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Levered returns and capital structure imbalances
Ippolito, Filippo; Steri, Roberto; Tebaldi, Claudio - 2017
We revisit the relation between equity returns and financial leverage through the lens of a trade-off model with costly capital structure rebalancing. The model provides a “lookalike” Modigliani-Miller equation that predicts that expected equity returns depend on whether a firm's leverage is...
Persistent link: https://www.econbiz.de/10011899835
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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
In this paper, we revisit a frequently employed simplification within the WACC approach that company cost of capital kV is supposed to be invariant to the debt ratio and therefore equal to the unlevered cost kU . Even though we know from Miles and Ezzell (1980) that kV formally differs from kU ,...
Persistent link: https://www.econbiz.de/10014325747
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Levered returns and capital structure imbalances
Ippolito, Filippo; Steri, Roberto; Tebaldi, Claudio; … - 2022
We revisit the relation between equity returns and financial leverage through the lens of a dynamic trade-off model with costly capital structure rebalancing. The model predicts that expected equity returns depend on whether a firm's leverage is above or below its target leverage. We provide...
Persistent link: https://www.econbiz.de/10013375176
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Debt and productivity : evidence from firm-level data
Gomis, Roger M.; Khatiwada, Sameer - 2017
There are relatively few studies that use micro data to shed light on the relationship between finance and economic growth - the few that exists show that there is a positive relationship between debt and future productivity growth. Meanwhile, several new macro-econometric studies have shown...
Persistent link: https://www.econbiz.de/10011582310
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Heterogeneity in corporate debt structures and the transmission of monetary policy
Holm-Hadulla, Fédéric; Thürwächter, Claire - 2020
initial share of bond- relative to bank-based finance; this effect weakens, and may even reverse, in economies with a low … when bank lending contracts. …
Persistent link: https://www.econbiz.de/10012212853
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Banking sector development and corporate leverage : empirical evidence from South African firms
Etudaiye-Muhtar, Oyebola Fatima; Rubi Ahmad - In: International journal of economics and finance 6 (2014) 8, pp. 278-288
Persistent link: https://www.econbiz.de/10010399744
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Factors inhibiting Japanese firms from zero leverage : financial constraints and bank relationships
Takami, Shigeo - In: Asia-Pacific journal of accounting & economics : APJAE 23 (2016) 2, pp. 161-176
Persistent link: https://www.econbiz.de/10011536144
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Conditional conservatism in the European banking sector
Georgiou, Nadine - In: The determinants of earnings properties : three …, (pp. 155-220). 2016
Persistent link: https://www.econbiz.de/10011639445
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How capital structure and bank liquidity affect bank performance : evidence from the Bayesian approach
Tran Thi Kim Oanh; Diep Van Nguyen; Hoi Le Vu; Khoa … - In: Cogent economics & finance 11 (2023) 2, pp. 1-20
This article analyzes the impact of capital structure and bank liquidity on the performance of commercial banks in … methods in banking studies. The data includes 463 annual bank-year observations from 37 commercial banks in Vietnam from 2003 … empowering EPS. Our findings also document the positive impacts of bank funding liquidity on the performance of commercial banks …
Persistent link: https://www.econbiz.de/10014501259
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Extra credit : bank finance and firm export status in Germany
Goldbach, Stefan; Nitsch, Volker - 2013
This paper estimates the exporter premium in bank lending. We examine credit relationships in Germany, covering all … bank characteristics, our results indicate that exporting firms take out loan s around 15 percent larger than those of non-exporters. …
Persistent link: https://www.econbiz.de/10010230158