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Cling, Aaron A. "Off-farm income: evaluating the effects of off-farm income on debt repayment capacity." Thesis, Kansas State University, 2017. http://hdl.handle.net/2097/35557.
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Master of AgribusinessDepartment of Agricultural Economics
Allen M. Featherstone
This thesis examines the effect of off-farm income on a farming operation’s ability to repay their debt. The thesis develops a regression model that includes net farm income, debt repayment capacity with carryover working capital, off-farm income sources and a number of other independent variables that help define each individual borrower. The model provides an evaluation of the current farming environment and examines various income opportunities available to borrowers affects repayment capacity. This study found that the presence of off-farm income can increase the probability that the operation will be able to repay their debts. The model indicates that if off-farm income is present, the borrower’s debt repayment capacity ratio increases. This thesis further explores the model and the results produced from not only off-farm income but several different variables within the borrower’s scope of business. Results suggest that many other factors that are not available in the sample also play a large role in predicting an operation’s ability to repay debt. The study determined that the presence of one source of off-farm income was positive and statistically significant in explaining repayment capacity. An operation with a strong outside income source and one spouse working full time on the farm is more financially stable and will likely be more successful at repaying their debts.
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Lam, Ka Fai. "A Bayesian forecasting system for write-off losses in a loan book." Thesis, Imperial College London, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.281665.
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Olafsdottir, Kristin. "INSTITUTIONAL DEBT: AN ANALYSIS OF STUDENT INSTITUTIONALDEBT AT A MIDWESTERN MULTI-CAMPUS UNIVERSITYBETWEEN 2011 AND 2014." Kent State University / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=kent1491596896895776.
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Richards, Paul Howard. "Pecking order and trade-off explanations of capital structure and the maturity structure of corporate debt obligations." Thesis, University of Birmingham, 2018. http://etheses.bham.ac.uk//id/eprint/8429/.
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It is shown i) that the under-investment problem is caused by the debt-equity mix of the financing rather than the investment itself and that a transfer of value (from shareholders to debt-holders) can be reversed by a post-investment adjustment in capital structure that restores the pre-investment gearing ratio. This simple, low-cost solution is preferable to reducing debt maturity (as in Myers (1977)) or gearing; ii) that transfers in value from debt-holders to shareholders to promote over-investment are not sustainable since investors will seek to avoid being disadvantaged by demanding higher returns, greater restrictions on the company or both; and that information asymmetry that restricts the issue of new shares can be managed by using several alternatives such as bridge financing in ways that remove the rationale for the pecking order theory; and iii) that managers have incentives to engage in empire building which is facilitated by a capital structure that reflects the degree of concentration among the other companies in the sector: faced with a low (high) degree of concentration, companies have lower (higher) gearing. The implications of these outcomes are empirically investigated using an extensive sample and robust estimating procedures providing strong support for the hypotheses tested.
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Lindner, Thomas, Jakob Müllner, and Jonas Puck. "Cost of capital in an international context: Institutional distance, quality, and dynamics." Elsevier, 2016. http://dx.doi.org/10.1016/j.intman.2016.01.001.
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Cost of debt is a key cognitive anchor for managerial decisions and an important determinant of firm profitability. We extend international management research by analyzing the effects of institutional distance, institutional quality, and their dynamics on the cost of debt in the context of foreign direct investments (FDI). We test our conceptual model on a sample of companies making 3,764 greenfield foreign direct investments from developed into less developed markets. Using hierarchical linear modelling, we show that the financial consequences of internationalizing into countries with weak institutions depend on both the institutional distance between countries, as well as their institutional quality. Furthermore, we find that recent changes in institutional quality form expectations about future development and ultimately influence post investment financing costs.
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Farhat, Joseph. "Essays on the Dynamics of Capital Structure." ScholarWorks@UNO, 2003. http://scholarworks.uno.edu/td/468.
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Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test - whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as proxies for the target leverage. In this dissertation, I examine whether these proxies are equivalent and test the consistency of the proxies with the theorized behavior of the true target leverage. My results indicate that the four proxies we examine have significantly different distributions and this holds across most industries. Further, the industry median leverage is the proxy which best exhibits behavior consistent with the true target leverage. Firm value is higher for firms closer to the industry median and lower for firms away from the industry median. A robustness check using Kmeans cluster analysis confirms the superiority of the industry median leverage over the other proxies of target leverage. This study complements the previous studies on the pecking order theory and the trade-off theory. The main purpose of this study is to investigate three issues that are not considered in the previous studies. The adequacy of the specification and the assumptions of the models used in testing the trade-off and the pecking order theory. The second issue examined in this study is the validity to putting the pecking order and the trade-off theories in a horse race. The final issue examined in this study is the factors driving firms to issue (repurchase) debt or equity or combination of both and simultaneously the factors affecting the size of issue (repurchase)
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Lindkvist, Lovisa, and Olle Saric. "Sustainability Performance and Capital Structure : An analysis of the relationship between ESG rating and debt ratio." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172993.
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This thesis investigates the relationship between sustainability performance and capital structure, measured using the ESG (environmental, social and governance) rating and the debt ratio. In the pursuit of analysing the relationship between the ESG rating and the debt ratio, this study investigates publicly listed companies within the EU/EEA due to its mutual legislative framework on sustainable finance. This research has the intention of shedding light upon if a company can use sustainability ratings to alter their optimal debt levels, operate at higher efficiency with access to cheaper capital, and help the manager maximize firm value. This could help them in decision making processes of financing their business through receiving a better understanding of how the ESG rating affects the capital structure. This knowledge would allow management to better understand how the investments necessary in acquiring the ESG rating affect firm value as well as how they affect the dynamics of financing the firm. This is a deductive and quantitative research based on secondary data, gathered using Thomson Reuters (Eikon) database. Furthermore, this research is a cross-sectional study analysing companies in year 2019. No clear relationship between the two concepts has been found, arriving at the conclusion that the optimal capital structure is not influenced by sustainability initiatives. However, sustainability initiatives should always be encouraged since these generate other beneficial effects. Finally, this research contributes to the current field of knowledge on the topic through analysing the results using the Trade-off Theory, Pecking Order Theory, Agency Theory, Legitimacy Theory and Stakeholder Theory. The results are somewhat aligned with the Trade-off Theory of capital structure and the Pecking Order Theory as well as other more traditional financial theories. One can conclude that sustainability performance is not of importance when it comes to the firm's ability to raise capital or the firm’s capital structure. This tells us that there is still a long way to go and that action needs to be taken before sustainability becomes an essential and well-integrated factor considered in investment decisions. The results may be undesirable, but they also give a fair picture of the financial sector’s priorities as of now and highlight the need for sustainable objectives to align with financial profitability.
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Johansson, Viktor, and Douglas Werner. "Magisteruppsats : Lönsamhet, kapitalstruktur och dess påverkan på marknadsvärdering." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-105929.
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Title: Profitability, capital structure and its impact on market valuation Background: Capital structure is a topic that financial research has focused a lot on and there are several theories about how companies act and should act with the mix of equity and liabilities in their financing. The continued research on the role of the capital structure and its impact on companies has found that the capital structure has a clear impact on companies' cost of capital, which affects the market valuation of companies. Purpose: The study has two sub-purposes. The first sub-objective is to study the effect of profitability on the debt-to-equity ratio. The second is to analyze the effect of the debt-to-equity ratio on the market valuation. Method: The method in the study is a cross-sectional study with a deductive approach. The hypotheses in the first sub-purpose of the study have been formulated with the help of the Tradeoff theory, the pecking order theory, and previous research. The hypotheses in the second sub-purpose of the study have been formulated with the help of the signaling of debt theory. Conclusion: The results of the study find an indication that profitability has an impact on the debt-to-equity ratio and that the pecking order theory tends to have a better explanatory effect regarding the relationship between the two. And that the loan-to-value ratio has no significant effect on the market valuation. Keywords: Capital structure, financial leverage, debt-to-equity ratio, profitability, market value, Trade-off Theory, Pecking Order Theory, Signaling of debt Theory
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Ferreira, Ana Margarida dos Santos Simões. "Capital structure and dividends : evidence from Portugal (2003-2014)." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11881.
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Mestrado em FinançasO objetivo deste trabalho é replicar o estudo da Fama e French (2002) a sobre da estrutura de capital e as conexões entre rentabilidade, investimentos e volatilidade com a distribuição de dividendos e alavancagem no caso Português. O nosso proposito é analisar a relação entre a estrutura de capital, dividendos e juros sobre o capital próprio, utilizando as empresas portuguesas negociadas na Euronext, para o período entre 2003 e 2014.
The goal of this dissertation is to use the Portuguese case to replicate the study of Fama & French (2002) regarding the capital structure and the connections between profitability, investments and volatility with dividends pay-out and leverage. Our aim is to analyse the relation between capital structure, dividends and interests on equity, using the Portuguese companies traded on Euronext, for the period between 2003 and 2014.
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Edgren, Albin, and Henri Käkönen. "Medelstora företags kapitalstruktur och lönsamhet." Thesis, Högskolan i Skövde, Institutionen för handel och företagande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-15285.
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Bakgrund Forskningen kring kapitalstrukturens påverkan på lönsamhet har fått vitt skilda resultat, en del resultat pekar på att en högre andel lån är fördelaktigt och andra resultat tyder på det motsatta. Orsaker till detta kan bero på exempelvis olika förutsättningar i olika länder, branscher och företagsstorlekar. Medelstora företag har ofta ingått i undersökningar tillsammans med små, men forskning har sällan skett koncentrerat på medelstora företag. Studien har valt att göra en undersökning fokuserat på medelstora företag eftersom de är relativt outforskade. Syfte Syftet med denna studie är att dels beskriva sambandet mellan kapitalstruktur och lönsamhet bland svenska medelstora kapitalintensiva företag och dels förklara sambandet utifrån pecking order och trade off theory. Metod En kapitalintensiv bransch valdes ut dels för att göra företagen i urvalet mer jämförbara med varandra och dels för att kapitalintensiva företag möter finansieringsfrågor i större grad. Metallindustri valdes ut som en representant för kapitalintensiva företag. Årsredovisningar från samtliga företag som uppfyllde kriterierna kring företagsstorlek undersöktes. Linjär regressionsanalys användes för att studera sambanden mellan kapitalstruktur och lönsamhet. Resultat och Slutsats Resultatet av studien visade att ROA är negativt korrelerat med total skuldandel och kortfristig skuldandel, dock kunde inget samband påvisas mellan ROA och långfristig skuldandel. Det kunde inte påvisas något samband mellan ROE och total skuldandel, kortfristig skuldandel eller långfristig skuldandel. Studiens resultat visar att företag med högre andel lån tenderar prestera sämre mätt i ROA, men ROE påverkas inte.Background Research on the impact of capital structure on profitability has shown very different results, some results show that a higher ratio of debt is beneficial and other results suggests the opposite. The reasons for this may be due, for example, to different conditions in different countries, industries and company sizes. Medium-sized companies have often been involved in surveys together with small ones, but research has rarely been concentrated on medium-sized companies. The study focused on medium-sized companies because they are relatively unexplored. Purpose The purpose of the study is to describe the relationship between capital structure and profitability among Swedish medium-sized capital-intensive companies and explain the relationship with pecking order and trade off theory. Method A capital intensive industry was chosen partly to make the companies in the sample more comparable to each other and partly because capital intensive companies encounters more financing decisions. Metal-industry was chosen as a representative of capital intensive companies. Annual reports from all companies that met the criteria for company size were examined. Linear regression analysis was used to study relationships between capital structure and profitability. Result and Conclusion The result of the study showed that ROA is negatively correlated with total debt ratio and shortterm debt ratio, but no correlation between ROA and long-term debt ratio could be found. There was no correlation between ROE and long-term debt ratio, short-term debt ratio or long-term debt ratio. The results show that companies with higher debt ratio tend to perform worse when measured in ROA. However, ROE was not affected by debt ratio.
