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Empirical Evidence for Emerging Economy 新兴经济体的经验证据
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-08-20 DOI: 10.2139/ssrn.2483875
Dr. Naheed Sultana, G. Niazi, Saleha Yasir
{"title":"Empirical Evidence for Emerging Economy","authors":"Dr. Naheed Sultana, G. Niazi, Saleha Yasir","doi":"10.2139/ssrn.2483875","DOIUrl":"https://doi.org/10.2139/ssrn.2483875","url":null,"abstract":"Influence of financial decisions on firm performance is critical issue for academic researcher and investors since past few decades in developing and under developing economies. The main purpose of this study is to empirically investigate the relationship among firm performance, leverage, and firm size across different industries in an emerging economy. Annual data over the period of 10 years for non-financial sector of Pakistan is attained. This research study focused the consideration on firm size, leverage and also estimated their influences on firm’s financial performance. As well examine the dynamics with more emphasis on size that influence leverage in general and particularly in Pakistani firms. Other than with the leverage and firm size, financial performance is also affected by a variety of internal and external variables. Therefore, apart from simple investigating the relationship among variables, findings also explored the effect of some other crucial variables, determining firm performance. Regression analysis applied for analyzing the relationship among performance, leverage and size under the conditions of emerging economy. Collected data also checked for hetero-scedasticity and applied robust regression for controlling the hetero-scedasticity. The result indicates significant relationship exist among all variables. This study is useful for financiers, policy makers and academic researchers.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127367504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Impact of Financial Crisis on Firms’ Capital Structure in UK, France, and Germany 金融危机对英、法、德三国企业资本结构的影响
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-07-27 DOI: 10.17578/18-3/4-3
Abdullah Iqbal, O. Kume
{"title":"Impact of Financial Crisis on Firms’ Capital Structure in UK, France, and Germany","authors":"Abdullah Iqbal, O. Kume","doi":"10.17578/18-3/4-3","DOIUrl":"https://doi.org/10.17578/18-3/4-3","url":null,"abstract":"This study examines the impact of the recent financial crisis on the capital structure decision of UK, French and German firms. The results show that overall leverage ratios increase from pre-crisis (2006 and 2007) to crisis (2008 and 2009) years and then decrease in the post-crisis (2010 and 2011) years. Both equity and debt levels change during the crisis and post-crisis years. The findings further reveal that firms with lower than industry average capital structure ratios in the pre-crisis period experience a gradual increase in their leverage during crisis and post-crisis periods. However, firms with higher than industry average capital structure ratios in the pre-crisis periods experience a significant decrease in the leverage ratios particularly in the post-crisis period mainly due to changes in their equity levels.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126644930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 57
Inverted-U Aggregate Investment Curves in a Dynamic Game of Advertising 动态广告博弈中的倒u型总投资曲线
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-07-09 DOI: 10.2139/ssrn.2464013
L. Lambertini, G. Zaccour
{"title":"Inverted-U Aggregate Investment Curves in a Dynamic Game of Advertising","authors":"L. Lambertini, G. Zaccour","doi":"10.2139/ssrn.2464013","DOIUrl":"https://doi.org/10.2139/ssrn.2464013","url":null,"abstract":"We revisit the relationship between market power and firms' investment incentives in a noncooperative differential oligopoly game in which firms sell differentiated goods and invest in advertising to increase the brand equity of their respective goods. The feedback equilibrium obtains under open-loop rules, and aggregate expenditure on goodwill takes an inverted-U shape under both Cournot and Bertrand behaviour, provided product differentiation is sufficiently high. Total industry expenditure is higher under Cournot competition.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"148 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116528148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Capital Market Financing, Firm Growth, Firm Size Distribution 资本市场融资，企业成长，企业规模分布
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-07-01 DOI: 10.3386/w20336
Tatiana Didier, Ross Levine, S. Schmukler
