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This paper broadens perpetuity gain to leverage (GL) research by analyzing the role of growth within the Capital Structure Model (CSM) formalized by Hull (2007). We demonstrate that internal equity is more expensive than external equity due to the double corporate taxation of cash flows...
Persistent link: https://www.econbiz.de/10009462242
We examine the announcement period of stock returns for 179 over-the-counter (OTC) firms that issue common stock to reduce nonconvertible debt. We find that small OTC firms experience returns that are significantly more negative than large OTC firms. Regression tests reveal that firm size is a...
Persistent link: https://www.econbiz.de/10011310344
Noted scholars argue that (1) economic models of capital taxation have been inadequately adapted to owner-managed enterprises and (2) capital structure researchers have used the wrong models while also improperly measuring key variables. Thus, a model that can overcome these problems should be...
Persistent link: https://www.econbiz.de/10012012687
Purpose: The purpose of this paper is to explore if hedge fund variables (HFVs) are associated with long-run compounded raw returns (CRRs) for seasoned equity offering (SEO) firms for a six-year window around the offering month for firms undergoing SEOs. Design/methodology/approach: The event...
Persistent link: https://www.econbiz.de/10012078214
Persistent link: https://www.econbiz.de/10010889239
We examine the announcement period of stock returns for 179 over-the-counter (OTC) firms that issue common stock to reduce nonconvertible debt. We find that small OTC firms experience returns that are significantly more negative than large OTC firms. Regression tests reveal that firm size is a...
Persistent link: https://www.econbiz.de/10010790727
Persistent link: https://www.econbiz.de/10006866939
Persistent link: https://www.econbiz.de/10006269957
Persistent link: https://www.econbiz.de/10006443895
Persistent link: https://www.econbiz.de/10006317627