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Carvalho, Tiago Gouveia. "A estrutura de capitais das PME europeias : análise da base de dados Bach." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/8366.
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Mestrado em Ciências EmpresariaisÉ costume dizer que as PME portuguesas estão descapitalizadas e necessitam cada vez mais de crédito para fazer face às suas necessidades de financiamento. Este trabalho tentará validar esta afirmação através da análise da base de dados BACH (Bank for the Accounts of Companies Harmonized). Esta base contém dados agregados das rubricas de balanço e rácios financeiros de empresas de dez países da União Europeia, para o período de 2000 até 2012. Vai-se utilizar variáveis e medidas de posição e dispersão de estatística descritiva para comparar os dados entre os países em cada setor de atividade económica da UE. Assim, será possível verificar, se as PME portuguesas encontram-se verdadeiramente com níveis de endividamento mais elevados, em relação aos outros países da UE. Vai-se também analisar, se existe ou não, convergência nos níveis de endividamento entre as PME dos vários países, em cada setor. E que tendência, os níveis de endividamento, apresentam em cada setor, durante o período observado. No final, constata-se que as PME portuguesas encontram-se com um dos maiores níveis de endividamento, variabilidade e com menor homogeneidade entre os valores.
It is a costume to say that portuguese SME are undercapitalized and increasingly need of credit to meet their financial needs. This paper attempts to validate this sentence by examining the database of BACH (Bank for the Accounts of Companies Harmonised). This database contains aggregate data of balance sheet items and financial ratios of companies belonging to ten EU countries, for the period of 2000 to 2012. By using variables and measures of position and dispersion of descriptive statistics, it will be possible to compare the data between the countries for each setor of economic activity in the EU. Therefore, it will be possible to verify, if the Portuguese SME, truly, have higher levels of debt, compared to other EU countries. Also it will be analyzed, whether or not exists, convergence in levels of debt among SME of the various countries, in each setor. And what trend, the levels of debt, present in each setor, during the observed period. In the end, it appears that Portuguese SME have one of the highest levels of debt, variability and less homogeneity among values.
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Friis-Liby, Victor, and Narina Bengtsson. "Fastighetsbolagens finansiering : En studie om fastighetsbolagens nya finansieringsalternativ." Thesis, Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-28819.
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Författare: Narina Bengtsson och Victor Friis-Liby Handledare: Eva BerggrenTitel: Fastighetsbolagens finansiering – En studie om fastighetsbolagens nyafinansieringsalternativ Bakgrund och problem: Kapitaltunga bolag som fastighetsbolag är ständigt i behov avkapital. Bankkredit som alltid varit det vanligaste och mest använda finanseringsalternativethar i större utsträckning ersatts med företagsobligationer och preferensaktier. Marknaden försvenska företagsobligationer har växt de senaste åren och fastighetsbolagen står idag för tvåtredjedelar av de totala preferensaktierna på Stockholmsbörsen. Efter den senaste finanskrisensvarade myndigheterna med att ta fram Basel III – regelverket, som ställer striktarekapitaltäckningskrav för bankerna. Med anledning av hur marknaden har utvecklats med nyafinansieringsalternativ och införandet av Basel III - regelverket vill vi undersöka hurfastighetsbolagen resonerar kring finansiering i nuläget. Syfte: Syftet med studien är att undersöka om de svenska börsnoterade fastighetsbolagens valav finansiering har förändrats efter finanskrisen 2008.Avgränsning: Studien bortser från fastighetsbolag som inte är börsnoterade och verksamheterutanför Sverige. Studien bortser också från de delar av kapitalmarknaden som inte berörfastighetsbolag och därför inte är aktuella för studien. Studien går igenom Basel III -regelverket som en följd av finanskrisen men vi kommer inte gå in djupare på orsaken tillfinanskrisen. Metod: Vi har gjort en kvalitativ studie på tre svenska börsnoterade fastighetsbolag. Slutsats: Basel III har enligt vår studie inte påverkat fastighetsbolagens tillgång till kapital pådet sättet som tidigare studier pekat på. Förändringen på marknaden beror på flera faktorer isamverkan som alla påverkat fastighetsbolagens val av finansiering. Vi kommer fram till attPecking order teorin inte är aktuell längre eftersom olika finansieringsalternativ idagkombineras för att diversifiera finansieringsrisken. Marknaden har förändrats sedan Peckingorder teorin utvecklades och det är därför inte längre möjligt att göra analyser på samma sättsom tidigare. Idag påverkas marknaden av flera faktorer samtidigt, vilket innebär attfastighetsbolagens finansieringsbeteende bara är en del av informationen att ta hänsyn till. Anledningen tros bland annat vara att vi idag är mer globalt integrerade än tidigare vilketinnebär att tillgången till information är större. Dessutom påverkas marknaden av flerstörningar nu än tidigare. Räntederivat, certifikatprogram och preferensaktier är alla nyafinansieringsalternativ som används av fastighetsbolagen och som inte tas upp i Pecking order teorin.
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Rose, Sebastian, and Daniel Kamali. "Does Property Segment Distribution Affect the Capital Structure of Real Estate Companies? : An Investigative Study of the Operational Risk within Different Property Segments and its Effect on the Debt Ratio in a Company." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298079.
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The real estate sector is a capital-intensive industry, where the combination of debt and equity is used to finance the property investment. Companies tend to increase the loan-to-value ratio, to use financial leverage. However due to banks being more restrictive with their lending as well as having different ways of assessing risk in different property companies, there is a belief that the loan-to-value ratio is affected by the property segment distribution in a company. Based on previous research, there are many factors that could affect the loan-to-value (LTV) in a company such as size, profitability, revenue growth and cost of debt. This paper aims to examine these factors, as well as the operational risk that might be visible in the property segment distribution. The study was done through using a quantitative approach by investigating the largest real estate companies in each Swedish municipality. 614 Swedish real estate companies were investigated and pooled into an OLS regression model. Based on the regression, there is enough evidence in this paper that shows that factors such as size, profitability, revenue growth and cost of debt all have significant impact on the LTV. Furthermore, no general conclusion regarding the relationship between property segment distribution and LTV was found in this paper. Although, there is evidence that residentials- and small house units affect the LTV positively while industrial units affect the LTV negatively.Fastighetssektorn är en kapitalintensiv bransch där kombinationen av skuld och eget kapital används för att finansiera fastighetsinvesteringar. Företag tenderar att öka belåningsgraden för att använda finansiell hävstång. Däremot på grund av att bankerna på senare år blivit mer restriktiva med sin utlåning och att de har olika sätt att bedöma risker på i olika fastighetsbolag, finn fog att förutsätta att belåningsgraden påverkas av fördelningen av fastighetssegment i ett företag. Baserat på tidigare forskning finns det många faktorer som kan påverka belåningsgraden (LTV) i ett företag, såsom storlek, lönsamhet, intäktsökning och kostnad för lånat kapital. Denna uppsats syftar till att undersöka dessa faktorer samt den operativa risk som kan synliggöras i fördelningen av fastighetssegment. Studien gjordes via ett kvantitativt tillvägagångssätt genom att undersöka de största fastighetsbolagen i alla Sveriges kommuner. 614 svenska fastighetsbolag undersöktes och analyserades i en OLS- regressionsmodell. Baserat på regressionen finns det tillräckligt med bevis i denna uppsats på att faktorer som storlek, lönsamhet, inkomsttillväxt och kostnad för lånat kapital har en betydande inverkan på LTV. Vidare hittades ingen allmän slutsats angående sambandet mellan fördelning av fastighetssegment och LTV i denna uppsats. Det finns dock bevis för att bostäder och småhusenheter påverkar LTV positivt medan industriella enheter påverkar LTV negativt.
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Canongia, Diogo Senna. "Como as empresas brasileiras de capital aberto escolhem sua estrutura de capital?" Universidade Federal de Juiz de Fora, 2014. https://repositorio.ufjf.br/jspui/handle/ufjf/717.
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FAPEMIG - Fundação de Amparo à Pesquisa do Estado de Minas Gerais
A partir de Modigliani e Miller (1958) foi iniciada uma vasta discussão sobre a estrutura de capital das empresas. Entre as teorias que emergiram ao longo dos anos, destacase aquelas baseadas no equilíbrio (trade-off) entre benefícios e custos da dívida e a Pecking Order Theory, cuja criação é atribuída a Myers e Majluf (1984). Por outro lado, Almeida e Campelo (2010) apontam o fato de que as teorias até então abordadas negligenciavam o papel da restrição financeira na decisão dos gestores, afirmando que o comportamento das empresas financeiramente restritas poderia ser substancialmente distinto das demais. Shyam- Sunders e Myers (1999) mostram ainda que a maioria dos testes empíricos que confirmam, ora uma teoria, ora outra, carecem de poder estatístico, visto que uma teoria poderia mostrarse correta, ainda que as empresas se comportem de acordo com a teoria alternativa. Dessa forma, propõem um novo teste baseado em simulações para confrontá-las. A partir de uma base de dados com empresas brasileiras de capital aberto, entre 2000 e 2013, é proposto um teste amplo, que visa avaliar simultaneamente as principais proposições teóricas sobre trade-off. Num segundo momento, é proposto um novo teste para a Pecking Order Theory, que incorpora em sua forma funcional a questão da restrição financeira, levantada por Almeida e Campelo (2010). Posteriormente, objetiva-se confrontálas a luz do teste do poder estatístico proposto por Shyam-Sunders e Myers (1999). As teorias baseadas em trade-off apontam para a presença de custos de ajustamento, havendo ainda uma folga financeira de 7% para realocação de dívida em direção a um ponto ótimo, de acordo com suas características. A Pecking Order Theory com restrição financeira também é confirmada, de modo que as empresas que não sofrem restrição assumem dívida exatamente na proporção de seu déficit (incluído o investimento pretendido) enquanto nas demais empresas, sob restrição, o endividamento não se mostra correlacionado com o referido déficit. Por fim, entretanto, ambas as teorias falham para o teste do poder estatístico, mostrando-se “corretas” mesmo sob bases de dados simuladas pela teoria alternativa. Ademais, é proposto um teste para a determinação da estrutura da dívida per si, considerando a determinação simultânea entre o curto e o longo prazo, assim como a opção entre a dívida privada e a emissão pública de títulos.