{"title":"Capital Market Financing, Firm Growth, Firm Size Distribution","authors":"Tatiana Didier, Ross Levine, S. Schmukler","doi":"10.3386/w20336","DOIUrl":"https://doi.org/10.3386/w20336","url":null,"abstract":"Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527 listed firms from 51 economies during 2003-2011. We find that only a few of the largest firms issue securities in the median country. Firms issuing bonds are even larger than those issuing equity. Moreover, issuers grow much faster than non-issuers, particularly (a) during the year of issuance, (b) among smaller and younger firms, and (c) in countries with market-based financial systems. Furthermore, the firm size distribution (FSD) of issuers behaves differently from that of non-issuers. Among issuers, smaller firms grow faster than larger ones, tightening their FSD; but among non-issuers, larger firms grow faster than smaller ones, widening their FSD.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121230408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Optimal Procurement and Investment in New Technologies under Uncertainty 不确定性下新技术的最优采购与投资
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-07-01 DOI: 10.2139/ssrn.2471089
Malin Arve, Gijsbert Zwart
{"title":"Optimal Procurement and Investment in New Technologies under Uncertainty","authors":"Malin Arve, Gijsbert Zwart","doi":"10.2139/ssrn.2471089","DOIUrl":"https://doi.org/10.2139/ssrn.2471089","url":null,"abstract":"We study a buyer's optimal investment strategy for new technologies when costs evolve stochastically and are private information to the suppliers. In a continuous time setting, we show how the asymmetric information on the stochastic variables leads to delays in investment compared to the real option benchmark. We also suggest a payment structure that implements the buyer's optimal investment timing as a Vickrey-type auction.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115742321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
The Commitment Role of Equity Financing 股权融资的承诺作用
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-06-12 DOI: 10.1093/JEEA/JVY026
Matthias Fahn, V. Merlo, G. Wamser
{"title":"The Commitment Role of Equity Financing","authors":"Matthias Fahn, V. Merlo, G. Wamser","doi":"10.1093/JEEA/JVY026","DOIUrl":"https://doi.org/10.1093/JEEA/JVY026","url":null,"abstract":"\u0000 Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for firms that show a strong commitment toward their workforce and are popular among employees. We demonstrate that such financing behavior may be driven by implicit arrangements made between a firm and its managers/employees. Equity financing generally strengthens a firm’s credibility to honor implicit promises. Debt, however, has an adverse effect on the enforceability of these arrangements because too much debt increases the firm’s reneging temptation, as some of the negative consequences of breaking implicit promises can be shifted to creditors. Our analysis provides an explanation for why some firms only use little debt financing. Predictions made by our theory are in line with a number of empirical results, which seem to stay in contrast to existing theories on capital structure.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122866136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
On the Non-Neutrality of the Financing Policy and the Capital Regulation of Banking Firms 论融资政策的非中立性与银行资本监管
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-04-03 DOI: 10.2139/ssrn.2432820
R. Masera, G. Mazzoni
{"title":"On the Non-Neutrality of the Financing Policy and the Capital Regulation of Banking Firms","authors":"R. Masera, G. Mazzoni","doi":"10.2139/ssrn.2432820","DOIUrl":"https://doi.org/10.2139/ssrn.2432820","url":null,"abstract":"It has been often argued that higher capital requirements are not costly for the banking system, by exploiting a renewed edition of a standard argument from corporate finance, the Modigliani-Miller theorem (1958 and 1963). However, the M&M model must be carefully analysed before endorsing the general statement that “bank equity is not expensive”. In the first part of the paper we argue that banks are not ordinary firms and the M&M framework cannot be easily adapted to analyze their financing (and investment) decisions. It cannot be applied neither before any financing instruments have been issued (ex-ante), nor when debt is already in place (ex-post). In terms of ex-ante analysis we focus on government guarantees (both explicit and implicit) and by using a standard Merton model we formally show how the M&M’s leverage irrelevance theorem is inapplicable. In terms of ex-post perspective we analytically derive the cost of a capital injection for the old shareholders by highlighting how risk-shifting phenomena on banks’ assets, notably when price-to-book values are below one, may increase the overall risk of the bank, and, ultimately, of the financial system as a whole. In the second part of the paper we focus on the key differences between accounting and market-based/financial values. Regulatory capital (which is basically based on accounting values) could be seriously biased when there are significant discrepancies between book values and market values. We argue that market prices (notably price-to-book ratios) should play a primary role in bank supervision. Expectations of future profits embedded in market prices can supply timely information on the effective viability of a bank. To support this thesis we show how a simple model of corporate finance and firm’s valuation can be used to assess bank’s stability by comparing the expectations of bank’s future profits (implicit in market prices) with its cost of funding.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"115 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128962861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
