Journal of Finance
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Опубликовано на портале: 21-06-2006Laurence Booth, Varouj Aivazian, Asli Demirguc-Kunt, Vojislav Maksimovic Journal of Finance. 2001. Vol. 56. No. 1. P. 87-131.
This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10 developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating that specific country factors are at work. Our findings suggest that although some of the insights from modern finance theory are portable across countries, much remains to be done to understand the impact of different institutional features on capital structure choices.
Do financial institutions matter? [статья]
Опубликовано на портале: 29-10-2008Franklin Allen Journal of Finance. 2001. Vol. 56. No. 4. P. 1165-1175 .
In standard asset pricing theory, investors are assumed to invest directly in financial markets. The role of financial institutions is ignored. The focus in corporate finance is on agency problems. How do you ensure that managers act in shareholders' interests? There is an inconsistency in assuming that when you give your money to a financial institution there is no agency problem, but when you give it to a firm there is. It is argued that both areas need to take proper account of the role of financial institutions and markets. Appropriate concepts for analyzing particular situations should be used.
Опубликовано на портале: 05-06-2006Naveen Khanna, Sheri Tice Journal of Finance. 2001. Vol. 56. No. 4.
We examine capital expenditure decisions of discount firms in response to Wal-Mart's entry into their markets. Before Wal-Mart's entry, focused incumbents and discount divisions of diversified incumbents are similar in size, geographic dispersion, and firm debt levels. However, discount divisions of diversified firms are significantly more productive. After Wal-Mart's entry, diversified firms are quicker to either “exit” the discount business or “stay and fight.” Also, their capital expenditures are more sensitive to the productivity of their discount business. Internal capital markets function well, as transfers are away from the worsening discount divisions. It appears diversified firms make better investment decisions.
Опубликовано на портале: 02-10-2003Christopher Polk, Owen Lamont Journal of Finance. 2001. Vol. 56. No. 5. P. 1693-1721.
Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms have significantly higher subsequent returns than premium firms. Slightly more than half of the cross-sectional variation in excess values is attributable to variation in expected future cash flows, with the remainder attributable to variation in expected future returns and to covariation between cash flows and returns.