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A discrete choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance
Boneva, Lena; Linton, Oliver - 2017
What is the effect of funding costs on the conditional probability of issuing a corporate bond? We study this question in a novel dataset covering 5610 issuances by US firms over the period from 1990 to 2014. Identification of this effect is complicated because of unobserved, common shocks such...
Persistent link: https://www.econbiz.de/10011581544
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Market power and duration of R&D investment in a panel of Italian firms
Bontempi, Maria Elena; Lambertini, Luca; Medeossi, Erica - 2016
. [2014] analysis for Spain to the Italian case: we use a panel of manufacturing and service companies, thus enlarging the …
Persistent link: https://www.econbiz.de/10011705599
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An alternative test of the trade-off theory of capital structure
Canarella, Giorgio; Nourayi, Mahmoud; Sullivan, Michael J. - In: Contemporary economics 8 (2014) 4, pp. 365-386
The purpose of this paper is to investigate the stochastic behavior of corporate debt ratios utilizing a balanced panel … of 2,556 publicly traded US firms during the period 1997 - 2010. We partition the panel into ten economic sectors and … perform panel unit root tests on each sector employing book value and market value measures of debt ratio. First …
Persistent link: https://www.econbiz.de/10010520900
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Capital Structure : Theory and Evidence
Bhattacharyya, Nalinaksha - 2015
In this paper, we develop and test empirically a model of capital structure. We show analytically that the square of 1 minus the debt ratio (total debt divided by total assets) is positively associated with the inverse of total assets and negatively associated with the log of total assets...
Persistent link: https://www.econbiz.de/10013022055
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Dynamic Corporate Capital Structure Behavior : Empirical Assessment in the Light of Heterogeneity and Non Stationarity
Bontempi, Maria Elena - 2015
Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and...
Persistent link: https://www.econbiz.de/10013030052
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Dynamic corporate capital structure behavior : empirical assessment in the light of heterogeneity and non stationarity
Bontempi, Maria Elena; Bottazzi, Laura; Golinelli, Roberto - 2015
Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and...
Persistent link: https://www.econbiz.de/10011715923
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Measurement of Common Risk Factors : A Panel Quantile Regression Model for Returns
Cech, Frantisek - 2017
This paper investigates how to measure common market risk factors using newly proposed Panel Quantile Regression Model … particular Panel Quantile Regression Model for Returns consistently outperforms all the competitors in the 5% and 10% quantiles …
Persistent link: https://www.econbiz.de/10012948828
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Heteroskedasticity in one-way error component probit models
Moussa, Richard Kouamé - In: Econometrics : open access journal 7 (2019) 3/35, pp. 1-22
This paper introduces an estimation procedure for a random effects probit model in presence of heteroskedasticity and a likelihood ratio test for homoskedasticity. The cases where the heteroskedasticity is due to individual effects or idiosyncratic errors or both are analyzed. Monte Carlo...
Persistent link: https://www.econbiz.de/10012160867
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Finance, uncertainty and investment : assessing the gains and losses of a generalized non linear structural approach using Belgian panel data
Gérard, Marcel; Verschueren, Frédéric - 2002
Using panel data for 2,329 Belgian firms observed between 1985 and 1999, this paper aims at getting a better …
Persistent link: https://www.econbiz.de/10011623460
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Nonlinear modeling of target leverage with latent determinant variables : new evidence on the trade-off theory
Sabiwalsky, Ralf (contributor) - 2008
The trade-off theory on capital structure is tested by modelling the capital structure target as the solution to a maximization problem. This solution maps asset volatility and loss given default to optimal leverage. By applying nonlinear structural equation modelling, these unobservable...
Persistent link: https://www.econbiz.de/10003770815