KSP Polonia Warszawa's Financial Problems – Analysis of Liquidity and Debt 波兰华沙的金融问题——流动性和债务分析
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-03-17 DOI: 10.7341/2013918
Elżbieta Marcinkowska
{"title":"KSP Polonia Warszawa's Financial Problems – Analysis of Liquidity and Debt","authors":"Elżbieta Marcinkowska","doi":"10.7341/2013918","DOIUrl":"https://doi.org/10.7341/2013918","url":null,"abstract":"Financial liquidity is one of the most important areas of running business operations. Each entity must keep it at an adequate level. Lack of financial liquidity is the main factor leading to bankruptcy of companies. The analysis of liquidity and debt verifies the ability of an entity to pay current liabilities and also confirms the company’s ability to survive on the market. Based on the results of the analysis of liquidity and debt the management should therefore prepare liquidity management strategy. The article is based on the available financial statements of KSP Polonia Warszawa Sportowa Spolka Akcyjna and presents an analysis of its liquidity and debt. The results of this analysis for years 2008-2010were very alarming and indicative of the upcoming bankruptcy of the club. In July this year, an application was filed with the court confirming insolvency of the club and, by virtue of a decision issued by PZPN (Polish Football Association), Polonia Warszawa, so far playing in the Ekstraklasa (Polish top division), will start the next season in the 4th division. It will take the club many years to regain its position.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126315250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How Much Is Too Much? Debt Capacity and Financial Flexibility 多少才算太多?债务能力和财务灵活性
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-03-01 DOI: 10.2139/ssrn.1990259
D. Hess, Philipp Immenkötter
{"title":"How Much Is Too Much? Debt Capacity and Financial Flexibility","authors":"D. Hess, Philipp Immenkötter","doi":"10.2139/ssrn.1990259","DOIUrl":"https://doi.org/10.2139/ssrn.1990259","url":null,"abstract":"We estimate the debt capacity of a firm as the critical debt ratio that causes a downgrade in creditworthiness. Unused debt capacities depict the temporal access to external debt funds and measure a firm's financial flexibility. Firms with high unused debt capacities realize a larger fraction of their investment opportunity set, borrow more often, and issue higher volumes of debt. Firms that have exhausted their debt capacity issue equity or pay down debt when having a financial surplus. These patterns of actively using and restoring unused debt capacities imply that preserving financial flexibility is of first-order importance in corporate finance.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122524009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Debt, Taxes, and Liquidity 债务、税收和流动性
ERN: Firms Temporal Investment & Financing Behavior (Topic) Pub Date : 2014-03-01 DOI: 10.2139/ssrn.2407950
P. Bolton, Hui Chen, Neng Wang
{"title":"Debt, Taxes, and Liquidity","authors":"P. Bolton, Hui Chen, Neng Wang","doi":"10.2139/ssrn.2407950","DOIUrl":"https://doi.org/10.2139/ssrn.2407950","url":null,"abstract":"We analyze a model of optimal capital structure and liquidity choice based on a dynamic tradeoff theory for financially constrained firms. In addition to the classical tradeoff between the expected tax advantages of debt and bankruptcy costs, we introduce a cost of external financing for the firm, which generates a precautionary demand for liquidity and an optimal liquidity management policy for the firm. An important new cost of debt financing in this context is an endogenous debt servicing cost: debt payments drain the firm's valuable liquidity reserves and thus impose higher expected external financing costs on the firm. The precautionary demand for liquidity also means that realized earnings are separated in time from payouts to shareholders, implying that the classical Miller-formula for the net tax benefits of debt no longer holds. Our model offers a novel perspective for the \"debt conservatism puzzle\" by showing that financially constrained firms choose to limit debt usages in order to preserve their liquidity. In some cases, they may not even exhaust their risk-free debt capacity.","PeriodicalId":289993,"journal":{"name":"ERN: Firms Temporal Investment & Financing Behavior (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127238223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 44
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