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The sources of financing constraints
Nikolov, Boris; Schmid, Lukas; Steri, Roberto - 2018
In order to identify the relevant sources of firms' financing constraints, we ask what financial frictions matter for corporate policies. To that end, we build, solve, and estimate a range of dynamic models of corporate investment and financing, embedding a host of financial frictions. We focus...
Persistent link: https://www.econbiz.de/10011976900
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Chapter 2. Agency, Information and Corporate Investment
Stein, Jeremy C. - 2003
This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems of asymmetric information and agency. I organize the material around two basic questions. First, does the external capital market channel the right amount of money to each firm?...
Persistent link: https://www.econbiz.de/10014023874
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Bank ownership, firm value and firm capital structure in Europe
Baert, Lieven; Vander Vennet, Rudi - 2009
We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...
Persistent link: https://www.econbiz.de/10011387095
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Financial leverage and debt maturity targeting : international evidence
Gungoraydinoglu, Ali; Öztekin, Özde - In: Journal of risk and financial management : JRFM 14 (2021) 9, pp. 1-36
leverage and long-term debt. Financial crisis has shifted the desired structure of the securities toward shorter maturities and …
Persistent link: https://www.econbiz.de/10012628492
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Determinants of Capital Structure in Western Europe
Mishkov, Lyubcho - 2016
The paper studies how leverage is affected by different company and country based factors in a sample of 594 companies in thirteen countries in Western Europe for period the 2009-2013. Evidence is found that size and asset tangibility are positively related to debt/capital and debt/total assets...
Persistent link: https://www.econbiz.de/10012978587
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Procyclicality of US Bank Leverage
Laux, Christian - 2016
In light of the current debate about the link between accounting and financial stability, we investigate the determinants of procyclical book leverage for US commercial and savings banks. We find that total asset growth and GDP growth are both positively related to book leverage growth. Our...
Persistent link: https://www.econbiz.de/10013006615
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The Impact of Capital Structure Selection on Performance. Does Bank's Origin Matter?
Boadi, Isaac - 2015
Purpose –This paper seeks to estimate the impact of capital structure selection on performance in Ghana.Design/methodology/approach – Generalized Methods of Moments (GMM) is used in the study in estimating the relationship between the leverage level and bank's performance.Findings – The...
Persistent link: https://www.econbiz.de/10013009373
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Ownership Structure, Control Contestability, and Corporate Debt Maturity
Ben‐Nasr, Hamdi - 2015
The corporate governance literature has shown that self-interested controlling owners tend to divert corporate resources for private benefits at the expense of other shareholders. Such behavior leads the controlling owners to prefer long maturity debt to short maturity debt, to avoid frequent...
Persistent link: https://www.econbiz.de/10013014423
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Capital Structure Determinants of Small and Medium Capitalised Firms
Reddy, Krishna - 2017
structure of small and medium capitalised firms in Europe before and during the sovereign debt crisis period. The sample … capitalised firms have adjusted their capital structure during the sovereign debt crisis period and the speed of adjustment was … countries have increased during the crisis period. Our findings suggest that determinants of leverage for small and medium …
Persistent link: https://www.econbiz.de/10012957769
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On Regulation, Supervision, (De)Leveraging and Banking Competition : Harder, Better, Faster, Stronger?
De Jonghe, Olivier - 2015
This paper examines international differences in banks' capital structure adjustments across a large panel of 94 countries over the period 1993 to 2007. A bank's ability to adjust its capital ratio is influenced by corporate governance, public policy, market structure, and bank regulatory...
Persistent link: https://www.econbiz.de/10013038131