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and (ii) their earnings are not sensitive to the exchange rate. I propose an explanation based on imperfect competition in …
Persistent link: https://www.econbiz.de/10009439046
What is the cross-sectional relationship between financial leverage and expected equity returns? How is the empirical relationship associated with firm's financial decisions? This dissertation investigates the potential explanations for the flatness relation between financial leverage and...
Persistent link: https://www.econbiz.de/10009439047
We embed a structural model of credit risk inside a dynamic continuous-time consumption-based asset pricing model, which allows us to price equity and corporate debt in a unified framework. Our key economic assumptions are that the first and second moments of earnings and consumption growth...
Persistent link: https://www.econbiz.de/10009441109
The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were...
Persistent link: https://www.econbiz.de/10009441702
Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and...
Persistent link: https://www.econbiz.de/10009447473
The purpose of this research is to analyze capital structure and its influence on corporate performanceby conducting a case study in PT Pupuk Iskandar Muda Aceh Utara. Capital structure is represented by Debt to Assets Ratio (DAR), Debt to Equity Ratio (DER), and Long Term Debt to Equity Ratio...
Persistent link: https://www.econbiz.de/10009464744
This thesis comprises of three essays. The first essay is titled 'Do Acquiring Firms Manage Earnings?' and is co-authored with Professor Anand M. Vijh. The second essay is titled 'Do Firms Have a Target Leverage? Evidence from Credit Markets' and is joint work with Professors Anand M. Vijh and...
Persistent link: https://www.econbiz.de/10009466088
This study examines capital structure of hospitality firms from a behavioral perspective based on the hubris theory that emphasizes the effect of managerial overconfidence on corporate decisions. Specifically, we investigate the relationship between manager overconfidence and financing...
Persistent link: https://www.econbiz.de/10009468142