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Long-term contracting in a changing world
Pavan, Alessandro - 2007
I study the properties of optimal long-term contracts in an environment in which the agent's type evolves stochastically over time. The model stylizes a buyer-seller relationship but the results apply quite naturally to many contractual situations including regulation and optimal...
Persistent link: https://www.econbiz.de/10008665285
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The rat race of capital structure research for REITs and REOCs : two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
capital structure are highlighted through separately observing debt and equity and their relationship to investment … credit (LOC) and cash are considered in the light of financial flexibility. The major findings obtained by observing US REITs … Estate Investment Trust (REIT) ; Real Estate Operating Company (REOC) ; financial flexibility ; cash flow sensitivities …
Persistent link: https://www.econbiz.de/10009424101
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Dividend decisions in the property and liability insurance industry: mutual versus stock companies
Zou, Hong; Yang, Chuanhou; Wang, Mulong; Zhu, Minglai - In: Review of quantitative finance and accounting 33 (2009) 2, pp. 113-139
Persistent link: https://www.econbiz.de/10003880531
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The Leverage Ratchet Effect
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2013
Firms' inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage...
Persistent link: https://www.econbiz.de/10010205870
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The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
capital structure are highlighted through separately observing debt and equity and their relationship to investment … credit (LOC) and cash are considered in the light of financial flexibility. The major findings obtained by observing US REITs …
Persistent link: https://www.econbiz.de/10010307836
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Size matters : "over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10011285326
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Size matters : "over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2018
The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...
Persistent link: https://www.econbiz.de/10011895831
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Three essays in international finance and financial economics
Hu, Xiaoqiang - 1994
Persistent link: https://www.econbiz.de/10000916084
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Bank loan announcements and borrower stock returns before and during the recent financial crisis
Li, Chunshuo; Ongena, Steven - 2014 - This Draft: March, 2014
jump back up to around 200 basis points. We surmise that in a booming credit market the certification of corporate …
Persistent link: https://www.econbiz.de/10010412303
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Optimal firm's dividend and capital structure for mean reverting profitability
Menoncin, Francesco; Panteghini, Paolo; Regis, Luca - 2021
We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the _rm. According to the empirical evidence, we...
Persistent link: https://www.econbiz.de/10012668498