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Corporate Finance: Capital Structure & Payout Policies最新文献

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Capital Structure Around the World: The Roles of Firm- and Country-Specific Determinants 全球资本结构:企业和国家特定决定因素的作用
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-11 DOI: 10.2139/ssrn.890525
Abe de Jong, R. Kabir, T. Nguyen
{"title":"Capital Structure Around the World: The Roles of Firm- and Country-Specific Determinants","authors":"Abe de Jong, R. Kabir, T. Nguyen","doi":"10.2139/ssrn.890525","DOIUrl":"https://doi.org/10.2139/ssrn.890525","url":null,"abstract":"We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies implicitly assume equal impact of these determinants. Second, although we concur with the conventional direct impact of country-specific factors on the capital structure of firms, we show that there is an indirect impact because country-specific factors also influence the roles of firm-specific determinants of leverage.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132894959","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: 992
When Bookbuilding Meets IPOs 当簿记与ipo相遇
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-06 DOI: 10.2139/ssrn.972757
Amit Bubna, N. Prabhala
{"title":"When Bookbuilding Meets IPOs","authors":"Amit Bubna, N. Prabhala","doi":"10.2139/ssrn.972757","DOIUrl":"https://doi.org/10.2139/ssrn.972757","url":null,"abstract":"Bookbuilding, the dominant offering mechanism for IPOs in the U.S. and other markets, is controversial because of the power it gives underwriters over IPO allocations. Critics point to the fact that allocations could be abused to generate kickbacks for underwriters while proponents argue that allocation power could improve pre-market price discovery. We examine the effect of varying underwriter power over IPO allocations in the Indian IPO market, exploiting its natural variation due to regulatory changes. When underwriters control allocations, bookbuilding is associated with lesser underpricing, but this effect quickly dissipates when regulations bar allocation discrimination. Using a proprietary dataset of IPO books, we find that allocation discrimination is pervasive, economically significant, and is used to differentiate between institutional investors based on hard information in bids, issue and bidder characteristics and soft information possessed by underwriters. Our evidence supports bookbuilding theories in which discretion in allocation helps in pre-market price discovery.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127099212","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
Behavioural Corporate Finance: Existing Research and Future Directions 行为公司金融:研究现状与未来方向
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-03 DOI: 10.2139/ssrn.1011976
Richard J. Fairchild
{"title":"Behavioural Corporate Finance: Existing Research and Future Directions","authors":"Richard J. Fairchild","doi":"10.2139/ssrn.1011976","DOIUrl":"https://doi.org/10.2139/ssrn.1011976","url":null,"abstract":"Behavioural corporate finance (BCF) examines the effects of managerial and investor psychological biases on a firm's corporate finance decisions (such as investment appraisal and capital structure). In contrast to the well-developed research in behavioural finance (which examines the effects of investors' biases on the behaviour of the financial markets), the emerging research in BCF is relatively young. In this paper, we review the existing research to date in BCF and suggest areas for future development.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129394355","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
Cash Flow, Investment and Derivative Use: An Empirical Analysis of New Zealand Listed Companies 现金流、投资与衍生品使用:新西兰上市公司的实证分析
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-01 DOI: 10.2139/ssrn.1030154
Murray Reynolds, G. S. Bhabra, G. Boyle
{"title":"Cash Flow, Investment and Derivative Use: An Empirical Analysis of New Zealand Listed Companies","authors":"Murray Reynolds, G. S. Bhabra, G. Boyle","doi":"10.2139/ssrn.1030154","DOIUrl":"https://doi.org/10.2139/ssrn.1030154","url":null,"abstract":"Using a sample of non-financial New Zealand companies we examine whether firms that use financial derivative instruments are more financially constrained compared to those that do not hedge. We find a significantly positive relationship between derivative usage and financial leverage and a significantly negative relationship between derivative usage and liquidity suggesting that these firms may be financially constrained. Consistent with this observation, we also find that firms that use derivatives exhibit significantly higher sensitivity of investments to internal cash flows compared to firms that do not use derivatives, suggesting that investment for these firms are reliant on availability of internally generated funds. Finally, we find that among the firms that use derivatives, the sensitivity of investment to cash flows is a decreasing function of firm size suggesting that regardless of the derivative use status, larger firms have better access to external capital compared to small firms.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127888074","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: 7
