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Liquidity and Capital Structure
SSRN Electronic Journal, 2009Abstract We examine the relation between equity market liquidity and capital structure. We find that firms with more liquid equity have lower leverage and prefer equity financing when raising capital. For example, after sorting firms into size quintiles and then into liquidity quintiles, the average debt-to-asset ratio of the most liquid quintiles is
Marc L. Lipson, Sandra Mortal
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Working Capital and Capital Structure
2020This chapter attempted to investigate how working capital and its components affect capital structure decisions of 1681 Indian MSMEs across a period of 12 years (2006–2017). The chapter results confirm that working capital and its components have a significant impact on both long-term and short-term debt use.
Nufazil Altaf, Farooq Ahmad Shah
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Dynamic Capital Structure and the Contingent Capital Option
SSRN Electronic Journal, 2010zbMATH Open Web Interface contents unavailable due to conflicting licenses.
BARUCCI, EMILIO, L. Del Viva
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Capital, Wages and Structural Unemployment
The Economic Journal, 1969Abstract This chapter explores the dynamics of a one-sector economy with (i) A generalized Phillips curve, letting wages or changes in wages be affected by the unemployment rate. (ii) Wages (including possibly the profile of future expected wages) affect not just savings but the capital intensity of newly installed machines (once ...
Akerlof, George A, Stiglitz, Joseph E
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ON THE CAPITAL STRUCTURE THEOREM: REPLY
The Journal of Finance, 1970IN A RECENT PAPER in this journal [1] I suggested a formulation of a cost of capital theorem, stating that "in equilibrium, within the range of efficient capital structure the firm's cost of capital is constant. As the firm moves to inefficient capital structure, the firm's cost of capital rises." This theorem was derived from the theory of investors ...
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Capital Structure Puzzle [PDF]
, 1984 This paper contrasts the "static tradeoff" and "pecking order" theories of capital structure choice by corporations. In the static tradeoff theory, optimal capital structure is reached when the tax advantage to borrowing is balanced, at the margin, by costs of financial distress.
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Capital Structure and the Cost of Capital
2018The cost of capital is one of the most relevant variables in the company’s valuation models. It is probably one of the most relevant topics for managers and financial economists. For decades several studies have focused on the relationship between capital structure, cost of capital and company value. Despite a broad experience approach in both academic
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THE CAPITAL STRUCTURE AND THE COST OF CAPITAL: A SUGGESTED EXPOSITION*
The Journal of Finance, 1968The basic proposition of the theory of the firm's finance is the capital structure theorem, which specifies the relationship between the firm's capital structure and its cost of capital. From this theorem follow the other propositions concerning the relationship between the firm's investment and dividend policy, and its cost of capital and market value.
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Liquidity and Capital Structure
2006This paper solves for a firm's optimal cash holding policy within a continuous time, contingent claims framework that has been extended to incorporate most of the significant contracting frictions that have been identified in the corporate finance literature.
Ronald W. Anderson, Andrew Carverhill
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2007
Abstract Debt is bad, right? Persons who have not studied economics, particularly the economics of finance, are likely to agree that debt is bad. While it may sometimes be necessary for a firm to borrow money to finance a new project, clearly the sooner the debt is paid off, the wealthier the firm’s shareholders will be. For a particular
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Abstract Debt is bad, right? Persons who have not studied economics, particularly the economics of finance, are likely to agree that debt is bad. While it may sometimes be necessary for a firm to borrow money to finance a new project, clearly the sooner the debt is paid off, the wealthier the firm’s shareholders will be. For a particular
openaire +2 more sources