Modigliani and Miller (1958) has initiated a wide discussion on the capital structure of companies. Among the theories that have emerged over the years, there are the theories base on equilibrium (trade-off) between debt costs and benefits. Also the Pecking Order Theory, which creation is attributed to Myers and Majluf (1984). According to Almeida and Campelo (2010) these theories have neglected the role of financial constraints on decision makers, concluding that the behavior of financially constrained firms could be substantially different from others. Yet, Shyam-Sunders and Myers (1999) demonstrate most empirical tests have, confirming this or that theory lack on statistic power, due to the fact that a theory coud be confirmed even if companies behave according to the alternative theory. The authors propose a new test, using simulations, to confront both theories. Using a data base of Brazilian publicly traded companies, between 2000 and 2013, an extensive test is proposed to simultaneously evaluate the main theoretical proposals about trade-off. Afterwards, a new test is proposed to the pecking order theory, with a formula that incorporates financial constraint, brought up by Almeida and Campelo (2010). Finally, both theories are confronted with the statistic power test proposed by Shyam-Sunders and Myers. Trade-off theories suggests adjustment costs and a financial slack of 7% for debt relocation towards optimal point, according to its characteristics. Pecking Order Theory with financial constraint is also confirmed and suggests that companies witch do not suffer from constraint undertake debt exactly in proportion of its deficit (including pretended investment) while in the other companies, under constraint, debt ratio is not correlated with deficit. Finnaly, both theories fail the statistic power test, because they are confirmed even when the database is simulated from the alternative theory. Moreover, another test is proposed, regarding the structure of de debt itself, considering the short term and long term debt are chosen simultaneously. Same logic applies for the simultaneous choice between private debt and issuing public debt.
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Österberg, Svetlana, and Tom Stenberg. "Kapitalstruktur, beskattning och effekten på aktiekursen : Panelstudie av svenska industrikoncerner." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-31897.
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Inledning: Modigliani och Miller-teoremet betraktas som en milstolpe och ett paradigmskifte inom Corporate Finance. Forskningen bakom teoremet har gett upphov till den kontroversiella slutsatsen att ett företags kapitalstruktur är irrelevant på en jämviktsmarknad, utan beskattning. När beskattning däremot förekommer, ökar företagsvärdet motsvarande den avdragsgilla skatten på räntekostnader vid belåning. Teoremet har dock inte varit utan kritik. Flera forskare har undersökt teoremet och kritiserat teoremets antaganden. Syfte: Syftet med studien är att undersöka Modigliani och Miller-teoremet i avseende av kapitalstrukturens inverkan på företags aktiekurser. Tidigare forskning: Modigliani och Miller-teoremet med dess antaganden presenteras inledningsvis som studiens grundläggande teori. Därefter presenteras agentteorin, signaleringsteorin, trade-off-teori och effektiva marknadshypotesen tillsammans med tidigare forskningsstudier om teoremet och antagandena. Metod: Studien tillämpar en kvantitativ metod, med tre regressionsmodeller. Det slumpmässiga urvalet består av tio företag inom industribranschen som är registrerade på Stockholmsbörsen. Urvalet består av paneldata från företagen under perioden 2005 till 2012. Studiens empiri består av historiska aktiekurser och årsredovisningar. Resultat: Skuldsättningsgraden visar en låg och icke signifikant korrelation med aktiekurserna för de undersökta företagen, i samtliga tre regressionsmodeller. Skatteskölden visar en högre och signifikant korrelation med aktiekursen, medan kontrollvariabeln vinst per aktie EPS visar den högsta korrelationen med aktiekursen, som responsvariabel. Slutsats: Studiens resultat visar inget empiriskt stöd för Modigliani och Miller-teoremet i dess helhet. Förklaringen till resultaten kan vara att antagandena inte tillfredsställs inom empirin. Agentteori, signaleringsteori, trade-off-teori och effektiva marknadshypotesen kan stå som förklaringar till studiens resultat.Introduction: Modigliani and Miller theorem is regarded as a milestone and a paradigm shift in Corporate Finance. The research behind the theorem has given rise to the controversial conclusion that a company's capital structure is irrelevant in an equilibrium market, without taxation. In contrast, when taxation occurs firm value will increase equivalent to the deductible tax on interest expense when debt is issued. The theorem has not been without criticism. Several researchers have examined the theorem and criticised its assumptions. Purpose: The purpose of the study is to investigate the Modigliani and Miller theorem in respect of capital structure’s impact on companies' share prices. Literature Review: The Modigliani and Miller theorem with its assumptions is initially presented as the study’s main theorem. The presentation of the theorem is followed by a description of agency theory, signalling theory, trade-off theory and the efficient market hypothesis, along with previous studies on the theorem and its assumptions. Research Methodology: The study applies a quantitative approach, with three regression models. The random sample consists of ten companies in the industrial sector, that are listed on the Stockholm Stock Exchange. The sample is based on panel data of the companies during the period 2005 to 2012. The study's empirical data consists of historical stock prices and annual reports. Empirical Results: The leverage ratio, i.e. debt to equity ratio, indicates a low and non-signif-icant correlation with the stock prices of the examined companies, in all three regression models. The tax shield indicates a higher and significant correlation with the stock price, while the control variable earnings per share EPS indicates the highest correlation with the stock prices, as the response variable. Conclusions: The study’s results show no empirical support for the Modigliani-Miller theorem in its entirety. The explanation for the findings may be that the assumptions are not satisfied in the empirical data. Agency theory, signalling theory, trade-off theory and the efficient market hypothesis may serve as explanations of the study’s results.
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Lichková, Iveta. "Pohledávky po splatnosti - účetní a daňová legislativa." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-206028.
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The subject of this thesis is the issue of overdue receivables and their reflection in accounting according to accounting and tax legislation valid in the Czech Republic. First it discusses debt collection and related costs. Then it maps the rules for recognition of impairment loss on receivables in the accounts through allowances and write-offs, also from the perspective of international financial reporting standards and in terms of tax optimization. The main part of the work is an analysis of overdue debts and formed allowances in the years 2004 to 2014 in nine selected leasing companies operating on the Czech market, focusing on the influence of the financial crisis of 2008 and 2009.
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Dahlbom, Roland. "Off grid eller energiplushus. : Är det möjligt att gå off grid?" Thesis, Mittuniversitetet, Institutionen för kemiteknik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-39322.
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Målet med den här undersökningen har varit att se om fastigheten Orkestern 1 går att koppla off-grid och om det är ekonomiskt försvarbart eller om en on-grid lösning är bättre. Förutsättningarna är goda med ett stort tak med plats för solpaneler i öst-västlig riktning och en årsmedelvind på 4 m/s. Då huset är nybyggt och välisolerat är även energiförbrukning låg. För att kunna beräkna hur mycket energi som ska produceras i form av värme och el med hjälp av solceller, vindkraftverk, pelletskamin och dieselverk upprättas en energibalans och energifördelning med hjälp av transmission och ventilationsberäkningar. Lagring av energi görs i form av pellets, batteri och biodiesel. Simuleringsprogrammet för solceller Polysun används för att beräkna produktion av solel över varje månad på året. Diagram upprättas över året indelat i månader där det framgår hur stort energibehovet är och visar hur stor del varje energiproducent har varje månad. En pay-off kalkyl görs för att se om det är ekonomiskt lönsamt och för att kunna jämföra mellan två olika off-grid system. Pay-off kalkylen används också för att jämföra mellan off-grid och on-grid system. Resultatet landar i att on-grid systemet är ekonomiskt hållbart medan off-grid systemet inte är det men är ändå fullt genomförbart.The main target of this examination has been to see if the real estate Orkestern 1 has the possibility to go off-grid and if it is economical defendable or if on-grid solution is a better way to go. The prerequisites are good with a large roof to place solar panels to the east and west, a yearly average windspeed at 4 m/s and a low energy consumption because the house is new built and well insulated. To calculate how much energy that must be produced in form of heat and electricity with solar cells, windmills, pellet stove and diesel generator an energy balance and an energy distribution will be prepared with help of calculations of transmission and ventilation loses. Storage of energy will be done in form of pellets, battery and biodiesel. The simulation program for solar panels Polysun is used to calculate the produced solar energy for each month on the year. Diagram is prepared for each month to see the need of energy and how much every energy producer is delivering. A straight pay-off calculation is done to see if there are any economic benefits and to compare between off-grid and on-grid systems. The result will be that on-grid system is better economical but still the off-grid system is doable.
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Herek, Daniel, and Elena Spiroska. "Kapitalstruktur i konjunktursvängningar : En kvantitativ studie på lönsamheten och tillväxtens påverkan på svenska börsnoterade företag." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-43720.
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It has long been known that companies can finance themselves with the help of equity or debt. Since Modigliani and Miller’s theories of capital structure and its impact on performance, several studies have continued to investigate the phenomenon of capital structure. Using previous research on capital structure as well as the irrelevance theory, trade-off theory and pecking order theory, researchers are constantly examining how capital structure affects companies, what affects the capital structure, and which financing is best suited for their specific company.This study intends to investigate how the capital structure is affected by companies’ profitability, growth, and economical cycle fluctuations in Sweden. The study examines Swedish companies listed on the Nasdaq Main Market Stockholm in the branch of industry, raw materials and real estate. The study sample consists of 109 companies that are examined over a ten-year period between 2010-2019. The study conducts regression analyzes of key ratios’ debt / equity ratios as a dependent variable, as well as ROE, ROA, profit margin, turnover growth, employment growth and GDP gaps as independent variables.The study concludes that cyclical fluctuations affect companies’ capital structure in the branch of industry. However, it could not be ensured that cyclical fluctuations affect companies in the raw materials industry or the real estate industry. The study measured that ROA correlates negatively with the capital structure of the branch of industry, as well as the real estate industry. Significance for the variable profitability measured with ROA could not be demonstrated. The variable ROE was only significant for the real estate, industry and positively correlated with the debt-equity ratio. Profit margin was significant and positively correlated for the branch of industry, and it was also identified that the profit margin was significant for the real estate industry, but the results were negligible. The same negligence was discovered for the significant variable for sales growth for the raw materials industry, while no significance was achieved for the branch of industry and the real estate industry. Finally, the variable employment growth was only significant for the real estate industry, where a positive correlation was shown with the debt-equity ratio.Det är länge känt att företag kan finansiera sig med hjälp av eget kapital eller belåning. Sedan Modigliani och Miller teorier om kapitalstruktur och dess påverkan på resultatet har flertal studier fortsatt undersökt fenomenet kapitalstruktur. Med hjälp av tidigare forskning om irrelevansteorin, trade-off teorin och pecking order teorin undersöker forskarna ständigt om hur kapitalstruktur påverkar företagen, vad som påverkar kapitalstrukturen, samt vilken finansieringsmetod som är bäst lämpad för sitt specifika företag.Denna studie avser att undersöka hur kapitalstrukturen påverkas av företagens lönsamhet, tillväxt, samt konjunktursvängningarna i Sverige. Studien undersöker svenska företag noterade på Nasdaq Main Market Stockholm i branscherna industri, råvaror och fastighet. Studiens urval består av 109 företag som undersöks under en tioårsperiod mellan 2010-2019. Studien genomför regressionsanalyser på nyckeltalen skuldsättningsgrad som beroende variabel, samt ROE, ROA, vinstmarginal, omsättningstillväxt, anställningstillväxt och BNP-gap som oberoende variabler.Studien kommer fram till att konjunktursvängningar påverkar företagens kapitalstruktur i industribranschen. Det kunde inte säkerställas att konjunktursvängningar påverkar företag i råvarubranschen eller fastighetsbranschen. Studien uppmätte att ROA korrelerar negativt med industri- och fastighetsbranschens kapitalstruktur. Det kunde inte uppvisas signifikans för lönsamhetsvariablerna för ROA. ROE var enbart signifikant för fastighetsbranschen och korrelerade positivt med skuldsättningsgraden. Vinstmarginal var signifikant och positiv korrelerade för industribranschen, det identifierades även att vinstmarginalen var signifikant för fastighetsbranschen, men resultat var försumbart. Samma försumbarhet upptäcktes för den signifikanta tillväxtvariabeln för omsättningstillväxt för råvarubranschen, medan det inte uppnåddes signifikans för industribranschen och fastighetsbranschen. Slutligen var tillväxtvariabeln för anställningstillväxt enbart signifikant för fastighetsbranschen där det uppvisades en positiv korrelation med skuldsättningsgraden.
