Andere Kunden interessierten sich auch für
![China's National Balance Sheet (2015): Leverage Adjustment and Risk Management]( "China's National Balance Sheet (2015): Leverage Adjustment and Risk Management")
China's National Balance Sheet (2015): Leverage Adjustment and Risk Management74,99 €![China's National Balance Sheet (2015): Leverage Adjustment and Risk Management]( "China's National Balance Sheet (2015): Leverage Adjustment and Risk Management")
China's National Balance Sheet (2015): Leverage Adjustment and Risk Management74,99 €![High-Speed Railways and New Structure of Socio-economic Development in China]( "High-Speed Railways and New Structure of Socio-economic Development in China")
High-Speed Railways and New Structure of Socio-economic Development in China88,99 €![Capital structure and assets risk]( "Capital structure and assets risk")
Capital structure and assets risk52,95 €![The Target Balances in the Euro Area]( "The Target Balances in the Euro Area")
The Target Balances in the Euro Area18,95 €![A Dynamic Approach to the Language Adjustment of Expatriates and the Interaction of their Hierarchy Level and Assignment Vector]( "A Dynamic Approach to the Language Adjustment of Expatriates and the Interaction of their Hierarchy Level and Assignment Vector")
A Dynamic Approach to the Language Adjustment of Expatriates and the Interaction of their Hierarchy Level and Assignment Vector47,95 €![Structural Adjustment in Africa. An Evaluation of Western Aid and Development Interventions in Africa after 1980.]( "Structural Adjustment in Africa. An Evaluation of Western Aid and Development Interventions in Africa after 1980.")
Structural Adjustment in Africa. An Evaluation of Western Aid and Development Interventions in Africa after 1980.15,95 €
Seminar paper from the year 2010 in the subject Economics - Finance, grade: 1.3, University of Regensburg, language: English, abstract: Since Modigliani/Miller's famous theorem (1958) that capital structure is irrelevant for firm valuation, firms' capital structure choice has been one of the most significant subjects in the modern finance theory. The subsequent theoretical literature has found evidence to negate the irrelevance theorem. Most empirical studies applied a static framework and are capable to explain differences in the optimal leverage ratios across firms, using observed leverage ratios as proxies for the optimal target leverage, but do not explain observed differences in firms' leverage ratios itself. One broadly accepted reason for a firm's deviation from their target leverage ratio is the existence of adjustment costs. In the presence of adjustment costs, firms may deviate from their target leverage and find it not cost effective to adjust their leverage ratio frequently or fully within one period, even if they recognize that their existing capital structure is not optimal. This shows the need for developing and using a dynamic approach in order to examine firms' capital structure.The paper is organized as follows. Section 2 provides a brief overview of the three main theories of capital structure. Section 3 specifies the dynamic partial-adjustment model and describes the variables that may affect the target capital structure as well as the adjustment speed. Section 4 reports the empirical results and Section 5 concludes the paper
Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.