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Acquisition finance and market timing
Vermaelen, Theo; Xu, Moqi - In: Journal of Corporate Finance 25 (2014) C, pp. 73-91
Bidders have an incentive to pay with stock when their shares are overvalued, but target firms should be reluctant to accept such overvalued payment. In a sample of 2978 acquisitions, we find that stock payment is readily accepted only when the bidder can justify the financing decision in terms...
Persistent link: https://www.econbiz.de/10010753524
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On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorption of discrete information in diffusion - type financial system with induced nonlinearities
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
induced nonlinearities. We formulate the Ledenyov theory on the winning virtuous strategies creation toward the leveraged …
Persistent link: https://www.econbiz.de/10011107335
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On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorption of discrete information in diffusion - type financial system with induced nonlinearities
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
induced nonlinearities. We formulate the Ledenyov theory on the winning virtuous strategies creation toward the leveraged …
Persistent link: https://www.econbiz.de/10011111186
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On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorption of discrete information in diffusion - type financial system with induced nonlinearities
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
for the selected public/private companies. We formulate the Ledenyov theory on the winning virtuous strategies creation …
Persistent link: https://www.econbiz.de/10011156987
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UK and US multinational corporations capital structure: different approaches to shareholder value maximization
Dobrica, Floarea Iosub - In: Analele Stiintifice ale Universitatii "Alexandru Ioan … 54 (2007) November, pp. 126-132
The shareholder value maximization is the keystone of the actual stage of capitalism. The objective function of publicly quoted corporations is nowadays the maximization of the shareholders' wealth, i.e. the sum of dividends and capital gains. Despite the increasing international financial...
Persistent link: https://www.econbiz.de/10005417598
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A Reinterpretation of the Relation between Market-to-book ratio and Corporate Borrowing
Majumdar, Raju - Volkswirtschaftliche Fakultät, … - 2013
long term indebtedness based on the market timing theory of capital structure and provides empirical evidence to …
Persistent link: https://www.econbiz.de/10011111610
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CAPITAL STRUCTURE TIMING IN MARKETS WITH DIFFERENT CHARACTERISTICS
Lee, Yoti; Su, Sheng-Chu; Lin, Wen-Cheng - In: The International Journal of Business and Finance Research 6 (2012) 3, pp. 53-66
Considerable empirical evidence suggests that firm’s time equity issues to market movements and that this behavior … can time the market when issuing equity. This study takes regional samples from the United Kingdom and Japan, to summarize …
Persistent link: https://www.econbiz.de/10011206142
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Historical Market-to-Book Ratio and Corporate Capital Structure: Evidence from India
Mukherjee, Sulagna; Mahakud, Jitendra - In: Global Business Review 13 (2012) 2, pp. 339-350
This paper tries to identify the nature of historical market-to-book ratio, that is, whether it can be used as a market timing proxy or growth opportunity proxy and to find out its impact on capital structure and the adjustment speed to target capital structure. Using a panel data analysis we...
Persistent link: https://www.econbiz.de/10010773781
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Dynamic Capital Structure of Japanese Firms: How Far Has the Reduction of Excess Leverage Progressed in Japan?
Nishioka, Shinichi; Baba, Naohiko - Bank of Japan - 2004
-off theory provides an appropriate framework to assess this issue after controlling for various variables as proxies for other … hypotheses including governance structure, the pecking order theory, and market timing hypothesis. Among such variables …, profitability as a proxy for the pecking order theory has significant explanatory power. Second, governance structure significantly …
Persistent link: https://www.econbiz.de/10010894586
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LONG-TERM ADJUSTMENT OF CAPITAL STRUCTURE: EVIDENCE FROM SINGAPORE, HONG KONG AND TAIWAN
CHONG, TERENCE TAI-LEUNG; LAW, DANIEL TAK-YAN; ZOU, LIN - In: The Singapore Economic Review (SER) 57 (2012) 04, pp. 1250027-1
This paper examines the impact of profitability, stock price performance and growth opportunity on the capital structure of firms in Singapore, Taiwan and Hong Kong. In contrast to Kayhan and Titman (2007), it is found that firms in these three Chinese-dominated economies strongly prefer debt to...
Persistent link: https://www.econbiz.de/10010882994