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Mialocq, Denis. "Le financement à court terme des moyennes entreprises non cotées françaises : etude en données de panel." Thesis, Bordeaux, 2017. http://www.theses.fr/2017BORD0654/document.
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Le financement à court terme est le parent pauvre de la théorie financière. Pourtant, les moyennes entreprises françaises utilisent fortement ce financement. Ce travail a pour objectif d’analyser les déterminants du financement à court terme pour ces entreprises. La première partie vise à établir une revue de littérature des théories permettant d’expliquer l’utilisation du financement à court terme. La deuxième partie vient tester empiriquement ces théories sur deux échantillons, à savoir 201 entreprises familiales et 1 453 entreprises managériales. Il s’agit, d’une part, de caractériser les moyennes entreprises non cotées et d’autres part, de mettre en évidence les déterminants à l’utilisation de financement à court terme. Les principaux résultats indiquent que le financement à court terme est un outil de gestion au service de la moyenne entreprise. Il peut aussi assumer deux rôles, un compensatoire et/ou un de trésorerie passive. Par ailleurs, on met en évidence que les entreprises managériales et familiales exploitent différemment le financement à court termeShort-term financing is forgotten by theory of corporate finance. However, French medium-sized firms use a lot this source of funding. The objective of this thesis is to analyze the determinants of short-term financing for these firms. The first part aims to establish a literature review of theories to explain the use of short-term financing. The second part empirically checks these theories on two samples, specifically 201 family businesses and 1,453 managerial firms. On the one hand, it is a question of characterizing the unlisted medium-sized enterprises and on the other hand, highlighting the determinants of the use of short-term financing. The primary results indicate that short-term financing is a management tool for the medium-sized enterprise. It can also have two functions, one compensatory and / or one passive cash. Furthermore, it brings out that managerial and family businesses exploit short-term financing differently
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Wallberg, Martin, and David La. "Optimal kapitalstruktur : En undersökning tillämpad på skandinaviska och tyska företag." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-156767.
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This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory.
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Matias, Filho José. "A estrutura de capital das empresas do BRIC frente aos desafios do crescimento: determinantes, adequação às teorias, comparação com EUA e folga de endividamento." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/798.
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Previous issue date: 2012-08-14The economic growth is close linked with the growth of the companies. There is a great expectation that the countries of the supposed block BRIC: Brazil, Russia, India and China presented a vigorous growth in the coming decades. The capital structure of these companies will have a key role in providing more financial resources for the increased activity, necessary for this expected growth. The present study investigated the capital structure of the companies in this supposed economic block, in order to identify its determinants, the influence of governmental policies in their training and the alignment with the main theories of capital structure currently discussed in the literature: agency costs, trade-off, asymmetric information and pecking order. Made a comparison with U.S. companies, the leading country in the world economy, and calculate the level of debt off of the sample. The results identified several variables as determinants of capital structure of companies of the sample, with predominance for the variables at the firm level, and to a lesser degree in the macro-economic level. Strongly corroborated the assumptions of the theories discussed, and provided robust evidence of being aligned with U.S. companies. They also showed a reasonable debt off for countries in the sample, which can be applied to increase de activity of enterprises, except Russia.
O crescimento econômico está intimamente ligado com o crescimento das empresas. Existe uma grande expectativa que os países do BRIC: Brasil, Rússia, Índia e China apresentem um crescimento vigoroso nas próximas décadas. A estrutura de capital dessas empresas terá um papel fundamental na oferta de mais recursos financeiros para o aumento da atividade, necessário a esse crescimento esperado. O presente estudo investigou a estrutura de capital das empresas desse suposto bloco econômico, buscando identificar suas determinantes, a influência das políticas governamentais na sua formação e o alinhamento com as principais teorias de estrutura de capital discutidas atualmente na literatura: custos de agência, trade-off, assimetria de informação e pecking order. Efetuou uma comparação com empresas dos EUA, país líder da economia mundial, além de calcular o nível de folga de endividamento das empresas da amostra. Os resultados identificaram diversas variáveis como determinantes da estrutura de capital das empresas da amostra, com predominância para as variáveis no nível da empresa, e em menor grau no nível macro-econômico. Corroboraram fortemente as premissas das teorias discutidas, e forneceram indícios robustos de estarem alinhadas com as empresas dos EUA. Mostraram também uma folga de endividamento razoável para os países da amostra, que pode ser aplicada no aumento da atividade das empresas, com exceção da Rússia.
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Hermansson, Caroline, and Karolina Bergkvist. "Är off-grid framtiden för det svenska elsystemet? : En analys utifrån Flernivå-perspektivet." Thesis, Mälardalens högskola, Akademin för ekonomi, samhälle och teknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-44818.
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Syftet med detta examensarbete är att studera om scenariot off-grid är en potentiell riktning i framtidens svenska energilandskap, samt undersöka vad som kan driva en sådan utveckling. För detta examensarbete har en kvalitativ forskningsstrategi tillämpats, genom ett abduktivt förhållningssätt till funnen empiri och teori. En empirisk datainsamling har genomförts i form av semistrukturerade intervjuer med ett tiotal aktörer på den svenska elnätsmarknaden. Därefter har en tematisk analys utförts, där det empiriska materialet ställts mot teori. Studien påvisar att det idag finns flertalet faktorer som kan vara drivande för en utveckling mot ett off-grid elsystem. I studiens empiriska material går det att finna tecken på att flertalet informanter tror att en förändring av dagens svenska elsystem behövs. Dock hur troligt det är, att en sådan förändringsprocess sker, finner studien inga belägg eller grunder för. De faktorer som skulle driva utvecklingen mot ett elsystem som karaktäriseras som off-grid kan identifieras som prisutveckling, utveckling i andra sektorer, ändrad tariffsättning, decentralisering, lagstiftning, ökad popularitet samt exempel där off-grid har realiserats.The purpose of this master thesis is to study whether the off- grid scenario is a potential direction in the Swedish energy landscape of the future, and to investigate what can drive such development. For this master thesis, a qualitative research strategy has been applied, through an abductive approach towards the found empirical material and theory. An empirical data collection has been carried out in the form of semi-structured interviews with ten actors in the Swedish electricity grid market. Subsequently, a thematic analysis has been carried out, in which the empirical material is set against the theory. The study shows that there today are several factors that can drive the development towards an off-grid electricity system in Sweden. In the study’s empirical material, it is possible to find signs that most informants believe that change in today’sSwedish electricity system is needed. However, how likely it is that such a change process will take place, the study finds no evidence for. The factors that would drive the development towards an electricity system characterized by off-grid can be identified as price development, development in other sectors, changed tariff set, decentralization, legislation, increased popularity and examples where off-grid has been realized.
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Reis, Luís Henrique Vecchio. "The capital structure of portuguese firms within a crisis." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4565.
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Mestrado em FinançasIn this study we review the theoretical approach behind the capital structure decisions by presenting the ideas of the Modigliani and Miller (1958) Theorem that was based on the perfect capital markets world and with the argument of the law of one price. We show that there are two useful theories in the firm’s financing decision: the Trade‐off theory, which builds on Modigliani and Miller’s original arguments and identifies several relevant factors in determining a firm’s capital structure (such as taxes, costs of financial distress, and agency costs and benefits of debt), and the Pecking Order Theory of Myers and Majluf (1984). Further in this study we describe the evolution of the capital structure of the 16 largest listed non‐financial Portuguese firms (“PSI‐16”) during the recent crisis peaking in 2008. We present a description of the level debt (and net debt) compared to the book value and to the market value of the equity of such firms (debt to equity ratio). We find some evidence consistent with both theories. In particular we find a cautious utilization of debt due to higher risk of bankruptcy (and its costs), but still taking advantage of the interest tax shield (consistent with the trade‐off theory view), and an increase in retained earnings and absence of new issues (consistent with the pecking order theory). We explain that the firms’ financing decision can depend of several factors pointed by the Trade‐off Theory, such as tax advantages of using debt, agency costs and benefits of debt, and costs associated with financial distress. Yet, in times of crisis firms may prefer to use internal rather than external financing mainly because of asymmetry of information.
No presente estudo, fazemos uma revisão da literatura em relação às decisões de estrutura de capital através da apresentação do Teorema de Modigliani e Miller (1958), sendo este baseado num mercado de capitais perfeito com o argumento assente na Lei do Preço Único. Mostramos que existem duas teorias úteis para a decisão de financiamento de uma empresa: a Trade‐off Theory, que está assente sobre os argumentos originais de Modigliani e Miller e identifica vários factores relevantes na determinação da estrutura de capital de uma empresa (como os impostos, os custos de financial distress, custos de agência e benefícios do uso de dívida); e a Pecking Order Theory de Myers e Majluf (1984). Mais além neste estudo, descrevemos a evolução da estrutura de capital das 16 maiores empresas cotadas portuguesas não financeiras (“PSI‐ 16”) durante a recente crise que teve o seu pico em 2008. Apresentamos uma descrição do nível de dívida (e dívida líquida) comparada com o valor contabilístico e o valor de mercado das empresas (rácio debt to equity). Pudemos encontrar alguma evidência consistente com ambas as teorias. Por um lado, as empresas mostram uma certa cautela na utilização de dívida devido ao aumento do risco de falência (e os seus custos), mas ainda tirando vantagem do interest tax shield (consistente com a visão da Trade‐off Theory). Por outro lado, verificamos um aumento dos lucros retidos e nenhuma nova emissão (consistente com a Pecking Order Theory). Concluímos que as decisões de financiamento de uma empresa dependerão de diversos factores apontados pela Tradeoff Theory, como as vantagens fiscais na utilização de dívida, custos de agência e benefícios do uso de dívida, e custos associados com financial distress. Ainda, em tempos de crise as empresas podem preferir usar financiamento interno no lugar de externo, principalmente devido à assimetria de informação.
