Essays on Capital Structure Stability - cerge-ei
... maximization point of view, but also because this decision has a great impact on a firm’s ability to successfully operate in a competitive environment. Current literature has suggested a number of factors that can explain about 30% of the total variation in capital structure. However, Lemmon, Robert ...
... maximization point of view, but also because this decision has a great impact on a firm’s ability to successfully operate in a competitive environment. Current literature has suggested a number of factors that can explain about 30% of the total variation in capital structure. However, Lemmon, Robert ...
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... flows. Conditional on a voluntary disclosure, investors expect more expected cash flows which dilute the firms’ sensitivity to systematic risk, in turn decreasing cost of capital and increasing market value. Indeed, I show that, from the perspective of managers, firms disclose if and only if such a ...
... flows. Conditional on a voluntary disclosure, investors expect more expected cash flows which dilute the firms’ sensitivity to systematic risk, in turn decreasing cost of capital and increasing market value. Indeed, I show that, from the perspective of managers, firms disclose if and only if such a ...
Competition and Cooperation among Exchanges
... n recent years a growing number of companies have listed their stocks on exchanges outside their country of origin. Many European companies have listed on the New York Stock Exchange (NYSE), and companies from emerging market countries such as Israel, India, and China have listed not only on the NYS ...
... n recent years a growing number of companies have listed their stocks on exchanges outside their country of origin. Many European companies have listed on the New York Stock Exchange (NYSE), and companies from emerging market countries such as Israel, India, and China have listed not only on the NYS ...
Sound Practice Guidelines
... The name of the Fund should not be undesirable or misleading in terms of parentage or proposed activities. Sponsors and Fund Managers should have a business plan for the Fund. They should have an estimate of the likely initial value of the fund, minimum subscription levels and an indication of their ...
... The name of the Fund should not be undesirable or misleading in terms of parentage or proposed activities. Sponsors and Fund Managers should have a business plan for the Fund. They should have an estimate of the likely initial value of the fund, minimum subscription levels and an indication of their ...
A Theory of Family Business Groups and
... as a dividend, but the family may choose to use the cash to invest in new projects. Importantly, this does not mean that the pyramidal structure is inefficient, because using the whole cash (and investing through pyramids) might be the only way to undertake positive NPV investments when the project ...
... as a dividend, but the family may choose to use the cash to invest in new projects. Importantly, this does not mean that the pyramidal structure is inefficient, because using the whole cash (and investing through pyramids) might be the only way to undertake positive NPV investments when the project ...
Financing Patterns of European SMEs
... Small and medium-sized enterprises (SMEs) are often called the backbone of the European economy, contributing to job creation and economic growth. In 2013, more than 21.5m of SMEs in the European Union made for more than 99% of all non-financial enterprises, employed almost 89m people (67% of total ...
... Small and medium-sized enterprises (SMEs) are often called the backbone of the European economy, contributing to job creation and economic growth. In 2013, more than 21.5m of SMEs in the European Union made for more than 99% of all non-financial enterprises, employed almost 89m people (67% of total ...
Book CHI IPE 141 13628.indb
... capital from established investors with status, reputation, a valuable network, and an ability to engage in follow-on financing rounds, creators with high-quality inventions may have little incentive to employ equity crowdfunding. Furthermore, traditional equity investors may be able to offer capita ...
... capital from established investors with status, reputation, a valuable network, and an ability to engage in follow-on financing rounds, creators with high-quality inventions may have little incentive to employ equity crowdfunding. Furthermore, traditional equity investors may be able to offer capita ...
Fair Value Measurements and Disclosures (Topic 820)
... the fair value of an investment within the scope of paragraphs 820-10-15-4 through 15-5 using the net asset value per share (or its equivalent, such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed) of the investment, if the net ...
