Corporate Finance: Capital Structure & Payout Policies最新文献_第8页

Financing of SME's: An Asset Side Story 中小企业融资:一个资产方面的故事

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2008-02-26 DOI: 10.2139/ssrn.1098347

J. Bartholdy, Cesario Mateus

{"title":"Financing of SME's: An Asset Side Story","authors":"J. Bartholdy, Cesario Mateus","doi":"10.2139/ssrn.1098347","DOIUrl":"https://doi.org/10.2139/ssrn.1098347","url":null,"abstract":"The main sources of financing for small and medium sized enterprises (SMEs) are equity (internally generated cash), trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information (cost of gathering and analysing information) and transactions costs associated with non-payment (costs of collecting and selling collateral). According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME's confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"140 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127486201","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: 30

Creditor Rights and Corporate Risk-Taking 债权人权利与企业风险承担

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2008-02-01 DOI: 10.2139/ssrn.1085195

V. Acharya, Y. Amihud, Lubomir P. Litov

引用次数: 588

Doom or Gloom? CEO Stock Options after Enron 厄运还是阴霾?安然之后的CEO股票期权

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2008-02-01 DOI: 10.2139/ssrn.629822

Suman Banerjee, Vladimir A. Gatchev, T. Noe

引用次数: 12

Formal versus Informal Finance: Evidence from China 正式金融与非正式金融:来自中国的证据

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2008-01-01 DOI: 10.1093/RFS/HHQ030

M. Ayyagari, Asli Demirgüç-Kunt, Vojislav Maksimovic

{"title":"Formal versus Informal Finance: Evidence from China","authors":"M. Ayyagari, Asli Demirgüç-Kunt, Vojislav Maksimovic","doi":"10.1093/RFS/HHQ030","DOIUrl":"https://doi.org/10.1093/RFS/HHQ030","url":null,"abstract":"China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130486906","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: 864

Real Earnings Management and Dividend Payout Signals: A Study for U.S. Real Estate Investment Trusts 真实盈余管理与股利支付信号:美国房地产投资信托基金研究

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2008-01-01 DOI: 10.2139/ssrn.1079984

R. Edelstein, Peng Liu, Desmond Tsang

{"title":"Real Earnings Management and Dividend Payout Signals: A Study for U.S. Real Estate Investment Trusts","authors":"R. Edelstein, Peng Liu, Desmond Tsang","doi":"10.2139/ssrn.1079984","DOIUrl":"https://doi.org/10.2139/ssrn.1079984","url":null,"abstract":"U.S. Real Estate Investment Trusts are required by federal law to distribute 90% of taxable income as dividends to common shareholders. We examine if firms subject to a binding dividend constraint, engage in real earnings management (REM) to reduce taxable income to meet dividend requirements. Since taxable income typically is not publicly reported by REIT's, we use dividend payout ratios based on FFO, a voluntary measure commonly used by the REIT industry, and net income, a measure required by GAAP, to serve as signals for the unobserved dividend-to-taxable income ratio. Using the dividend-to-FFO ratio to identify firms that may confront difficulties meeting dividend requirements, we find that these firms are more likely to participate in REM activities by reducing revenue and increasing expenses; both actions of which would reduce taxable income. We also provide evidence that firms generating less cash flow from operations and having fewer opportunities to obtain funding from the general capital markets are more likely to employ REM by selling fixed assets at a loss to generate the necessary cash flow for dividend payments, as well as to alter the dividend payment requirements. Overall, our findings suggest REM is a viable strategy that REIT managers utilize to meet regulatory dividend constraints. Managers are more likely to choose REM when there are limited alternative funding sources. We find that average returns in the three years following reduced income through REM are substantially positive, implying investors may not fully realize that current income reduction created by REM activities.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"362 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115962993","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: 24

Admissible Designs of Debt-Equity Swaps for Distressed Firms: Analysis, Limits and Applications 陷入困境企业债转股的可接受设计:分析、限制与应用

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-12-13 DOI: 10.2139/ssrn.1071708

Franck Moraux, Patrick Navatte

引用次数: 0

Tax Heterogeneity and Trading Volume Around the Ex-Dividend Day: Estonian Evidence 除息日前后的税收异质性和交易量:爱沙尼亚证据

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-27 DOI: 10.2139/ssrn.1017753

P. Sander

引用次数: 6

The Costs of Financial Distress Across Industries 跨行业金融危机的成本

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-20 DOI: 10.2139/ssrn.945425

Arthur Korteweg

引用次数: 46

Does Dividend Stability Provide a Promising Stock Return? Evidence from Bursa Malaysia 股息稳定能带来有希望的股票回报吗?证据来自马来西亚证券交易所

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-18 DOI: 10.2139/ssrn.1009187

F. Samad, Roselee, Guat Ha Soh

引用次数: 4

A Study on the Liquidity Effects of Stock Splits in Indian Stock Markets 印度股票市场股票分割对流动性的影响研究

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-15 DOI: 10.2139/ssrn.1440139

M. Dash, Amare Gouda

引用次数: 4