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Information transparency of firm financing
Noël, Antoine L.; Sun, Amy Hongfei - 2021
We propose a theory of optimal firm financing given nested information problems of adverse selection and agency cost …
Persistent link: https://www.econbiz.de/10012547888
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Relationship capital and financing decisions
Geelen, Thomas; Morellec, Erwan; Rostova, Natalia - 2021
Lending relationships matter for firm financing. In a model of debt dynamics, we study how lending relationships are formed and how they impact leverage and debt maturity choices. In the model, lending relationships evolve through repeated interactions between firms and debt investors. Stronger...
Persistent link: https://www.econbiz.de/10012612803
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Size matters : "over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10011285326
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Size matters : "over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2018
The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...
Persistent link: https://www.econbiz.de/10011895831
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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