Narrow search
Showing 451 - 460 of 795,531
Cover Image
Firm Leverage and Investment Decisions in an Emerging Market
Umutlu, Mehmet - 2010
In this study, the effect of leverage on investment is analyzed by employing panel data methods for the Turkish non-financial firms that are quoted on İstanbul Stock Exchange. For one-way error component models, it is shown that there is a negative impact of leverage on investment for only...
Persistent link: https://www.econbiz.de/10014203083
Cover Image
Why Do Firms Issue Secured Debt?
Bao, Jack - 2016
We empirically examine theories of secured debt. Credit risk and asset volatility increase with secured debt issuance …
Persistent link: https://www.econbiz.de/10013005724
Cover Image
Debt Financing Choices : Theory and Evidence from Europe
Pinto, João - 2017
We examine the factors that influence borrower's choice between structured finance (SF) and straight debt finance (SDF). Using a sample of 12,075 Western European loans and bonds issued between 2000 and 2011, we find that borrowers choose SF when they seek long-term financing and funding cost...
Persistent link: https://www.econbiz.de/10012973413
Cover Image
Financial Crises, Debt Financing, and Default Risk
Chiu, Wan-Chien - 2015
significant for firms with low credit quality. These findings suggest that the bank supply shock theory helps explain the …
Persistent link: https://www.econbiz.de/10013028200
Cover Image
Equity and Debt Financing Constraints
Yang, Jie - 2015
I construct a structural model in which firms maximize value conditional on being restricted from issuing equity and unsecured debt. Using GMM estimation, I find that a model with both equity and debt constraints fits better than models without constraints or with only one constraint. The...
Persistent link: https://www.econbiz.de/10013038199
Cover Image
Taxation and the Optimal Constraint on Corporate Debt Finance
Birch Sørensen, Peter - 2014
The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for thin-capitalization rules limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of...
Persistent link: https://www.econbiz.de/10013039997
Cover Image
Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella - 2014
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...
Persistent link: https://www.econbiz.de/10013040533
Cover Image
Convertible Debt Issuance & Target Leverage Adjustments
Eldemire-Poindexter, Ashleigh - 2016
I study the target leverage and partial adjustment activity of firms that issue convertible bonds. Convertibles may help target adjustment efforts by lowering issuance transaction costs and reducing interest expenses. Nevertheless, convertible debt can increase liabilities for an unknown amount...
Persistent link: https://www.econbiz.de/10012983395
Cover Image
Pecking Order Versus Trade Off Theory and the Issue of Debt Constraint Problem?
Vigneron, Ludovic - 2012
particularly on a sample of French quoted firms. The question is which one of pecking order or trade off theory can be considered … theory dominates pecking order for constrained firms whereas pecking order dominates trade off theory for unconstrained ones … difficult to distinguish which theory better fits …
Persistent link: https://www.econbiz.de/10013101235
Cover Image
Debt Financing in Asset Markets
He, Zhiguo - 2012
We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by extending the framework of Geanakoplos (2009) with a generic binomial tree and time-varying heterogeneous beliefs. Optimistic borrowers face rollover risk if the belief dispersion...
Persistent link: https://www.econbiz.de/10013108308