Geographical Location and Corporate Disclosures 地理位置和公司信息披露
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-09-01 DOI: 10.2139/ssrn.930433
Oktay Urcan
{"title":"Geographical Location and Corporate Disclosures","authors":"Oktay Urcan","doi":"10.2139/ssrn.930433","DOIUrl":"https://doi.org/10.2139/ssrn.930433","url":null,"abstract":"This paper investigates the effect of U.S. firms' geographical location, whether urban or rural, on their corporate disclosure policies. For a comprehensive sample of U.S. firms for the years 1988 to 2004, I find that the quality of reported earnings is better for rural firms as compared to urban firms. Earnings of rural firms exhibit greater ability to predict cash flows, higher response coefficients for stock returns, greater conservatism, and lower probability of small positive values. Also, the increase in the likelihood of issuing voluntary management earnings forecasts with the increase in the magnitude of bad news is greater for rural firms. The difference in such disclosure practices across rural and urban firms is even more pronounced in the periods preceding equity offerings, suggesting that reducing information asymmetry prior to equity offerings is one of the reasons for better quality disclosures by rural firms.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116997316","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: 10
Current Practice of Corporate Finance in Thailand 泰国企业融资的当前实践
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-08-22 DOI: 10.2139/ssrn.1009533
R. Rajatanavin, S. Venkatesh
{"title":"Current Practice of Corporate Finance in Thailand","authors":"R. Rajatanavin, S. Venkatesh","doi":"10.2139/ssrn.1009533","DOIUrl":"https://doi.org/10.2139/ssrn.1009533","url":null,"abstract":"We report the results based on 40 responses to a questionnaire designed to investigate the current practice of corporate finance in Thailand. The questionnaire is a slightly modified version of the one used in Graham and Harvey (2001) to investigate corporate finance practices in US companies. Findings from our Thai survey are contrasted with those of the US survey. We also report on the gap between finance theory and its practice in Thailand. We conclude with implications of our findings for finance education and for financial decision-making in Thai corporates.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130224025","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: 4
Signalling with Dividends? New Evidence from Europe 派息信号?来自欧洲的新证据
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-08-01 DOI: 10.2139/ssrn.1004523
Elisabete S. Vieira, Clara C. Raposo
{"title":"Signalling with Dividends? New Evidence from Europe","authors":"Elisabete S. Vieira, Clara C. Raposo","doi":"10.2139/ssrn.1004523","DOIUrl":"https://doi.org/10.2139/ssrn.1004523","url":null,"abstract":"According to the dividend signalling hypothesis, dividend change announcements trigger share returns because they convey information about management's assessment on firms' future prospects. We analyse the classical assumptions of the dividend signalling hypothesis, using data from three European countries. The evidence gives no support to a positive relation between dividend change announcements and the market reaction for French firms, and only weak support for the Portuguese and UK firms. After accounting for non-linearity in the mean reversion process, the global results do not give support to the assumption that dividend change announcements are positively related with future earnings changes. We also formulate two hypotheses in order to explore the window dressing phenomenon and the maturity hypothesis, finding some evidence in favour of both, especially in the UK market.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127820790","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: 16
Persistence of Initial Debt in the Long-Term Employment Dynamics of New Firms 新企业长期就业动态中初始债务的持续性
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-07-20 DOI: 10.1111/j.1365-2966.2007.00434.x
Robert Petrunia
