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Optimal firm's dividend and capital structure for mean reverting profitability

Menoncin, Francesco; Panteghini, Paolo; Regis, Luca - 2021

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 let profitability follow a mean reverting process. The problem is …

Persistent link: https://www.econbiz.de/10012668498

Firms' histories and their capital structures

Kayhan, Ayla; Titman, Sheridan - 2004

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Capital structure and firm performance : a new approach to testing agency theory and an application to the banking industry

Berger, Allen N.; Bonaccorsi di Patti, Emilia - 2002

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Does product market competition reduce agency costs?

Jagannathan, Ravi; Srinivasan, Shaker B. - 2000

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Give me your wired and your highly skilled : measuring the impact of immigration policy on employers and shareholders

Lin, Carl - 2011

The paper links finance theory to labor economics and political economy in the context of migration and immigration policy. Most research treating the impact of immigration has focused on the consequences for employees as measured by wages, earnings, and employment. Less is known about the...

Persistent link: https://www.econbiz.de/10009308050

Are firms in "boring" industries worth less?

Chen, Jia; Hou, Kewei; Stulz, René M. - 2015

have high industry-level dispersion of profitability have on average higher market-to-book ratios than firms in low … dispersion industries. This positive relation between market-to-book ratios and industry profitability dispersion is economically …

Persistent link: https://www.econbiz.de/10010531875