We present a parsimonious representation of debt-ratio dynamics which is able to nest the Trade-Off, Pecking-Order and Market-Timing theoretical models, at the same time avoiding the poolability of the slope parameters. The inference on firm heterogeneous speed of adjustment of effective towards...

In this study, we examine the impact of fair value accounting on corporate debt structures, i.e., debt conversion privilege and maturity term. We argue that fair value accounting affects agency conflicts between debtholders and shareholders via its impact on financial reporting quality....

Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and...

Understanding the dynamics of the leverage ratio is at the heart of the empirical research about firms' capital structure, as they can be very different under alternative theoretical models. The pillars of almost all empirical applications are the maintained assumptions of poolability and...

Existing literature has not yet defined a clear-cut relationship between ownership structure and capital structure. This study aims to contribute to this controversial argument by examining the impact of internal (managerial) ownership and external ownership on financing preferences using the...

The paper aims to empirically assess the threshold effect in the large shareholders (LS) and bank performance relationship. We used a sample of MENA banks during the period 2004-2017. To get benefit from a comparative regional analysis, the whole sample was divided into two sub-samples, banks in...