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Huq, Asif M. "Effect of Earnings Volatility on Cost of Debt: The case of Swedish Limited Companies." Thesis, Högskolan Dalarna, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:du-21718.
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The paper empirically tests the relationship between earnings volatility and cost of debt with a sample of more than 77,000 Swedish limited companies over the period 2006 to 2013 observing more than 677,000 firm years. As called upon by many researchers recently that there is very limited evidence of the association between earnings volatility and cost of debt this paper contributes greatly to the existing literature of earnings quality and debt contracts, especially on the consequence of earnings quality in the debt market. Earnings volatility is a proxy used for earnings quality while cost of debt is a component of debt contract. After controlling for firms’ profitability, liquidity, solvency, cashflow volatility, accruals volatility, sales volatility, business risk, financial risk and size this paper studies the effect of earnings volatility measured by standard deviation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on Cost of Debt. Overall finding suggests that lenders in Sweden does take earnings volatility into consideration while determining cost of debt for borrowers. But a deeper analysis of various industries suggest earnings volatility is not consistently used by lenders across all the industries. Lenders in Sweden are rather more sensitive to borrowers’ financial risk across all the industries. It may also be stated that larger borrowers tend to secure loans at a lower interest rate, the results are consistent with majority of the industries. Swedish debt market appears to be well prepared for financial crises as the debt crisis seems to have no or little adverse effect borrowers’ cost of capital. This study is the only empirical evidence to study the association between earnings volatility and cost of debt. Prior indirect research suggests earnings volatility has a negative effect on cost debt (i.e. an increase in earnings volatility will increase firm’s cost of debt). Our direct evidence from the Swedish debt market is consistent for some industries including media, real estate activities, transportation & warehousing, and other consumer services.
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Kärvegård, Frida. "Det osynliga rummet- vilka effekter kan användandet av off-screen i rörlig bild få?" Thesis, Malmö högskola, Fakulteten för kultur och samhälle (KS), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-23655.
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Uppsatsen behandlar vilken effekt och betydelse användandet av off-screen-element irörlig bild kan ha. Studiens syfte är att skapa en djupare förståelse för hur visuellakommunikatörer medvetet kan använda sig utav off-screen. Diskussioner utförs kring offscreen-elementens fördelar och nackdelar. Studiematerialet utgörs av en svensk art cinemafilm,som tydligt visar på ett stort antal off-screen-element. Valda metoder ärkompositionsanalys och innehållsanalys, för att förstå vad som syns i bild och vad sominte syns i bild. Resultaten från analyserna har sedan vävts samman med valda teorier. Dehuvudsakliga teorierna är art cinema, komposition, den långa tagningen och metafiktion.Studiens resultat är att off-screen med fördel kan användas för att väcka tittarensuppmärksamhet, och att förstärka passiva karaktärers betydelse. Resultatet pekar på attom ett stort antal off-screen-element används, kan detta upplevas som ansträngande för enpublik som mest tittar på mainstreamfilmer.
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Milonas, Kristoffer. "Essays in Empirical Finance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-2324.
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This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators.Diss. Stockholm : Stockholm School of Economics, 2015. Introduction together with 3 papers
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Gadanecz, Blaise. "The pricing and structure of syndicated loans : three empirical studies." Thesis, Bangor University, 2003. https://research.bangor.ac.uk/portal/en/theses/the-pricing-and-structure-of-syndicated-loans--three-empirical-studies(aea394c5-a693-4182-867c-aa796cfa8453).html.
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This thesis explores the micro-structure of the market for syndicated loans from the demand and supply side and aims to provide a detailed micro-economic analysis. The focus is on the determinants of loan pricing to both developing and industrialised countries. Particular attention is paid to the characteristics of both lenders and borrowers. The thesis comprises four papers. Paper 1 defines key concepts and provides a historical outlook on the international market for syndicated loans since the late 1970s. Paper 2 analyses in an extensive risk-return framework the determinants of the pricing of syndicated credits granted to developing country borrowers between 1993 and 2001. It concludes that risk is properly reflected in loan pricing, although the effect of purely micro-economic price determinants is in several instances weaker when variables reflecting macro-economic conditions in borrowers' countries are also introduced into the model. Analysis of market structure allows us to make inferences about the effects of bank market power and perceived risk concentration in syndicated lending to developing country borrowers. Paper 3 extends the second one in a first attempt to our knowledge to analyse the determinants of the pricing of developing and industrialised country loans and bonds taken together in the 1990s. On average, we find that developing country bonds have been riskier than developing country loans and industrialised country loans riskier than industrialised country bonds. We analyse how spill-over effects may have taken place from one market segment to the other in the wake of the Asian financial crisis. We also compare market access and structure on the respective market segments. We find that banks and investors may have exercised their market power to the greatest extent or that the penalising effect of higher perceived risk concentration may have been most pronounced in the case of bank loans being made to developing country borrowers. Paper 4 is the first of its kind to investigate the effects of bank characteristics on the structure and pricing of syndicated loans at an international level, using a unique dataset. We show that the pricing of loans is likely to be lower as banks participating in those loans become less liquidity-constrained or better capitalised, or enjoy a regulatory advantage. The relationship between bank characteristics and loan pricing generally appears to be stronger in the case of senior banks than of junior banks. This confirms the stronger pricing power of senior banks when arranging loans, while junior participants tend to act more as price takers. Contrary to the existing literature we find evidence of senior banks offloading larger shares of riskier loans in a potentially opportunistic way to outsider junior banks with little knowledge of the borrower. They also tend to hold higher portions of loans they arrange when they are better capitalised. In addition, as information about the borrower becomes less transparent, junior banks rely more on the reputation of the senior bank, to determine their level of commitment, than when borrower information is widely available to the public.
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Zítková, Jindra. "Problematika vymáhání pohledávek podle právního řádu České republiky." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-77757.
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The thesis is focused on questions of natural persons' recovery of debts according to the legal order of the Czech Republic. The purpose of the thesis was to provide creditors with comprehensive information and insight into the questions of recovery of natural persons' debts according to the legal order of the Czech Republic and to draw creditor's attention to legal possibilities when recovering debts. The outcome of the thesis is creation of diagram that can help creditors to better orientation. Diagram shows separate steps creditors can undergo when recovering debts. Particular possibilities when recovering debts are outlined, practical instruction and remarks are added, economic contexts are analysed, available statistics and development trends are analysed and proposals de lege ferenda are presented.
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Hellstadius, Louise. "Det började med en kick-off : En kvalitativ fallstudie om projektdeltagares upplevelser i ett ideellt evenemangsprojekt." Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-68527.
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Forskare hävdar att det behövs mer forskning om projektdeltagares upplevelser i ideella projekt och vad som krävs för att behålla dem i projektet. Forskning som gjorts har främst undersökt projektdeltagares motivation i megaevenemang, sportevenemang och studentengagemang i andra kulturer. Det blir därav viktigt att undersöka varför individer engagerar sig ideellt och varför de fullföljer till projektets slut när deltagandet i sig är belöningen. Studien har, utifrån en fallstudie med 11 kvalitativa intervjuer, undersökt projektdeltagares upplevelser från ett ideellt evenemangsprojekt. Det projektdeltagarna upplever som betydelsefullt för sin motivation att delta och stanna kvar i projektet är främst tillhörigheten till en grupp. Erhållandet av meriter på cv:t ses också som en anledning till att delta och en fördel efter projektets slut. Dock är samarbetet och känslan av en tillhörighet till gruppen det som väger tyngst för motivationen och att fullfölja projektet. När projektdeltagarna upplever samhörighet ökar också känslan av trygghet och stöttning i gruppen och det blir lättare att fråga om hjälp vid behov. Om en arbetsgrupp splittras försvinner sammanhållningen och med det tillkommer också en risk att projektdeltagare förlorar känslan över att ha en roll och ett tydligt ansvarsområde. Det är också viktigt att projektdeltagarna får uppleva sin förmåga och att de bidrar till projektet. Sammanfattningsvis väger alltså det sociala behovet tyngre än att få en merit på cv:t. Därav finns det anledning och tro att vid rekrytering bör man trycka på att man får göra något fantastiskt ihop med en liten grupp och inte bara lyfta att det är en bra merit.Researchers argue that more research is needed for project participants' experiences in nonprofit projects and key factors to keep them in the project. Former research has mainly examined project participants' motivation in mega events, sporting events and student engagement in other cultures. It is therefore important to examine why individuals engage in nonprofit projects and why they carry out until the end of the project when the participation itself is the reward. Based on a case study with 11 qualitative interviews, the study has examined project participants' experiences from a non-profit event project. The project participants experience that their motivation to participate and to go through with the project is mainly the feeling of belonging to a group. Qualifications for a resumé is also seen as a reason to participate and beneficial after the project is over. However, the collaboration and feeling of belonging to a group is important for motivation and to complete the project. The sense of security and support increases when the project participants experience belonging to a group, and it becomes easier to ask for help when needed. If a workgroup is divided, cohesion is lost and there is also a risk that project participants lose the feeling of having a role and a clear area of responsibility. It is also important that the project participants experience their ability and their contribution to the project. In summary, the social need thus weigh heavier than getting qualifications for a resumé. There is therefore reason to believe that when recruiting, one should highlight the fact that you will be doing something great together in a small group and not just highlight that it is good for a resumé.
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Tayem, Ghada. "Three empirical essays on the role of information in the public debt markets." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/three-empirical-essays-on-the-role-of-information-in-the-public-debt-markets(e69a3ab7-f1dc-4315-a1e9-c8f4e9d88865).html.
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This thesis consists of three related essays that examine the role of information in the market for corporate debt. The three essays collectively examine the role of information produced by the firm and its agents on alleviating information asymmetries facing public debtholders. In particular, the thesis examines the impact of bondholders' demand for reputation and information on the firm's disclosure choices and accounting attributes; and the impact of information produced by monitoring the firm's private debt before its entry to the public debt market on the yield spread of its initial bond. The first essay investigates the influence of public corporate debt on the willingness of UK firms to issue profit warnings. UK firms operate within a legal environment that is less litigious compared to their US counterparts. This setting allows for motives other than fear of litigation to affect UK companies' decision to warn. The results of this essay indicate that UK firms with public debt are more forthcoming with the disclosure of permanent negative news. Also, the results show that UK firms without public debt are more likely to hide bad news when they are closer to financial distress. However, for firms with public debt, the results indicate that the effect of closeness to financial distress on the willingness to warn is attenuated. These findings suggest that firms with public debt are deterred from hiding negative news for fear of damaging their reputation for truthful and timely disclosure. Public debt appears to act as a disciplinary mechanism on corporate disclosure policy.The second essay examines the impact of the initial public debt offering (IPDO) on the timeliness properties of the firm's accounting income. Firms are more likely to communicate with private lenders on a private, insider-basis, while they are more likely to communicate with bondholders using public information. Therefore, bondholders, compared to private lenders, are expected to be more sensitive to the quality of public information. The results indicate that firms adopt a timelier policy of economic loss recognition after their initial public debt offering using Basu's (1997) time series measure of timely loss recognition. These findings suggest that firms face higher demand for public information from a large number of external and dispersed bondholders.The third essay investigates the impact of information associated with prior private debt financing on the yield spread of companies' initial public debt offerings. Specifically, this essay focuses on information produced through monitoring by credit rating agencies and monitoring by banks. The findings indicate that IPDOs with the same or upgraded credit ratings enjoy significantly lower yield spreads. This finding suggests that changes in credit ratings could convey new information to investors regarding the firm's commitment to maintain a high credit quality. In addition, the findings of this essay indicate that strong banking relationships significantly reduce yield spreads for initial public debt offerings. This suggests that a strong banking relationship conveys a positive signal to bondholders regarding the bank's assessment of the quality of the firm.
