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Capital Structures in an Emerging Market : A Duration Analysis of the Time Interval between IPO and SEO in China
Ni, Yang - 2011
" (SEOs) in China during the period from 1 January 2001 to 1 July 2006. Duration analysis is applied by using the … on financing decisions in China contradicts the predictions of both the trade-off theory and the pecking order theory … China under-utilize the tax shield of debt. The most surprising finding is that profitability is positively related to the …
Persistent link: https://www.econbiz.de/10013121555
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Timing of Seasoned Equity Offerings : A Duration Analysis
Qian, Hong - 2014
Using a sample of 6,198 US firms that went public from 1975-2004, this paper documents that firms often return for a new round of equity issuance shortly after the preceding one. First SEOs following the IPO are more likely to be conducted at a faster speed than subsequent (follow-on) SEOs....
Persistent link: https://www.econbiz.de/10013068197
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Multi-period credit default prediction with time-varying covariates
Orth, Walter - 2011 - First draft: March 17, 2011
In credit default prediction models, the need to deal with time-varying covariates often arises. For instance, in the context of corporate default prediction a typical approach is to estimate a hazard model by regressing the hazard rate on time-varying covariates like balance sheet or stock...
Persistent link: https://www.econbiz.de/10008939079
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How to Get a Syndicated Loan Fast? The Role of Syndicate Composition and Organization
Godlewski, Christophe J. - 2009
We empirically investigate the organizational determinants of the speed of a loan syndication process, with a particular focus on the influence of syndicate composition and organization. Indeed, the major advantage of syndicated lending is the speed with which the required funding can be...
Persistent link: https://www.econbiz.de/10013157549
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What happens after corporate default? Stylized facts on access to credit
Bonfim, Diana; Dias, Daniel A.; Richmond, Christine - In: Journal of Banking & Finance 36 (2012) 7, pp. 2007-2025
In this paper, we investigate what happens to firms after they default on their bank loans. We approach this question by establishing a set of stylized facts concerning the evolution of corporate default and its resolution, focusing on access to credit after default. Using a unique dataset from...
Persistent link: https://www.econbiz.de/10010574880
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Firm-level investment spikes and aggregate investment over the Great Recession
Disney, Richard; Miller, Helen; Pope, Thomas - 2018
Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large investment ‘spikes’. We document that such spikes are important for understanding firm and aggregate level investment in the UK. We show that annual variation in aggregate...
Persistent link: https://www.econbiz.de/10011817429
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Firm-level investment spikes and aggregate investment over the Great Recession
Disney, Richard; Miller, Helen; Pope, Thomas - 2018
Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large investment 'spikes'. We document that such spikes are important for understanding firm and aggregate level investment in the UK. We show that annual variation in aggregate investment...
Persistent link: https://www.econbiz.de/10012028657
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Do Firms Rebalance Their Capital Structures?
Roberts, Michael R.; Leary, Mark T. - Econometric Society - 2004
We empirically examine the trade-off theory of capital structure, allowing for costly adjustment. After confirming that financing behavior is consistent with the presence of adjustment costs, we use a dynamic duration model to show that firms behave as though adhering to a dynamic trade-off...
Persistent link: https://www.econbiz.de/10005130184
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Bait and Switch : how do Chinese firms use proceeds from seasoned equity offerings
Bo, Hong; Huang, Zhongnan; Sterken, Elmer - 2015
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on...
Persistent link: https://www.econbiz.de/10010477889
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An Empirical Analysis of IPOs and SEOs : Evidence from the Chinese Stock Markets
Xu, Tianxiang - 2015
Persistent link: https://www.econbiz.de/10013013478