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Статьи

Всего статей в данном разделе : 38

Опубликовано на портале: 16-06-2006
Mihir A. Desai, C. Fritz Foley, James R. Hines Journal of Finance. 2004.  Vol. 59. No. 6. P. 2451-2487. 
This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three-quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.
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Опубликовано на портале: 14-06-2006
Mihir A. Desai, C. Fritz Foley, James R. Hines Journal of Finance. 2004.  Vol. 59. No. 6. P. 2451-2487. 
This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three-quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.
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Опубликовано на портале: 16-06-2006
Robert Goldstein, Nengju Ju, Hayne E. Leland Journal of Business. 2001.  Vol. 74. No. 4. P. 483-513. 
A model of dynamic capital structure is proposed. Even though the optimal strategy is implemented over an arbitrarily large number of restructuring-periods, a scaling feature inherent in the framework permits simple closed-form expressions to be obtained for equity and debt prices. When a firm has the option to increase future debt levels, tax advantages to debt increase significantly, and both the optimal leverage ratio range and predicted credit spreads are more in line with what is observed in practice.
Опубликовано на портале: 21-06-2006
Ari Hyytinen, Otto Toivanen Journal of Financial Services Research. 2006.  Vol. 23. No. 3. P. 241-249. 
In this paper we study a horizontally differentiated market for financial intermediation and develop a simple explanation for concentration in the financial intermediation industry. We show that under asymmetric information, if the demand for funds is not perfectly elastic, the heterogeneity of entrepreneurs in need of financing translates into a barrier to entry. That is, we do not need to resort to learning, weak property rights or exogenous costs of entry to generate this result.
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Опубликовано на портале: 26-08-2007
Hayne E. Leland, Chris Hennessy, Dirk Hackbarth AFA 2005 Philadelphia Meetings; 14th Annual Utah Winter Finance Conference Paper. 2004. 
This paper examines the optimal mixture and priority structure of bank and market debt using a tax shield-bankruptcy cost tradeoff model where the only unique feature of banks is their ability to renegotiate. Optimal debt structure hinges upon the division of ex post bargaining power between the firm and bank. Weak firms utilize bank debt exclusively. Strong firms use a mixture of bank and market debt, with bank debt senior. Therefore, the tradeoff theory offers an explanation for: (i) why small firms use bank debt exclusively; (ii) why large firms employ mixed debt financing; (iii) why bank debt is senior; and (iv) why firms shift from bank debt into a mixture of market and bank debt over their life-cycle. Optimal debt contracts entail absolute priority, and we provide estimates of the cost of ex post priority violations across creditor classes.
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Опубликовано на портале: 21-06-2006
Turan Erol Economics Letters. 2003.  Vol. 78. No. 1. P. 109-115. 
This paper uses the industry-level data to investigate the effects of corporate debt on output pricing in a typical developing country. The panel estimations on the major two-digit industries reveal two basic findings. First, short-term debt leads to an increase in output prices while long-term debt has the opposite effect. Second, short-term debt but not long-term debt is found to have cyclical effects on prices.
Опубликовано на портале: 21-06-2006
Donald R. Fraser, Chek Derashid, Hao Zhang Journal of Banking & Finance. 2006.  Vol. 30. No. 4. P. 1291-1308. 
This paper extends prior work on the links between political patronage and capital structure in developing economies. Three proxies of political patronage are developed and applied to a group of Malaysian firms over a 10-year period. We find a positive and significant link between leverage and each of the three measures of political patronage. We also find evidence of an indirect link between political patronage and capital structure through firm size and profitability.
Опубликовано на портале: 21-06-2006
Raj Aggarwal ASEAN Economic Bulletin. 1990.  Vol. 7. No. 1. P. 39-54. 
This article reviews prior research regarding influences on capital structure and reports the results of an empirical study of the capital structures of large Asian companies. Variations with regard to the country, industry, and size of a company are examined for the first time for a sample as large as four hundred and seventy-four companies located in twenty Asian countries. The results of this study indicate that while size does not seem to be a significant influence, both country and industry are significant factors influencing capital structure in Asia. Multinational and diversified companies, therefore, must take these differences into account in developing and setting capital structure, financing, subsidiary evaluation, and management policies for their Asian operations. Bankers, other creditors, and investors also must recognize national differences in debt ratios in order to assess credit and investment risks accurately.
Опубликовано на портале: 21-06-2006
Nikolay Halov, Florian Heider Working Paper Series (SSRN). 2005. 
This paper argues that firms may not issue debt in order to avoid the adverse selection cost of debt. Theory suggests that since debt is a concave claim, it may be mispriced when outside investors are uninformed about firms’ risk. The empirical literature has however paid little attention the caveat that the “lemons” problem of external financing first identified by Myers (1984) only leads to debt issuance, i.e. a pecking order, if debt is risk free or, if it is risky, that it is not mispriced. This paper therefore examines whether and for what firms the adverse selection cost of debt is more than a theoretical possibility? And how does this cost relate to other costs of debt such as bankruptcy? Absent any direct measure of something that is unknown to investors and thus cannot be in the econometrician’s information set, we present an extensive collage of strong and robust evidence in a large unbalanced panel of publicly traded US firms from 1971 to 2001 that firms avoid issuing debt when the outside market is likely to know little about their risk.
