Narrow search
Showing 1 - 10 of 764,350
Cover Image
Corporate Financial Hedging and the Cost of Equity Capital
Ahmed, Hany; Guney, Yilmaz - 2022
Using a large panel of UK public firms, we examine the relationship between the financial risk hedging and the cost of … is priced in investors’ expectations. While financial risk hedging serves as a vehicle for firms to alleviate cash flows … addition, we hypothesize and test whether the nature of relation between financial risk hedging and cost of equity capital …
Persistent link: https://www.econbiz.de/10013305953
Cover Image
Banking reform
Jackson, Patricia; Davies, Howard; Miles, David; … - SUERF Conference on Banking Reform <2015, London>; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011554963
Cover Image
Insurance and the corporate cost of capital
Wieczorek-Kosmala, Monika - In: E-Finanse : finansowy kwartalnik internetowy 8 (2012) 1, pp. 61-71
The purpose of the paper is to provide some support to the thesis that insurance may reduce the cost of capital in a company by influencing both the cost of capital components and the need for rising capital. The problem is here perceived from two perspectives the classical concept related to...
Persistent link: https://www.econbiz.de/10009575951
Cover Image
The cost of capital of the financial sector
Adrian, Tobias; Friedman, Evan; Muir, Tyler - 2015
Standard factor pricing models do not capture well the common time-series or cross-sectional variation in average returns of financial stocks. We propose a five-factor asset pricing model that complements the standard Fama and French (1993) three-factor model with a financial sector ROE factor...
Persistent link: https://www.econbiz.de/10011410520
Cover Image
Entrepreneur's Wealth, Firm Performance and Cost of Capital : A Bayesian Approach to the Capital Structure of Entrepreneurial Ventures
Moro, Andrea - 2016
We model theoretically the optimal capital structure of entrepreneurial firm relying on an endogenous estimation of the return requested by entrepreneurs that compensates for the risk they incur in case of bankruptcy. We estimate the probability according to the Bayesian approach. We also...
Persistent link: https://www.econbiz.de/10013008393
Cover Image
Ownership structure influencing the joint determination of dividend, leverage, and cost of capital
Rajverma, Abhinav Kumar; Arrawatia, Rakesh; Misra, Arun … - In: Cogent economics & finance 7 (2019) 1, pp. 1-25
The article analyses inter-dependencies between dividend, capital structure, and cost of capital, factoring the ownership structure of listed firms in India, using 3SLS system approach. The study finds that family firms are dominant with concentrated ownership. Dividend, leverage, and average...
Persistent link: https://www.econbiz.de/10012023922
Cover Image
Information aggregation through stock prices and the cost of capital
Gorelkina, Olga; Kuhle, Wolfgang - 2013
This paper studies a firmś optimal capital structure in an environment, where the firmś stock price serves as a public signal for its credit worthiness. In equilibrium, equity investors choose how much information to acquire privately, which induces a positive relation between the amount of...
Persistent link: https://www.econbiz.de/10010189328
Cover Image
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
Cover Image
An Extension of 'Dividend Policy, Growth, and the Valuation of Shares' by Miller and Modigliani
Sethi, Suresh - 2020
Miller and Modigliani (1961) consider valuation of infinite horizon firms that may not engage in purchasing their own shares. While their fundamental valuation approach applies also to firms that purchase their own shares, their stream of dividends approach does not. The latter approach is...
Persistent link: https://www.econbiz.de/10012846523
Cover Image
Testing the Modigliani-Miller theorem directly in the lab : a general equilibrium approach
Qiu, Jianying; Mahagaonkar, Prashanth - 2009
In this paper, we directly test the Modigliani-Miller theorem in the lab. Applying a general equilibrium approach and not allowing for arbitrage among firms with different capital structures, we are able to address this issue without making any assumptions about individuals’ risk attitudes and...
Persistent link: https://www.econbiz.de/10003870995