Dynamic Optimal Capital Structure and Technological Change PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Dynamic Optimal Capital Structure and Technological Change PDF full book. Access full book title Dynamic Optimal Capital Structure and Technological Change by Hans Lööf. Download full books in PDF and EPUB format.
Author: Hans Lööf
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
Get Book Here
Book Description
This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In relation to firm sales U.K and U.S firms have 50-100 percent more equity financing than Swedish firms depending on which measure used, while the ratio of debt to sales is highest in Sweden. The major findings are that observed leverage often deviates from the target leverage in both equity and debt dominated systems. There are large and also unexpected crosscountry differences in determinants to optimal capital structure. Swedish and U.K. firms deviate more from the optimal level than U.S firms. A faster speed towards the target is observed in the equity based systems.
Author: Hans Lööf
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
Get Book Here
Book Description
This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In relation to firm sales U.K and U.S firms have 50-100 percent more equity financing than Swedish firms depending on which measure used, while the ratio of debt to sales is highest in Sweden. The major findings are that observed leverage often deviates from the target leverage in both equity and debt dominated systems. There are large and also unexpected crosscountry differences in determinants to optimal capital structure. Swedish and U.K. firms deviate more from the optimal level than U.S firms. A faster speed towards the target is observed in the equity based systems.
Author: Asim Erdilek
Publisher:
ISBN:
Category : Technological innovations
Languages : en
Pages : 82
Get Book Here
Book Description
Author: Paula Castro
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
Get Book Here
Book Description
This paper analyzes the effect of a firm's life cycle stages on capital structure in tech versus non-tech firms using a wide sample of public companies from Europe. An innovative approach based on operating, investing, and financing cash flows allows us to analyze differences in leverage and specify the differential role of significant drivers of capital structure across stages in both sectors. Our results point to the information asymmetry factor posed by the pecking order as the predominant driver behind the differences in the effect of intangible assets and growth opportunities for tech firms in some stages, mainly maturity. Frank and Goyal's (2003) test of the pecking order theory confirms the lower use of debt by tech firms during all life cycle stages. In addition, we find that the results obtained for tech firms are largely attributable to the behavior of high-tech firms with the highest growth opportunities.
Author: Leora Klapper
Publisher: World Bank Publications
ISBN:
Category : Business law
Languages : en
Pages : 60
Get Book Here
Book Description
"Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.
Author: Richard H. Day
Publisher: Cambridge University Press
ISBN: 1139440934
Category : Business & Economics
Languages : en
Pages : 259
Get Book Here
Book Description
This book explains how changing technology and economizing behaviour induce vast changes in productivity, resource allocation, labour utilization, and patterns of living. Economic growth is seen as a process by which businesses, regimes, countries, and the whole world pass through distinct epochs, each one emerging from its predecessor, each one creating the conditions for its successor. Viewed from a long-run perspective, growth must be characterized as an explosive process, marked by turbulent transitions in social and political life as societies adapt to new opportunities, the demise of old ways of living, and to the vast increase and redistribution of human populations. The book is based on a synthesis of classical economics and contemporary concepts of adaptation and economic evolution. Although it is based on analytical methods, the text has been stripped of all equations and with few exceptions is devoid of technical jargon.
Author: Jianjun Miao
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
Get Book Here
Book Description
This paper provides a competitive equilibrium model of capital structure and industry dynamics. In the model, firms make financing, investment, entry, and exit decisions subject to idiosyncratic technology shocks. The capital structure choice reflects the tradeoff between the tax benefits of debt and the associated bankruptcy and agency costs. The interaction between financing and production decisions influences the stationary distribution of firms and their survival probabilities. The analysis demonstrates that the equilibrium output price has an important feedback effect. Due to this effect, the model generates a number of new testable predictions. In particular, it is shown that high-growth industries have relatively lower leverage and lower turnover rates.
Author: Onno van Hilten
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 256
Get Book Here
Book Description
Author: Partha Dasgupta
Publisher: Cambridge University Press
ISBN: 9780521022217
Category : Business & Economics
Languages : en
Pages : 268
Get Book Here
Book Description
A wide ranging contribution to the debate about the impact of technological change on economic and social welfare.
Author: Burcu Adıgüzel Mercangöz
Publisher: Springer Nature
ISBN: 3030541088
Category : Business & Economics
Languages : en
Pages : 465
Get Book Here
Book Description
This handbook presents emerging research exploring the theoretical and practical aspects of econometric techniques for the financial sector and their applications in economics. By doing so, it offers invaluable tools for predicting and weighing the risks of multiple investments by incorporating data analysis. Throughout the book the authors address a broad range of topics such as predictive analysis, monetary policy, economic growth, systemic risk and investment behavior. This book is a must-read for researchers, scholars and practitioners in the field of economics who are interested in a better understanding of current research on the application of econometric methods to financial sector data.
Author: Giorgio Canarella
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
