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To reduce large files of data into manageable subsets of stocks marked for further review, bottom-up investors utilize spreadsheet software to sort key financial ratios calculated for all equities contained within. Flaws associated with the commonly used price-to-earnings (PE), price-to-book...
Persistent link: https://www.econbiz.de/10010970713
We examine the operating performance of preferred stock issuers using the sample of preferred stock issues during 1991-2000. We find the median profit margin and Return On Assets (ROA) of the preferred stock issuers deteriorate until the year of preferred issuance, hit the bottom in the year of...
Persistent link: https://www.econbiz.de/10005485104
This article examines the long-term stock market performance of debt-free firms with high and low levels of debt capacity to see whether they are different. We use Fama and French's (1993) three-factor and Carhart's (1997) four-factor models to examine the subsequent 1, 2, 3, 4 and 5-year stock...
Persistent link: https://www.econbiz.de/10011104277
We examine the capital structure policies of Korean firms using survey data for business group <i>(chaebol)</i> firms and independent firms. Our results are compared with findings in earlier studies for developed economies: Graham and Harvey (2001) for the United States and Brounen et al. (2004, 2006)...
Persistent link: https://www.econbiz.de/10011094396
Persistent link: https://www.econbiz.de/10005204956
Purpose – This paper aims to contribute to the existing finance literature on capital structure by examining the long-run equity performance of the firms that employ extremely conservative debt policy – zero leverage for three or five consecutive years. Design/methodology/approach – This...
Persistent link: https://www.econbiz.de/10010675804