... the fair value of an investment within the scope of paragraphs 820-10-15-4 through 15-5 using the net asset value per share (or its equivalent, such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed) of the investment, if the net ...
intangibles - The Computer Science Department
... I open this report on intangibles by addressing in Part I the three Ws: what are intangible assets, why the current interest in them, and who should be concerned about intangibles? I trace the meteoric rise over the past two decades in the value and impact of intangibles to fundamental changes in th ...
... I open this report on intangibles by addressing in Part I the three Ws: what are intangible assets, why the current interest in them, and who should be concerned about intangibles? I trace the meteoric rise over the past two decades in the value and impact of intangibles to fundamental changes in th ...
Inverse Indexing
... What are Inverse ETFs? Inverse ETFs are investments that deliver the opposite performance of their reference index on a daily basis. Horizons ETFs Management (Canada) Inc. offers inverse ETFs based on three of the most widely followed market indices in Canada and the United States: • Horizons BetaP ...
... What are Inverse ETFs? Inverse ETFs are investments that deliver the opposite performance of their reference index on a daily basis. Horizons ETFs Management (Canada) Inc. offers inverse ETFs based on three of the most widely followed market indices in Canada and the United States: • Horizons BetaP ...
The properties of hedge fund investors* actual returns
... over time. However, investors’ actual returns are determined not only by the returns they earn but also by the amount of invested capital which changes with capital flows from and into the investment. Hedge funds provide an instructive example, where the typical fund has been a large net recipient o ...
... over time. However, investors’ actual returns are determined not only by the returns they earn but also by the amount of invested capital which changes with capital flows from and into the investment. Hedge funds provide an instructive example, where the typical fund has been a large net recipient o ...
DOCX file of IMPACT-Australia: Investment for social and
... Impact investing is designed to deliver both a social and financial return. As such, it offers charitable, not-for-profit and philanthropic investors an opportunity to achieve their goals. However, until recently, neither these organisations nor the traditional investor groups they depend on were re ...
... Impact investing is designed to deliver both a social and financial return. As such, it offers charitable, not-for-profit and philanthropic investors an opportunity to achieve their goals. However, until recently, neither these organisations nor the traditional investor groups they depend on were re ...
Does Corporate Governance Affect Dividend Policy?
... economies. The equity markets in transition countries are quite young and underdeveloped, have less information efficiency and are more volatile. In addition, they also differ from those developed markets in such characteristics on firm levels as the ownership structure and corporate governance stan ...
... economies. The equity markets in transition countries are quite young and underdeveloped, have less information efficiency and are more volatile. In addition, they also differ from those developed markets in such characteristics on firm levels as the ownership structure and corporate governance stan ...
The Impact of Collateral
... Intelligence, in which it interviewed 20 firms. Published in May, and produced by Aite Group, it highlighted the substantial need for internal investment in collateral management, drive for capital market infrastructure improvements and expectations for future services from market infrastructure pro ...
... Intelligence, in which it interviewed 20 firms. Published in May, and produced by Aite Group, it highlighted the substantial need for internal investment in collateral management, drive for capital market infrastructure improvements and expectations for future services from market infrastructure pro ...
What makes a great value investor?
... comparison to the MSCI World Index at times when the overall markets are falling and relatively poorer returns in comparison when the overall markets are rising. Therefore the nature of the returns also reflects what we would expect from a value investor who is focussed on reducing risk and preservi ...
... comparison to the MSCI World Index at times when the overall markets are falling and relatively poorer returns in comparison when the overall markets are rising. Therefore the nature of the returns also reflects what we would expect from a value investor who is focussed on reducing risk and preservi ...
Foundation Business Policy
... A minimum commitment of $10,000 is required to establish an endowed fund. A new nonendowed fund should only be established for a unique purpose and should be expected to be used for a period of not less than two years. To reduce the number of Foundation funds to be administered, new gifts can often ...
... A minimum commitment of $10,000 is required to establish an endowed fund. A new nonendowed fund should only be established for a unique purpose and should be expected to be used for a period of not less than two years. To reduce the number of Foundation funds to be administered, new gifts can often ...
