto, Francesco - 2017
The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most flexible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...
Persistent link: https://www.econbiz.de/10012965286
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Company cost of capital and leverage : a simplified textbook relationship revisited
Haag, Valentin Georg; Koziol, Christian - In: Schmalenbach journal of business research : SBUR 75 (2023) 1, pp. 37-69
average even for moderate assumed bankruptcy costs which translates to a company mispricing of nearly 100%. As a result, the … bankruptcy costs are negligible. Otherwise, it does and a negligence of this relationship can cause significant mispricings. …
Persistent link: https://www.econbiz.de/10014325747
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Empirical safety thresholds for liquidity and indebtedness ratios on the Polish capital market
Welc, Jacek - In: European financial and accounting journal : EFAJ 11 (2016) 3, pp. 39-52
One of the elements of company’s evaluation is ratio analysis. It includes computation of bankruptcy risk metrics … indebtedness ratio. In this study, the accuracy of bankruptcy predictions based on these two ratios is evaluated within a sample of … data from the Polish market. Also, the safety thresholds (meant as values at which the probability of bankruptcy exceeds …
Persistent link: https://www.econbiz.de/10011698223
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Solvency Surveillance and Financial Crisis : Evidence from the Spanish Insurance Industry
Rubio-Misas, María - 2017
This paper provides evidence on factors affecting the level of the regulatory solvency ratio of Spanish insurers from 2005-2012 by employing the two-step system generalized method of moments in the analysis. Results show a significant degree of persistence in the regulatory solvency ratio. Cost...
Persistent link: https://www.econbiz.de/10012964051
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The prediction of corporate bankruptcy and Czech economy's financial stability through logit analysis
Jakubík, Petr (contributor); Teplý, Petr (contributor) - 2008
deteriorated in 2007 what could be explained through global market turbulences. -- bankruptcy prediction ; financial stability …
Persistent link: https://www.econbiz.de/10003755238
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Did capital requirements and fair value accounting spark fire sales in distressed mortgage-backed securities?
Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - 2012
transactions of non-agency RMBS by insurance companies from 2006 to 2009, we show that insurance companies that became more capital … at much lower prices than other insurance companies during the crisis …
Persistent link: https://www.econbiz.de/10009625918
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The impact of capital structure on risk and firm performance : empirical evidence for the Bucharest stock exchange listed companies
Nenu, Elena Alexandra; Vintilă, Georgeta; Gherghina, … - In: International Journal of Financial Studies : open … 6 (2018) 2, pp. 1-29
This paper analyzes the evolution of the main theories regarding the capital structure and the related impact on risk and corporate performance. The capital structure is a dynamic process that changes over time, depending on the variables that influence the overall evolution of the economy, a...
Persistent link: https://www.econbiz.de/10011883275
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How important is moral hazard for distressed banks?
Ben-David, Itzhak; Palvia, Ajay; Stulz, René M. - 2020
The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. Since many factors reduce these incentives, including charter value, regulation, and managerial incentives, the net economic effect of these incentives is an empirical...
Persistent link: https://www.econbiz.de/10012216705