{"title":"Persistence of Initial Debt in the Long-Term Employment Dynamics of New Firms","authors":"Robert Petrunia","doi":"10.1111/j.1365-2966.2007.00434.x","DOIUrl":"https://doi.org/10.1111/j.1365-2966.2007.00434.x","url":null,"abstract":"procedure. I then test the hypothesis that initial debt-to-asset ratios are irrelevant to growth of ten-year old manufacturing firms. I reject the null of independence, and find evidence of a non-monotonic relationship between age ten conditional size and the initial debt-to-asset ratio.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"524 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125043221","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: 19
Long and Short-Run Capital Structure Dynamics in the UK - An Industry Level Study 英国长期和短期资本结构动态——一个行业层面的研究
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-07-01 DOI: 10.2139/ssrn.1045101
Evarist Stoja, J. Tucker
{"title":"Long and Short-Run Capital Structure Dynamics in the UK - An Industry Level Study","authors":"Evarist Stoja, J. Tucker","doi":"10.2139/ssrn.1045101","DOIUrl":"https://doi.org/10.2139/ssrn.1045101","url":null,"abstract":"Despite significant theoretical and empirical developments in the capital structure literature, the trade-off theory and the related question of the optimality of the gearing ratio remain the subject of intense debate. The pecking order theory emerged to directly contrast with the implications of the trade-off theory. This paper investigates whether industry-optimal gearing ratio targeting behavior arises in the long run while a hierarchy of financing (or pecking order) arises in the short run. The relationship between components of common corporate gearing ratios is investigated using a Johansen co-integration methodology. Evidence of target adjustment is found, though only with respect to certain gearing ratios. Further, adjustment speed coefficients of the error correction representation imply that UK firms close the majority of any deviation from the target with retained earnings rather than external financing. However, while firms in mature industries appear to close the second largest part of any deviation with debt, firms in younger industries appear to close the second largest part of any deviation with equity. A general version of the pecking order theory can reconcile these results.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115522645","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
Sources and Management Styles of Funds, and Size and Structure of Firms Portfolios: Survey from VC and PE in Mainland China 基金来源、管理风格与企业投资组合规模与结构:来自中国大陆风投和私募股权的调查
Corporate Finance: Capital Structure & Payout Policies Pub Date : 2007-07-01 DOI: 10.2139/ssrn.1008129
Sihai Fang
{"title":"Sources and Management Styles of Funds, and Size and Structure of Firms Portfolios: Survey from VC and PE in Mainland China","authors":"Sihai Fang","doi":"10.2139/ssrn.1008129","DOIUrl":"https://doi.org/10.2139/ssrn.1008129","url":null,"abstract":"Through total coverage survey and comparative analysis on VC funds in mainland China, some evidence findings are as follows in this paper. Firstly, these facts about the average size (number) and entrepreneurs (enterprise management teams) ownership percentage of firms' portfolios of funds invested in mainland China, are consistent with theorem in the VC literature. Instead in the Western Countries, holding equity percentage by entrepreneurs is empirical very different from VC theorem. The portfolio firms' number or entrepreneurs' profit share of government-sponsored VC funds is higher than other funds in China, which is wholly consistent with theory proposition in the VC literature and the evidence in Canada. Secondly, entrepreneurs' ownership percentage is less obviously with no more than 40% equity compared with Western Countries. Meanwhile, through comparative analysis, the management teams' average age is smaller in China, but the higher level of education. Thirdly, all fund managers concern the invested industry competition. Despite China's investment managers, which also even work longer hours to invested firms, copy the methods from Western Countries in the investment technical level, however, a notable fact is: domestic investment managers in China, whether educated period or work experience, much shorter than the counterparts in the Western Countries especially USA. Finally, holding periods of firms by the funds invested in mainland China, are even shorter than in Western Countries. The ratios of seeds to whole projects by all funds are simple arithmetic average of less than 5%. All these signal: VC in the traditional classic sense being the majority of similar PE business in mainland China.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122478247","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: 1
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