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Investor-driven corporate finance: evidence from insurance markets
Kubitza, Christian - 2022 - This version: December 12, 2021
This paper documents that the bond investments of insurance companies transmit shocks from insurance markets to the real economy. Liquidity windfalls from household insurance purchases increase insurers' demand for corporate bonds. Exploiting the fact that insurers persistently invest in a small...
Persistent link: https://www.econbiz.de/10012818411
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Investor taxation, firm heterogeneity and capital structure choice
Haring, Magdalena; Niemann, Rainer; Rünger, Silke - 2016
We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...
Persistent link: https://www.econbiz.de/10011541065
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Gauging a Firm's Financing Orientation : Integrating Predictions of the Trade-Off Theory, the Pecking Order Model, and the Market Timing Hypothesis
Wu, Shanhong - 2011
After critiquing arguments and evidence associated with the trade-off theory, the pecking order model, and the market …
Persistent link: https://www.econbiz.de/10013128573
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The Relevance of External Credit Ratings in the Capital Structure Decision-Making Process
Michelsen, Marc - 2012
This paper empirically examines the relevance of external credit ratings in the capital structure decision-making process with regard to an international firm sample. Using the rating outlook to measure the imminence of a rating change, allows us to test managers' ex-ante capital structure...
Persistent link: https://www.econbiz.de/10013113516
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Book Review of the Theory of Corporate Finance
Dionne, Georges - 2011
The book proposes an original contribution to the economics and finance literature by developing the foundations of corporate finance. It also covers in detail various corporate governance issues faced by organizations. The common treatment of corporate finance and corporate governance started...
Persistent link: https://www.econbiz.de/10013123788
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Residual Income, SMVA : Financial Lever of Systemic Effect and Hidden Losses of the Capital
Matyash, Irina V. - 2011
Modern institutes of the market form new factors of the global economy. Stock exchanges, other institutes of the investment market, financial Internet communications create the integrated pace of world economic system. The companies test direct influence from global information-financial space....
Persistent link: https://www.econbiz.de/10013125994
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Pecking Order Versus Trade Off Theory and the Issue of Debt Constraint Problem?
Vigneron, Ludovic - 2012
particularly on a sample of French quoted firms. The question is which one of pecking order or trade off theory can be considered … theory dominates pecking order for constrained firms whereas pecking order dominates trade off theory for unconstrained ones … difficult to distinguish which theory better fits …
Persistent link: https://www.econbiz.de/10013101235
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Firm Financing Choices in a Thin, Capital Constrained Market
Smith, David J. - 2012
This paper examines the financing choices made by New Zealand firms and the factors that influence those choices over the period 1984 to 2009. New Zealand firms are faced with relatively thin capital markets that lack scale and participation. The paper therefore provides an alternative...
Persistent link: https://www.econbiz.de/10013103458
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The Cost of Capital and Optimal Financing Policy in a Dynamic Setting
Karpavicius, Sigitas - 2014
This paper revisits the Modigliani-Miller propositions on the optimal financing policy and cost of capital in a dynamic setting. In an environment without taxes and bankruptcy costs, the results are generally consistent with Modigliani and Miller Propositions 1 and 2. However, the first...
Persistent link: https://www.econbiz.de/10013064539
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International pecking order
Eren, Egemen; Malamud, Semyon; Zhou, Haonan - 2022
We document that corporates in emerging markets borrow more in foreign currency when the local currency provides a better hedge in downturns. We develop an international corporate finance model in which firms facing adverse selection choose the foreign currency share of their debt. In the unique...
Persistent link: https://www.econbiz.de/10013168799