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The difference between Modigliani-Miller and Miles-Ezzell and its consequences for the valuation of annuities

Becker, Denis M. - In: Cogent Economics & Finance 9 (2021) 1, pp. 1-24

This paper addresses the differences between the Modigliani-Miller [M&M] model (1958, 1963) and the Miles-Ezzell [M&E] model (1980, 1985). The main difference between these two models concerns the stochasticity of the free cash flows. While M&M assumes a strictly stationary process, M&E's...

Persistent link: https://www.econbiz.de/10014001584

Company capital structure and tax: a study of mid-sized European companies

Cheng, Yue - 2008

This thesis analyses the impact of tax policy on firms' leverage ratios in a balanced panel of 129 medium-sized listed … companies from II European countries from 1993 to 2005. A general model of company leverage is applied within which King's tax … finance. Various leverage measures are studied to check for the robustness of the estimated model. Total debt is then …

Persistent link: https://www.econbiz.de/10009461243

NASDAQ OMX Baltic listinguojamų įmonių kapitalo struktūros tyrimas

Armonas, Arūnas - 2011

results. Study carried out by two of three set in the hypotheses. First, the amount of leverage and maturity there is a …

Persistent link: https://www.econbiz.de/10009478376

Essays on capital structure and investment

Dudley, Evan (1973; Smith, Clifford W.

recapitalization. The model reproduces known relations between firm size, leverage and growth opportunities. The model predicts that … firms time capital structure adjustments to their target leverage ratios with the exercise of their growth options. Compared … profitable firms have higher leverage. Firms facing low corporate tax rates choose not to issue any debt. Increases in volatility …

Persistent link: https://www.econbiz.de/10009483041

Internal and external determinants of capital structure in large Korean firms

Tulcanaza Prieto, Ana Belen; Lee, Young Hwan - In: Global Business & Finance Review (GBFR) 24 (2019) 3, pp. 79-96

Persistent link: https://www.econbiz.de/10012286687

Correlation-and-regression analysis of the influence of macroeconomic factors on capital structure of Russian corporations under crisis conditions

Metel'skaya, Valeriya Valer'evna - In: Journal of Innovation and Entrepreneurship 10 (2021) 1, pp. 1-34

study is aimed at empirical testing of hypotheses on how the level of financial leverage of corporations depends on … leverage and plays a prominent role in making financial decisions after the financial crisis. …

Persistent link: https://www.econbiz.de/10013205680

The impact of credit ratings on capital structure

Aktan, Bora; Çelik, Şaban; Abdulla, Yomna; … - In: ISRA International Journal of Islamic Finance 11 (2019) 2, pp. 226-245

Design/methodology/approach The study uses three models to examine the impact of credit rating on capital structure decisions within the framework of credit rating-capital structure hypotheses (broad rating, notch rating and investment or speculative grade). These hypotheses are tested by...

Persistent link: https://www.econbiz.de/10012600406

Government ownership and the capital structure of firms: Analysis of an institutional context from China

Huang, Xiaohong; Kabir, Rezaul; Zhang, Lingling - In: China Journal of Accounting Research 11 (2018) 3, pp. 171-185

the impact of government ownership on leverage is dependent on whether the government is the largest shareholder in a firm … non-government shareholder positively influences leverage. Overall, our results reveal that the largest controlling …

Persistent link: https://www.econbiz.de/10012621003

Determinants of profit heterogeneity at firm level: evidence from Pakistan

Azeem Qureshi, Muhammad; Yousaf, Muhammad - In: International Journal of Commerce and Management 24 (2014) 1, pp. 25-39

macroeconomic anomalies, pervasive credit risk, poor corporate governance, and inefficient legal and regulatory framework; leverage …

Persistent link: https://www.econbiz.de/10014766760

Determinants of capital structure: an empirical study of manufacturing firms in India

Sofat, Rajni; Singh, Sukhdev - In: International Journal of Law and Management 59 (2017) 6, pp. 1029-1045

Purpose The purpose of this paper is to explore the most significant determinants of capital structure of manufacturing firms in India and to investigate whether the capital structure models derived from foreign research provide convincing explanations for capital structure decisions of Indian...

Persistent link: https://www.econbiz.de/10014781945