Results 161 to 170 of about 6,536 (198)
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Customer Concentration and Speed of Capital Structure Adjustments
SSRN Electronic Journal, 2021We examine the association between customer concentration and capital structure adjustment speed using a sample of listed firms in the U.S from 1977 to 2019. We find that the customer-concentrated firms have a lower speed of leverage adjustment. The decomposition of customer types identifies corporate customers as the driving force.
Obaid Ur Rehman +3 more
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Macroeconomic Conditions and Capital Structure Adjustment Speed
SSRN Electronic Journal, 2008Abstract Using two dynamic partial adjustment capital structure models to estimate the impact of several macroeconomic factors on the speed of capital structure adjustment toward target leverage, we find evidence that firms adjust their leverage toward target faster in good macroeconomic states relative to bad states.
Douglas O. Cook, Tian Tang
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Valuing the speed of adjustment of capital structure
Journal of Financial Research, 2022AbstractI estimate the optimal speed of adjustment (SOA) policy for a large sample of US firms by examining the dynamics of the opportunity cost of leverage. Studying the dynamics of the opportunity cost of leverage as opposed to leverage ratios allows me to estimate the value of a given SOA policy and hence calibrate the optimal SOA policy in terms of
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Auditing and Adjustment Speed of Capital Structure
2022Submitted in total fulfilment of the requirements for the degree of Doctor of Philosophy to La Trobe Business School, La Trobe University, Victoria.
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Heterogeneous Speeds of Adjustment in Target Capital Structure
SSRN Electronic Journal, 2012This paper finds strong support for the argument that heterogeneous adjustment costs significantly affects the speed with which a firm approaches its target capital structure. We find that firms with higher non-debt tax shields (from R&D), and cash holdings adjust faster to their target capital structure.
Kose John, Tae-Nyun Kim, Darius Palia
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On the adjustment speed of SMEs to their optimal capital structure
Small Business Economics, 2011The aim of this paper is to analyse the speed of adjustment of small and medium-sized enterprises (SMEs) to the target leverage. By applying a system GMM technique to Spanish panel data collected during the period 1995–2005, we estimate a partial adjustment model in which both target leverage and speed of adjustment are simultaneously endogenized.
Cristina Aybar-Arias +2 more
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Optimal Capital Structure and Speed of Adjustment under Hyperinflation and Dollarization
Global Journal of Emerging Market Economies, 2020Economic challenges in Zimbabwe have resulted in firms being pushed out of their optimal leverage. Firms are faced with the need to move back to the optimal level of financing to improve their value. They tend to adjust quickly to the optimal level whenever failing to do so is costlier.
Strike Mbulawa +3 more
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Testing Theories of Capital Structure and Estimating the Speed of Adjustment
Journal of Financial and Quantitative Analysis, 2009AbstractThis paper examines time-series patterns of external financing decisions and shows that publicly traded U.S. firms fund a much larger proportion of their financing deficit with external equity when the cost of equity capital is low. The historical values of the cost of equity capital have long-lasting effects on firms’ capital structures ...
Huang, Rongbing, Ritter, Jay R
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International Evidence on the Heterogeneity of Capital Structure Adjustment Speeds
SSRN Electronic Journal, 2013This study analyzes the heterogeneity in the speed of adjustment of leverage ratios subsequent to shocks. Using a sample of firms from the G-7 countries, we estimate capital structure adjustment speeds using a wide range of different dynamic panel methodologies. The mean estimated speed of adjustment is 20% per year, which corresponds to a shock’s half-
Wolfgang Drobetz +2 more
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Debt Heterogeneity and Speed of Capital Structure Adjustment
SSRN Electronic JournalThis study examines the effect of debt heterogeneity on the speed of capital structure adjustment (SOA) using a partial adjustment framework for 2,913 Indian-listed firms from 2011 to 2023. Firms with more diversified debt structures adjust 21–41% faster towards their target leverage, with the effect being most significant among group-affiliated firms (
Mithun Samanta +2 more
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