The procedure developed in this paper uses a less biased statistical technique than conventional discriminant analysis and parallels the ranking procedure used by loan officers. A variety of univariate and multivariate statistical procedures as well as comprehensive validation methods are used...

Conventional multiple regression analysis which has been used in estimating residential property values typically relies upon cardinal data. This paper argues that appraisal theory requires the appraiser to rank the comparables from best to worst and use a regression technique which can be...

This study examines the influence of agency costs and ownership concentration on the capital structure of the firm. Of particular interest is the composition of equity ownership as a determinant of overall capital structure and the dynamic adjustment of capital structure to changes in the equity...

Agency theory posits that the dividend mechanism provides an incentive for managers to reduce the costs associated with the principal/agent relationship. Distributing resources in the form of cash dividends forces managers to seek outside capital, thus causing them to reduce agency costs as they...