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Leverage Shocks : Firm-Level Evidence on Debt Overhang and Investment
Cevik, Serhan; Miryugin, Fedor - 2021
The global economy is in the midst of an unprecedented slump caused by the coronavirus pandemic. This systemic risk …
Persistent link: https://www.econbiz.de/10013250075
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Capital Structure Instability
DeAngelo, Harry - 2017
This paper provides a compact summary of the evidence on capital structure instability and a case-based exploratory investigation of sources of such instability. Substantial instability in capital structure is the norm at publicly held nonfinancial firms. Firm-specific episodes of leverage...
Persistent link: https://www.econbiz.de/10012962774
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Competition and R&D Financing : Evidence from the Biopharmaceutical Industry
Thakor, Richard T. - 2018
What is the interaction between competition, R&D investments, and the financing choices of R&D-intensive firms? Motivated by existing theories, we hypothesize that as competition increases, R&D-intensive firms will: (1) increase R&D investment relative to assets-in-place that support existing...
Persistent link: https://www.econbiz.de/10012937531
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Competition and R&D Financing : Evidence from the Biopharmaceutical Industry
Thakor, Richard T.; Lo, Andrew W. - 2021
the Hatch-Waxman Act as an exogenous shock to competition, we provide causal evidence which supports these hypotheses …
Persistent link: https://www.econbiz.de/10013249274
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The impact of firm leverage on investment decisions : the new approach of hierarchical method
Mo Tran Thi; Ha Hoang Thi Thu; Diep Nguyen Thi Thanh - In: Cogent business & management 10 (2023) 2, pp. 1-19
This paper investigates the impact of firm leverage on its investment activities. Especially, the research is conducted in the context of the Vietnamese emerging market, an incomplete market in South East Asia with the existence of inefficient market problems such as information asymmetry and...
Persistent link: https://www.econbiz.de/10014504945
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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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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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Dynamic capital structure under managerial entrenchment : evidence from a structural estimation
Morellec, Erwan; Nikolov, Boris; Schürhoff, Norman - 2009
We develop a dynamic tradeoff model to examine the importance of manager-shareholder conflicts in capital structure choice. Using panel data on leverage choices and the model's predictions for different statistical moments of leverage, we show that while refinancing costs help explain the...
Persistent link: https://www.econbiz.de/10003970297
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Testing the pecking order theory of capital structure : evidence from Turkey using panel quantile regression approach
Yıldırım, Durmuş Çağrı; Çelik, Ali Kemal - In: Borsa Istanbul Review 21 (2021) 4, pp. 317-331
This study tests the validity of the pecking order theory at different investment levels for manufacturing firms listed … findings of the present study reveal that the pecking order theory is valid for the choice behaviour of firms listed on the … theory is not valid for high- and low-leverage firms; high-leverage firms prefer equity financing at high investment levels …
Persistent link: https://www.econbiz.de/10012816927
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Capital Structure Over the Life Cycle
DeHan, Chase - 2014
I hypothesize firms in highly innovative industries — those with high risk, yet higher potential return — will be more … framework, this is all placed within the context of the Trade-Off theory of capital structure. Empirically, I test this …
Persistent link: https://www.econbiz.de/10013051510