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Xu, Yu, Hui Chen, Jun Yang, and Juan Passadore. "Essays on debt markets." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98612.
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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references.
This thesis consists of three chapters on debt markets. In chapter 1, I consider the interaction between domestic banking and growth in a DSGE model of sovereign default in order to address (i) the joint existence of sovereign debt and international reserves, and (ii) the occurrence of twin (domestic banking and sovereign default) crises. In chapter 2, joint with Hui Chen and Jun Yang, we build a structural model to explain corporate debt maturity dynamics over the business cycle and their implications for the term structure of credit spreads. In chapter 3, joint with Juan Passadore, we study debt policy of emerging economies accounting for credit and liquidity risk.
by Yu Xu.
Ph. D.
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Paalzow, Anders. "Public debt management." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1992. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-901.
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This thesis consists of three self-contained papers covering different aspects of public debt management. From a methodological point of view they all have in common that results and models from the theory of finance are used to analyze the effects of public debt management. The first paper, Neutrality of Public Debt Management, studies the case when public debt management does not matter, i.e. when it is neutral. Although strong assumptions are needed to ensure neutrality of public debt management it is nevertheless of interest to study it, since an analysis illuminates the mechanisms through which public debt management affects the economy. The paper starts with a discussion of the assumptions that are needed to ensure neutrality in the models used in the literature. The remainder of the paper tries to relax some of these assumptions. The model employed is an intertemporal general equilibrium model. It is shown that if the agents are identical, public debt is neutral provided the agents pierce the veil of government, and all taxes associated with public debt are lump-sum. It is also shown that if the agents are different but have sufficiently similar utility functions that exhibit hyperbolic absolute risk aversion (i.e., the agents have linear risk tolerance), public debt management is neutral in aggregates, provided the agents pierce the veil of government and all taxes associated with the debt service are lump-sum. This means that public debt management neither affects prices nor aggregate consumption; it might, however affect the individual agent’s consumption-savings decision. Since the class of utility functions that exhibit hyperbolic absolute risk aversion is widely used in economic analysis, this result has several theoretical and empirical implications. The result also has implications for the choice of model in the third paper of the thesis. The second paper, Objectives of Public Debt Management, discusses the objectives of public debt management in an atemporal mean-variance framework. The model employed in this paper differs in one important aspect from the ones previously used in the literature; it takes the firms’ investment decisions into account and hence endogenizes the supply of assets to some extent. It is shown that if the firms’ behavior is introduced, objectives that in the literature have been assumed to stimulate the economic activity do not necessarily have the desired effect. The paper also discusses different objectives aiming at welfare-improvements and economic stimulation. Since the analysis is performed in a unified framework, it is possible to compare the objectives and to discuss their welfare implications. Of particular interest is the welfare aspects of minimization of the costs of public debt. Finally, the paper also discusses the effectiveness of the objectives and it is shown that with one exception, cost minimization, effectiveness declines when the government-issued debt instruments’ share of the asset market falls. The last paper, Public Debt Management and the Term Structure of Interest Rates, develops and uses a stochastic overlapping generations model to analyze the impact of public debt management on the term structure of interest rate. In most of the literature public debt management is thought of as changes in the maturity structure of the outstanding public debt. A change in the maturity structure implies that public debt management affects, e.g., future tax liabilities and hedging opportunities. To capture these effects it is necessary to use an intertemporal framework. In contrast to most models in the literature on public debt management, the model in this paper is intertemporal and takes the general equilibrium effects of public debt management into account, by integrating the financial and real sectors of the economy. This means that current and future asset prices, as well as investments are affected by public debt management. The analysis suggests that it is not the quantities of the long-term and short-term bonds, per se, that determine the effects on the term structure of interest rates. What determines these effects is how public debt management affects the hedging opportunities through changes in asset supply, taxes and prices.Diss. Stockholm : Handelshögskolan
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Štěpánová, Jana. "Využití finančních nástrojů pro rozšíření dopravní firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221805.
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This diplomwork occupies with appraisal of financial position in concrete company and its sequence for capital decision making. At the beginning is this work aimed at introduction of the company and its work. After that includes analyses of the company from the point of profitability, liquidity, activity and debt. The goal of this work is with utilization of financial and decision analyses evaluate the intent of the company to extension of its activity and propose, whether the investment is practicable
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Burns, Jackie Rene. "Debt dependency, debt relief, and macroeconomic policies: how does the structure of external and domestic debt affect the well being of a countrys citizenry?" Texas A&M University, 2004. http://hdl.handle.net/1969.1/1563.
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The research expands the scope of the World System and Dependency theories that
emphasize the deleterious effects of the extent of external debt held by multilateral
institutions (Chase-Dunn, 1975; Sell and Kunitz, 1986-87; Meldrum, 1987; Harsch,
1989; Bradshaw and Huang, 1991; Bradshaw et al., 1993) and the structure of capital
formation (Chase-Dunn 1975;Bornschier, Chase-Dunn, and Rubinson 1978; Bornschier
and Chase-Dunn,1985; Timberlake and Kentor, 1983; Bradshaw, 1987; Walton and
Ragin, 1990; Dixon and Boswell, 1996; Firebaugh, 1996) on the growth and
development of Third World Countries. This research primarily examines the
relationship between external debt held by multilateral development institutions and
central government debt. A major barrier to social and economic development in
developing countries is malnutrition and the inability of individuals to maintain a healthy
standard of living and be economically and socially productive. The major findings on
the direct and indirect effect of external debt and the solvency of a domestic economy on
the health and nutritional status of women and children were: External debt as measured
as a percent of GDP did produce slight but statistically significant direct effects on
under-five infant mortality. Central government debt as measured as a percent of GDP
demonstrated a direct effect only with under-five mortality and it was modest at best.
Gross domestic investment measured as a percent of GDP also exhibited a weak direct
effect on under-five infant mortality and percent total immunized. As expected, external
debt did demonstrate a substantial and statistically significant direct effect on central
government debt. The results of the path analysis reveal that external debt consistently
produced an indirect effect, operating through central government debt, on measures of
under-five mortality, percent children immunized, and children wasting and stunting.
However, the magnitude fluctuates considerably and their statistical significance drops
to below acceptable levels on childhood immunizations and the nutritional measures.
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Liao, Wei-Yi. "Dedicated Investors and Debt Financing." The Ohio State University, 2008. http://rave.ohiolink.edu/etdc/view?acc_num=osu1216144574.
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Kasperiūnienė, Jelena. "Valstybės skola: raida, struktūra ir įtaka Lietuvos ekonomikai." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2009~D_20100224_133734-02711.
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Verslo nuosavybės ekonomikos magistro baigiamojo darbo tema yra aktuali tuo, kad valstybės skola šiandieninėje švietėjiškoje ir politinėje visuomenėje yra vienas aktualiausių klausimų, kadangi tai liečia netik pačią valstybę, valstybės vyriausybę, bet ir visus valstybės gyventojus, jų socialinę aplinką, ateities kartas. Valstybės skola ir jos atsiradimo priežastys svarbios ekonomikos mokslo dalykui, nes tai valstybės ekonomikos vystymuisi reikšmingas veiksnys.
Atliekamo aprašomojo tyrimo metu bus siekiama, išanalizavus Lietuvos valstybes skolos struktūrą, jos pokyčius bei įtaką Lietuvos ekonomikai per keletą pastarųjų dešimtmečių, nustatyti išskirtų laikotarpių skolinimosi ypatumus, atskleisti Lietuvos skolos valdymo aspektus bei efektyvumą. Tyrimo metu bus tikrinama ši hipotezė (H1): Lietuvos valstybės skolinimosi rizika ir skolos didėjimo problema valdoma netinkamai.
Tyrimo objektas - Lietuvos valstybės skola.
Pagrindinis šio darbo tikslas - išnagrinėti valstybės skolos teorinius aspektus, Lietuvos valstybės skolos raidą, analizuojant statistinius ir analitinius duomenis bei ištirti jos poveikio ekonomikai vertinimo ir valdymo problemas.
Darbo metu analizuojami statistiniai ir analitiniai duomenys apie Lietuvos valstybės skolą ir šalies ekonomiką. Taipogi interpretuojami įvairūs moksliniai straipsniai, kuriuose vienu ar kitu aspektu analizuojama Lietuvos valstybės skola, jos valdymo ir įtakos ekonomikai problemos.
Atliktas tyrimas ir analizė iš dalies patvirtina... [toliau žr. visą tekstą]State debt: structure, process and influence to Lithuanian economy/ Master’s Work in Business Equity Economics. Supervisor assoc. doc. dr. L. Šadžius. – Vilnius: Faculty of Economics and Finance Management, Mykolas Romeris University, 2009. – 89 p. The relevance of Master’s work in Business Equity Economics is disclosed by the fact that state debt is one of the most talking points in modern day society, because it involves not only the state, the state government, but also the whole population, their social environment and future generations. The state debt and its coming reasons are important to science of economy, because it is an important factor to the growth of state economy. Performing the descriptive analysis it is pursued to identify the borrowing peculiarities of separated periods, to reveal the aspects and effectiveness of Lithuanian state debt management by analyzing the structure, changes of Lithuanian state debt and its influence to Lithuanian economy. During the analysis the hypothesis (H1) would be tested: The borrowing risk and the problem of state debt growth are managed wrongly. The object of the analysis is Lithuanian state debt. The main purpose of this master thesis is to analyze the theoretical aspects of state debt, the process of Lithuanian state debt by analyzing statistical and analytical data and to analyze the estimation and management problems of Lithuanian state debt influence to Lithuanian economy. While writing the master thesis, the... [to full text]
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Žadauskienė, Inga. "Valstybės skolos naštos vertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120613_135200-68386.
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Tyrimo objektas – skolos našta.
Darbo tikslas – parengti metodiką ir įvertinti skolos naštą.