Technology Transfer and Spillovers in International Joint
... Our paper relates to two strands of literature. The first is the theoretical literature on foreign direct investments and sovereign risks. These papers study the implications for multinational investment where host countries cannot commit to not expropriating the investment.3 Eaton and Gersovitz (19 ...
... Our paper relates to two strands of literature. The first is the theoretical literature on foreign direct investments and sovereign risks. These papers study the implications for multinational investment where host countries cannot commit to not expropriating the investment.3 Eaton and Gersovitz (19 ...
OECD - Business Angels Netzwerk Deutschland eV
... The angel investment market is much larger than most people realise. Estimates from both the United States and the United Kingdom from over the past ten years indicate that angel investment has been consistently larger than seed and early stage venture capital investment despite some fall off follow ...
... The angel investment market is much larger than most people realise. Estimates from both the United States and the United Kingdom from over the past ten years indicate that angel investment has been consistently larger than seed and early stage venture capital investment despite some fall off follow ...
The Industry Life Cycle and Acquisitions and Investment: Does Firm
... firms in this industry type are less likely to face hard competition. Success in this type of industry is likely to depend on the ability to marshal resources to take advantage of growth opportunities. In a consolidating industry, the shipments are also growing rapidly but the competitive pressure i ...
... firms in this industry type are less likely to face hard competition. Success in this type of industry is likely to depend on the ability to marshal resources to take advantage of growth opportunities. In a consolidating industry, the shipments are also growing rapidly but the competitive pressure i ...
Skill Composition, Technological Change and Firm Performance
... For these purposes, I construct a measure of ICT capital and apply different quantitative approaches to the estimation of the firm–level production function using Norwegian unbalanced employer-employee panel data for the period 2002–2006. The ideal measure capturing the economic contribution of capi ...
... For these purposes, I construct a measure of ICT capital and apply different quantitative approaches to the estimation of the firm–level production function using Norwegian unbalanced employer-employee panel data for the period 2002–2006. The ideal measure capturing the economic contribution of capi ...
Sequential Investment, Hold-up, and Ownership Structure
... there exists encouragement effect: the final good producer may have incentive to invest more to elicit more investment from the supplier.2 Therefore, it may be even better to give the final good producer more residual rights of control. The empirical implication is that when outsourcing, non-integrati ...
... there exists encouragement effect: the final good producer may have incentive to invest more to elicit more investment from the supplier.2 Therefore, it may be even better to give the final good producer more residual rights of control. The empirical implication is that when outsourcing, non-integrati ...
Who Owns the Assets?
... substantial growth in assets, and the Pension Protection Act of 2006 has encouraged the use of multi-sector asset allocation products as a more appropriate investment option, including their use as the default investment for those participants that fail to make an investment election. Once defined ...
... substantial growth in assets, and the Pension Protection Act of 2006 has encouraged the use of multi-sector asset allocation products as a more appropriate investment option, including their use as the default investment for those participants that fail to make an investment election. Once defined ...
Determinants of Capital Structure: Evidence from a Major
... In addition to statistical significance, we analyze the economic significance of leverage determinants, a first in the capital structure literature on developing economies. Our findings indicate that each of the four broad types of leverage determinants does indeed play an economically important ro ...
... In addition to statistical significance, we analyze the economic significance of leverage determinants, a first in the capital structure literature on developing economies. Our findings indicate that each of the four broad types of leverage determinants does indeed play an economically important ro ...
4212201 WFA Hedge Fund Guide
... investing in hedge funds and funds of hedge funds. You need to understand these expenses before investing. These fees will reduce the value of your total investment and your return. All expenses are disclosed in the hedge fund “offering documents” (documents provided by a fund that explains its obje ...
... investing in hedge funds and funds of hedge funds. You need to understand these expenses before investing. These fees will reduce the value of your total investment and your return. All expenses are disclosed in the hedge fund “offering documents” (documents provided by a fund that explains its obje ...