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Optimal Capital Structure and Regulatory Control [PDF]
SSRN Electronic Journal, 2011 This article studies how the managers of a regulated firm can use debt and equity contracts to constrain the regulator’s policy through the contingent transfer of control to external investors with high relative liquidation value. External finance increases regulated income and facilitates investment, but managers generally choose socially excessive ...
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STILL SEARCHING FOR OPTIMAL CAPITAL STRUCTURE [PDF]
Journal of Applied Corporate Finance, 1993 The optimal balance between debt and equity financing has been a central issue in corporate finance ever since Modigliani and Miller (1958) showed that capital structure was irrelevant. Thirty years later their analysis is textbook fare, not in itself controversial. Yet in practice it seems that financial leverage matters more than ever.
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Economic Research-Ekonomska Istraživanja, 2022 The purpose of this study is, firstly, to examine capital structure optimization and secondly, to provide a framework for determining the optimal capital structure from the aspect of capital cost and corporate value. The results of our work provide an innovative model for arriving at a company’s optimal capital structure based on the estimation of the ...
Eleonora Kontuš +2 more
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The optimal capital structure in agricultural cooperatives under the revolving fund cycles
Agricultural Economics (AGRICECON), 2016 Due to the financial features specific to agricultural cooperatives, the paper constructs a constrained-maximizing model under the assumption that the financial objective of an agricultural cooperative is to maximize the present value of the patron after-
Yung-Chang WANG
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An Analysis of Optimal Farm Capital Structure [PDF]
Journal of Agricultural and Applied Economics, 1977 Use of debt in financing agricultural firms is an issue of perennial interest. Much of this interest reflects farmers’ disastrous experience with debt during the Great Depression. The foreclosed mortgages and bankruptcies of that era reaffirmed an historical feeling that achieving a level of zero debt or financial leverage was a high priority goal.
Musser, Wesley N. +2 more
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Capital structure in the global shipping industry [PDF]
Panoeconomicus, 2016 The current economic crisis emerged from a particular financial crisis that started in the United States and being rapidly propagated all over the world. It did not affect a limited region or a limited economic sector.
Paun Cristian, Topan Vladimir
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Optimal Priority Structure, Capital Structure, and Investment [PDF]
SSRN Electronic Journal, 2011 We study the interaction between financing and investment decisions in a dynamic model, where the firm has multiple debt issues and equityholders choose the timing of investment. Jointly optimal capital and priority structures can virtually eliminate investment distortions because debt priority serves as a dynamically optimal contract.
Dirk Hackbarth, David C. Mauer
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Investigating the Effects of Debt Convergence of Companies on the Speed of Capital Structure Adjustment Considering the Time Horizon [PDF]
Journal of Asset Management and FinancingThis study examined the capital structure adjustment speed between converged and non-converged companies in terms of financial leverage according to the timing of capital structure adjustment using data from companies listed on the Tehran Stock Exchange (
Sayed Mojtaba Ahmadi +2 more
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Optimal Capital Structure with Imperfect Competition
The Review of Corporate Finance Studies, 2022 Abstract We develop a model of optimal capital structure in imperfectly competitive markets by focusing on a duopoly. The model endogenizes both the financing and investment decisions of firms. We show that in equilibrium the industry leader uses debt conservatively, while the follower uses debt more aggressively and, as the result ...
Egor Matveyev, Alexei Zhdanov
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Determinants of Credit Rating and Optimal Capital Structure among Pakistani Banks
Romanian Economic Journal, 2016 Firm’s credit rating and optimal capital structure are directly related. Firms with high crediting rating tend to finance more by debts. However, there is no appropriate figure available for optimal capital structure in literature.
Vivake Anand +2 more
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