Uždaviniai:
1. atskleisti valstybės skolos esmę, klasifikavimą bei skolinimosi tikslus;
2. išanalizuoti teigiamą ir neigiamą skolos poveikį ekonomikai;
3. nustatyti kokiais santykiniais rodikliais bei metodais vertinama skolos našta;
4. parengti skolos naštos įvertinimo metodiką;
5. įvertinti Lietuvos skolos naštą ir palyginti su kitomis Baltijos šalimis.
Tyrimo metodai: mokslinės literatūros analizės ir sintezės metodas, matematinio modeliavimo ir apibendrinimo metodai, statistinių rodiklių rinkimo, palyginimo ir grafinio vaizdavimo būdai.
Lietuvos valstybės skolos naštos įvertinimas atliktas 2001–2011 m. laikotarpiu.
Tyrimo rezultatai. Pirmoje darbo dalyje atskleidus valstybės skolos esmę, sudėties svarbą, bei skolinimosi tikslus, nustatytas teorinis valstybės skolos poveikis ekonomikai. Antroje darbo dalyje, išanalizavus įvairių mokslininkų darbus, pateikti skolos naštos įvertinimo modeliai, išskiriami skolos naštos įvertinimo rodikliai, parengta skolos naštos įvertinimo metodika. Trečioje darbo dalyje, pagal siūlomą skolos naštos įvertinimo metodiką, įvertinta Lietuvos skolos našta, gauti rezultatai palyginami su kitomis Baltijos šalimis, nustatytos rezultatų priežastys.
Tyrimo rezultatai parodė, kad Lietuvos ir Latvijos didėjanti valstybės skola jau tapo neigiamai ekonomiką veikiančiu makroekonominiu rodikliu, kuris rodo, kad valstybės skola tampa našta ateities kartoms... [toliau žr. visą tekstą]Object of the research – debt burden. Aim of the research – to prepare methods and to assess the debt burden. Objectives: 1. to reveal the essence of the public debt, classification and goals of borrowing; 2. to analyze the positive and negative effects of debt on the economy; 3. to determine the indicators and methods to be used in evaluating the debt burden; 4. to prepare methods for the debt burden assessment; 5. to assess the debt burden of Lithuania, to compare it with that of other Baltic countries. Research methods: analysis and synthesis of scientific literature, mathematical modeling, aggregation, statistical data collection, comparison, visualization techniques. The evaluation of Lithuanian public debt burden was carried out during the period of 2001-2011. Research results. The first part reveals the essence of the public debt, the importance of its composition and borrowing targets, determines the theoretical impact on the economy. The second part analyzes the models of the debt burden, distinguishes the figures of debt burden, prepares methodology the debt burden. The third part employs the methology of the debt burden of Lithuanian debt for future generations, compares the results obtained with those of the other Baltic countries, establishes reasons of results. The results show that growing national debt of Lithuania and Latvia has become a negative macro-economical indicator, which shows that public debt would be a burden for future generations. Lithuanian... [to full text]
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Ziegan, Marius Christoph. "Essays on the determinants and costs of corporate security offerings." Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-the-determinants-and-costs-of-corporate-security-offerings(f687d966-21d1-46e0-987b-cf366b8ee456).html.
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This thesis presents three essays on the determinants and costs of corporate security offerings. The essays contribute to an ongoing debate in the literature on what determines firms’ security choice by examining the following issues: “Does corporate governance influence convertible debt issuance?”; “The signaling content of security offerings proceeds”; and “The costs of raising capital: New evidence.”In the first essay, we explore the influence of corporate governance on firms’ choice between equity, convertible debt and straight debt. For a sample of Western European corporate security offerings between 1999 and 2010, we find that firms with weaker firm- and country-specific corporate governance are more likely to issue convertible debt. They thus use convertible debt as a substitute for corporate governance, which is confirmed by a more favorable stock price reaction to convertible debt announcements by firms with weaker corporate governance. Moreover, these results suggest that corporate governance is a significant determinant of firms’ security choice. The second essay examines the determinants and signaling content of security offering proceeds, controlling for the endogeneity of issue size. For a sample of US equity, convertible debt and straight debt offerings between 1999 and 2011, the findings show that stockholders can partly predict issue size by analyzing firms’ funding needs and financing costs. We find that stockholders use predicted issue sizes of equity and convertible offerings as signals of growth opportunities, whilst larger than predicted issue sizes signal issuer overvaluation. For straight debt issues, we find that unpredicted issue sizes have a positive impact on announcement returns, which is consistent with them serving as a signal of growth opportunities. Further analysis of firms’ actual uses of predicted and unpredicted offering proceeds confirms these interpretations. The results shed light on previous inconsistent findings on the impact of issue size on security offering announcement returns. The final essay examines the magnitude and determinants of direct issuance costs, controlling for firms self-selecting into different security classes, namely equity, convertible bonds, and straight bonds, and flotation methods, namely non-shelf, shelf and 144a. For a recent sample of US corporate security offerings between 1999 and 2011, findings show that the magnitude of direct issuance costs has decreased over the last decade. These costs are higher for equity than straight bond offerings and of intermediate magnitude for convertible bond offerings. Within each security class, costs are larger for non-shelf than 144a offerings, which again have larger direct issuance costs than shelf offerings. Finally, underwriter spreads are directly related to underwriter effort on due diligence, pricing and selling, and direct issuance costs are truncated by firms’ self-selection into particular security types.
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Goldfajn, Ilan. "On public debt and exchange rates." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11082.
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Podolskytė, Greta. "Šiaulių miesto savivaldybės skolos vertinimas." Bachelor's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2014~D_20140716_084124-07101.
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Bakalauro baigiamajame darbe yra analizuojami būdai ir metodai, kaip vertinti savivaldybės skolą bei įvertinama Šiaulių miesto savivaldybės skola. Teorinėje dalyje analizuojama savivaldybės skola teoriniu aspektu: savivaldybės biudžeto ir skolos sampratos, savivaldybių skolinimosi tikslai ir limitai, savivaldybės skolos poveikis ekonomikai, skolos įvertinimo rodikliai ir metodai. Empirinėje dalyje įvertinama Šiaulių miesto savivaldybės skola. Analizuojami 2009 - 2013 m. laikotarpio pagrindinių Šiaulių miesto savivaldybės finansinių bei miesto ekonominių rodiklių (savivaldybės pajamų, išlaidų, biudžeto deficito, skolos struktūros, taip pat miesto ekonominių, švietimo, socialinės apsaugos rodiklių) pokyčiai. Įvertinamas ekonomikos poveikis Šiaulių miesto savivaldybės skolai. Detaliam Šiaulių miesto savivaldybės skolos įvertinimui pagrindiniai rodikliai, padedantys įvertinti skolą, lyginami su kitomis savivaldybėmis. Nustatomos priemonės padėsiančios sumažinti Šiaulių miesto savivaldybės skolą.The final bachelor work analyzes the ways and methods of municipal debt assessment and assesses Siauliai city municipality debt. Theoretical part of the work analyzes theoretical aspects of municipality debt: budget of municipality and debt concept, goals and limits of municipality borrowing, economic impact of municipality debt, debt assessment indicators and methods. Empiric part assesses the debt of Siauliai municipality. Variations of main financial and economic indicators of Siauliai municipality (municipality incomes, costs, budget deficit, debt structure, also indicators of economic, education and social protection) are assessed from 2009 till 2013.Economy impact to Siauliai municipality debt are assessed. Main Siauliai municipality debt indicators are compared with debt indicators of other municipalities for in depth debt assessment. Means to reduce Siauliai municipality debt are determined.
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Maixnerová, Markéta. "Role obcí v zadluženosti veřejného sektoru." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264074.
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This thesis focuses on the issue of indebtedness of Czech municipalities and their role in the total public debt. The first part represents the theoretical basis and legislation, which includes defining key terms. The practical part is focused on analyzing the evolution of indebtedness of local governments and of other levels of the public sector. The analysis was made on the basis of compiled time series of the debt for the period 1994-2014. The indebtedness of municipalities and counties had a growing trend during the reported period. In recent years, municipal debt, unlike regional, is stable. The share on debt of municipalities and regions is the size of the public debt is not significant. The largest share of the debt is government debt, which constantly grows from the begging of the period. Part of this work is to compare two methods of evaluating municipal debt, namely debt service and SIMU. Five selected municipalities were compiled both types of indicators for the period 2010-2014. Based on this comparison it was shown to have better presentation of the indicators SIMU than debt service. The thesis seeks to comprehensively evaluate the development of each level of indebtedness of the public sector in order to show, what proportion represents Czech municipalities.
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Plíva, Jan. "Náklady cizího kapitálu pro tržní ocenění podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16763.
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The work deals with the role of cost of debt capital in the process of market valuation. Analyses used as a basis for determining the cost of debt, simple and advanced methods of cost of debt capital estimation, as well as the issue of determining the value of debt itself are explained. Further, the work briefly examines the impact of aspects that are not directly related to the credit quality of the firm on its cost of debt; by these aspects, legal conditions for interest payments tax deductibility and third-party guarantees are meant. The pivotal part of the work designs its own model for debt rating and a premium over the risk-free rate of return estimation, with the premium consisting of a premium for expected and unexpected loss of a potential creditor.
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Correia, Maria do Rosario. "The design of corporate debt : evidence from Eurobond issues made by UK companies." Thesis, University of Strathclyde, 2003. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21381.
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This thesis provides a comprehensive analysis of the determinants for the optimal choice of contract terms on a unique type of debt instrument: Eurobonds. A discussion of corporate finance theories that postulate the use of debt contract features for mitigating financing inefficiencies provides the foundation for the development of the empirical investigation. More specifically, theories that associate the choice of debt features namely, maturity, call options, convertible options, and protective covenants with firm's and market's characteristics are discussed in detail. Emphasis is also given to the theoretical predictions about the interdependencies established between the debt features that are viewed as alternative control devises for mitigating debt-contracting costs. Panel data and simultaneous-equations estimation methods are used to regress the relevant debt features on a set of proxies for firm characteristics, market conditions, and related contract features for a sample of 377 Eurobonds issued by UK companies over the period 1986-1999. The evidence from both panel data and simultaneous-equations analyses provide strong support to the prediction that both callable and short-term debt and convertible and debt with protective covenants are used as alternative control devises to mitigate agency costs. Further evidence suggests, however, that contrary to the fundamentals guiding the choice of maturity and callability structures, the use of convertible options and protective covenants in Eurobond contracts seems to be determined by equity agency costs rather than debt agency costs. Some support is also found for the risk uncertainty theory underlying the use of convertibles and for the liquidity risk arguments regarding the choice of protective covenants. No support is found for signalling and interest tax-shield hypotheses. Some proposals for further research on debt contract design are identified and discussed.
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Karagodsky, Igor. "Essays in Corporate Finance." Thesis, Boston College, 2017. http://hdl.handle.net/2345/bc-ir:107406.