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Опубликовано на портале: 21-06-2006
Laurence 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.
Опубликовано на портале: 21-06-2006
Jack Glen, Ajit Singh Emerging Markets Review. 2004.  Vol. 5. No. 2. P. 161-192. 
Balance sheets and income statements from nearly 8000 manufacturing companies in 44 countries are compared for 1994–2000 along several dimensions. Differences across sectors and countries are reported and interpreted. The findings are: first, we find that the size distribution of firms for much of the size range is broadly similar in the two groups of countries, except for the largest and the smallest sizes of firms for which there are observed differences in the expected direction. Second, emerging market firms currently have lower levels of leverage than do their developed market counterparts and leverage has declined in recent years. Third, emerging market firms employ a higher level of fixed assets than do their developed market counterparts. Fourth, returns on assets and equity generally are lower in emerging market countries, but they have increased in recent years. And fifth, country effects account for more of the variation in all variables than do either sector or size effects but individual firm effects account for most of the variation.
Опубликовано на портале: 21-06-2006
Michael Atkin, Jack Glen International Executive. 1992.  Vol. 34. No. 5. P. 369-387. 
The article presents an analysis of the corporate financial structures in developing countries based on a database compiled by the International Finance Corp.'s Economics Department. Corporate investment is a vitally important part of total investment. There are links between corporate behavior and macroeconomic stability, on the one hand, and the health of financial institutions and the macroeconomy on the other. There are also obvious links between issues of corporate finance and broader issues regarding the kind of financial systems that support long-term economic growth. Specific to the firm itself are considerations such as profitability, earnings volatility, and the nature of its capital assets and markets. Corporations in developed countries have a wide range of choices for financing investment. After internal funding, new debt provided the next highest source of financing. Within this category, bank loans provided far more financing than did corporate bonds. Japan was the largest user of bank funding, financing 50% of its capital needs from this source. Despite the recent concerns over high degrees of gearing, use of internal funds has actually increased in the last two decades compared to the overall postwar era. U.S. corporate experience highlights the dynamic nature of financing decisions, especially the revision that occurred during the 1980s.
Опубликовано на портале: 21-06-2006
Franck Bancel, Usha R. Mittoo Financial Management. 2004.  Vol. 33. No. 4. P. 103-132. 
We survey managers in 16 European countries on the determinants of capital structure. Financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value hedging considerations and use "windows of opportunity" when raising capital. We find that although a country's legal environment is an important determinant of debt policy, it plays a minimal role in common stock policy. We find that firms' financing policies are influenced by both their institutional environment and their international operations. Firms determine their optimal capital structures by trading off costs and benefits of financing.
Опубликовано на портале: 21-06-2006
Jeffrey MacIntosh Journal of Business Venturing. 2005.  Vol. Volume 21. Issue 5. P. Pages 569-609. 
In this paper, we examine a Canadian tax-driven venture capital vehicle known as the “Labour Sponsored Venture Capital Corporation” (LSVCC). As a theoretical matter, we suggest that the LSVCCs can be expected to have higher agency costs and lower profitability than private venture capital funds. We present data that is consistent with this view. The central question that we analyze, however, is whether the tax advantages conferred on LSVCCs have resulted in LSVCCs “crowding out,” or displacing other types of venture capital funds. Empirical analysis of our data (which covers the 1977–2001 period) is highly consistent with crowding out. The data suggest that crowding out has been sufficiently energetic as to lead to a reduction in the aggregate pool of venture capital in Canada, frustrating one of the key governmental goals underlying the LSVCC programs; namely, the expansion of the aggregate pool of capital. In the course of our analysis, we confirm the importance of macroeconomic factors (the performance of the stock market, real interest rates, and changes in real gross domestic product) in affecting the supply of and demand for venture capital. We also generate evidence that is consistent with the proposition that entrepreneurs in the market for venture capital prefer to incorporate their businesses federally, rather than provincially.
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Опубликовано на портале: 21-06-2006
Michael L. Lemmon, Jaime F. Zender Working Paper Series (SSRN). 2002. 
The impact of debt capacity on recent tests of competing theories of capital structure is examined. Controlling for debt capacity, the pecking order appears to be a good description of the financing policies of a large sample of firms. The main results are first, that internally generated funds appear to be the preferred source of financing. Second, if external funds are required, in the absence of debt capacity concerns, debt appears to be preferred to equity and, when possible, debt capacity is "stockpiled." Demonstration of this preference also provides evidence directly contradictory to the tradeoff theory. Finally, we present evidence consistent with the hypothesis that asymmetric information and its attendant costs are the basis for the observed pecking order of financing choice.
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