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Thesis advisor: Thomas J. ChemmanurThesis advisor: Arthur Lewbel
The dissertation aims to investigate the role of asymmetric information in capital structure, investment, compensation of mortgage servicers, and bond and equity returns. Specifically, I evaluate the impact of credit ratings on debt issuance and investment of private and public firms, as well as the effect of asymmetric information on compensation of loan servicers in the mortgage backed securities market. Further, I study the relationship between ratings issued by investor and issuer-paid credit rating agencies and equity analyst recommendations. Finally, I evaluate the effect of the aforementioned signals on bond and equity returns as well as firm leverage and investment decisions. Chapter one in the dissertation is the first study to empirically evaluate the effect of credit ratings on capital structure and investment for private U.S. firms, relative to equivalent public firms. I find that private firms constrain debt issuance and investment by 4.5 and 6.5 percentage points more than public firms, respectively, when their credit ratings are on upgrade or downgrade thresholds. Consistent with these results, private firms that become public through an IPO constrain debt issuance by 10 percentage points before going public, if their ratings are on an upgrade or downgrade boundary. The second chapter studies the impact of asymmetric information between mortgage sellers and servicers on mortgage servicer compensation. We proxy for asymmetric information using the decision to retain mortgage servicing rights, which creates a principal-agent problem between sellers and servicers. Using loan-level data on Fannie Mae-insured, full documentation mortgages, we first find that loans in which sellers retain servicing rights default and foreclose at a significantly lower rate, and lose less in foreclosure than those in which they are not retained. Since it is more costly to service non-performing loans, these ex-post differences in default rates should be reflected in servicer compensation. However, using Fannie Mae MBS pool-level data, we find no difference in servicing fees for pools in which servicing rights are retained relative to pools in which they are not retained. In order to identify the impact of seller/servicer affiliation on servicing fees, we exploit a post-crisis regulatory change which altered the incentive to retain servicing rights for small sellers of MBS relative to large sellers. Finally, in the third chapter, we evaluate the information flows to the stock and bond markets of issuer versus investor-paid rating agencies and equity analysts. Equity analysts' forecasts and ratings assigned by issuer-paid credit rating agencies such as Standard and Poor's (S&P) and by investor-paid rating agencies such as Egan and Jones (EJR) all involve information production about the same underlying set of firms, even though equity analysts focus on cash flows to equity and bond ratings focus on cash flows to bonds. Further, the two types of credit rating agencies differ in their incentives to produce and report accurate information signals. Given this setting, we empirically analyze the timeliness and accuracy of the information signals provided by each of the above three types of financial intermediary to their investor clienteles and the information flows between these intermediaries. We find that the information signals produced by EJR are the most timely (on average), and seem to anticipate the information signals produced by equity analysts as well as by S&P. We find that changes in leverage are associated with lower EJR ratings but higher equity analyst recommendations; further, credit rating changes by EJR have the largest impact on firms' investment levels. We also document an "investor attention" effect (in the sense of Merton, 1987) among stock and bond market investors in the sense that changes in equity analyst recommendations have a higher impact than either EJR or S&P ratings changes on the excess returns on firm equity, while EJR rating changes have a higher impact on bond yield spreads than either S&P ratings changes or changes in equity analyst recommendations. Finally, we analyze differences in bond ratings assigned to a given firm by EJR and S&P, and find that these differences are positively related to the standard proxies for disagreement among stock market investors
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Kontautas, Vilius. "Lietuvos valstybės skolinimosi vertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20140626_162105-41432.
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Lietuvoje, kaip ir daugelyje kitų Europos šalių, kuriose vyksta dinamiški ekonomikos pertvarkymo procesai, nuolat susiduriama su lėšų šiems procesams finansuoti trūkumu. Dėl objektyvių priežasčių, kai yra riboti finansavimo šaltinių ištekliai šių valstybių viduje, labai svarbią įtaką, stiprinant jų finansines sistemas, aprūpinant jas būtinomis lėšomis, turi valstybės skolinimasis užsienyje. Valstybės skolos valdymo politika neatskiriama šalies ekonomikos dalis. Kalbant apie valstybės skolą, automatiškai susiduriama su biudžeto deficitu. Susidariusį biudžeto deficitą valstybė būna priversta finansuoti skolintomis lėšomis. Visoms pereinamosios ekonomikos šalims modernizuojant ūkį, reikia didelių investicijų. Nacionalinių santaupų santykis su BVP tokiu laikotarpiu yra nedidelis, taigi valstybė neturi pakankamai savų lėšų investicijoms. Todėl tokios valstybės, tarp jų ir Lietuva, turi skolintis, ir tai yra normalus reiškinys. Valstybė kreditiniuose santykiuose dalyvauja kaip jų subjektas. Paprastai valstybė skolinasi ir garantuoja didesnėmis sumomis, negu skolina. Svarbiausia tokios padėties priežastis – per valstybinį kreditą pritrauktos lėšos pakeičia mokesčius ir kitais būdais surinktas lėšas. Tai ir yra pagrindinė susidariusios valstybės skolos priežastis. Vietiniai finansavimo šaltiniai yra tinkamiausi valstybės finansavimo šaltiniai, ypač jeigu tie šaltiniai denominuoti nacionaline valiuta. Valstybės vidaus skola yra labai svarbus rodiklis, rodantis valstybės ekonominį... [toliau žr. visą tekstą]In Lithuania, like in other European countries where dynamic processes of economy reorganization are proceeding, there is a constant impact with lack of funds to finance these processes. Objectively, when limited resources of finance funds are in countries, lending abroad has a huge influence on strengthening their financial systems and providing them with necessary funds. Policy of national debt management is inseparable part from national economy. Taking about national debt, one constantly confronts to budget deficit. The country is forced to finance formed budget deficit with loans. All countries of transitional economy need huge investments to modernize economy. The proportion of national stockpiling and gross domestic product (GDP) at that time is not high; therefore, the country does not have enough own resources for investments. Therefore, such countries, including Lithuania, have to borrow, and that is very normal. The country in credit relations participates like their subject. Usually the country takes a loan and guarantees for bigger sums than lends. The most important reason of this condition is that though national credit raised funds change taxes and funds collected in other ways. That is the main reason of formed national debt. Local finance resources are the most suitable country’s finance resources, especially if there resources are denominated by national currency. Inland debt is a very important factor that presents the level of country’s economical... [to full text]
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Smiešková, Alena. "Analýza zadlužování územní samosprávy v ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16366.
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Graduation thesis deals with the debt of municipalities and regions. Its subject is the analysis of local authorities debt, namely the most frequent causes, development and comparison between municipalities and regions. Furthermore, it describes the possibility of regulating municipal debt. A part of this thesis is an analysis of revenues and expenses of municipalities, their possible influence and a description of the most frequently used returnable revenues. The practical part is focused on the debt of capital city Prague, which has a specific position as a town and region together. Prague's economy, the debt size and the rate of indebtedness will be analyzed and assessed based on informing and monitoring system indicators. An estimation of Prague financial outlook is included at the end of thesis.
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Csanda, Gábor. "The European debt crisis and its consequences in Slovakia and in the Czech Republic." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114371.
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The master thesis focuses on the European debt crisis. It first studies the development of monetary integration on the continent. It is followed by the detailed analyses of the debt crisis, how it started, what were the triggers, how it unfolded and at what point is it now. It identifies the fundamental issues of the crisis and the reasons of it. Lastly, it analyzes the implications of the crisis in the Czech Republic and Slovakia. The master thesis contains 73 pages, 25 figures or tables and 1 annex.
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So, Wang-ming. "An analysis of mortgage prepayment in Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B2084234X.
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Kouao, Serge Guy. "Incidence des facteurs institutionnels dans l’évolution de la structure financière des entreprises : cas d’entreprises françaises cotées à la bourse de Paris." Thesis, Bordeaux 4, 2011. http://www.theses.fr/2011BOR40032/document.
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S’appuyant sur les théories du financement hiérarchique et du compromis, cette recherche se donne pour objectif de tester empiriquement la relation structure financière-institution. Ces deux notions partagent des caractéristiques communes favorisant leur association conceptuelle à travers le ratio d’endettement cible spécifiquement via le comportement de conservatisme financier des entreprises. Cela ouvre de nouvelles possibilités d’analyses de ladite relation, notamment, en mobilisant le néo-institutionnalisme. Un échantillon de 204 entreprises françaises cotées à la bourse de Paris, ayant des données complètes entre 1999 et 2007, a servi à entreprendre le volet empirique de l’étude. Les principaux résultats indiquent que l’ensemble des déterminants traditionnels de la structure financière, à l’exception de la taille, joue un rôle important dans la politique de financement de ces entreprises. Le niveau de corruption et la liquidité du marché boursier français (variables institutionnelles juridico-financières) n’influencent pas le choix du niveau d’endettement, mais jouent plutôt un rôle significatif dans le choix de la maturité de la dette. Par ailleurs, la structure financière de ces entreprises converge lentement mais sûrement vers son niveau cibleBased on the pecking order and trade-off theories, this research aims to test empirically the relationship between corporate capital structure and institution. Both concepts share common characteristics fostering their conceptual association through the target debt ratio specifically via corporate behavior of financial conservatism. This opens new possibilities for analysis of that relationship, in particular, by mobilizing the new institutionalism framework. A sample of 204 French companies listed on the Paris stock exchange, with complete data between 1999 and 2007, was used to undertake the empirical part of the study. The main results indicate that all the traditional determinants of capital structure, except the size, play an important role in the financing policy of these companies. The level of corruption and the French stock market liquidity (legal and financial institutional variables) do not influence the choice of debt level, but rather play a significant role in the choice of debt maturity. In addition, the financial structure of these companies converges slowly but surely toward its target level
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Hamel, Wassing Maximilian, and Martin Kenney. "Multiple large shareholders, control contestability and debt maturity : A study on the conflict of interest over debt maturity between minority and large shareholders on the Swedish stock exchange." Thesis, Linköpings universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-131051.
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Background: Sweden has a tradition of a concentrated ownership structure where many owners use dual asset classes to maintain corporate control by possessing small portions of the dividend rights. Financial literature has shown that these controlling owners find more incentives to divert corporate resources for private use, at the expense of shareholders. Recent studies also show that involvement in extraction of private benefits leads to long maturity debt as controlling owners avoid frequent monitoring by lenders. As this causes a conflict over corporate debt maturity between controlling and minority shareholders, we investigate if the presence of multiple large shareholders (MLS) mitigates this conflict through control contests. Purpose: The purpose of this thesis is to examine and analyze how different ownership structures affect the informative environment within a firm. In addition, the thesis investigates how ownership structure affect debt maturity structure and what this mean for large and minority shareholders. Method: The study uses a quantitative approach with panel data of 74 publicly traded non – financial Swedish firms over the period of 2006 – 2014. A deductive approach has been applied in order to explain empirical results from theory and previous literature. Results: We find evidence that controlling owners with a separation in control and cash flow rights tend to insulate themselves through long term debt, creating a bad informative environment with information asymmetry and agency costs. Furthermore, our results show robust evidence that MLS mitigates these problems since control contest between large shareholders leads to a shorter debt maturity, yielding a better informative environment. In addition, our results imply that MLS may be an important factor in facilitating financing as investors associate these firms with less risk of extraction of private benefits.