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Dissertations / Theses on the topic 'Production and financial leverage'

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Published: 28 May 2022

Last updated: 31 July 2025

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1

Rayan, Kuben. "Financial leverage and firm value." Diss., University of Pretoria, 2008. http://hdl.handle.net/2263/23237.

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The capital structure debate has been live for decades, with the key point of contention for many researchers being whether capital structure positively or negatively impacts firm value. Much of the literature on this question takes its departure from the seminal writings of Modigliani and Miller (1958) and their Theorem of Irrelevance. Many researchers have subsequently argued their case for and against the optimal value capital structure. The purpose of this research is to evaluate whether in a South African context an increase in financial leverage positively or negatively impacts firm valu

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2

Думанський, М. А. "Вексельний обіг в системі фінансових відносин". Thesis, Науково-дослідний фінансовий інститут, 2002. http://essuir.sumdu.edu.ua/handle/123456789/51523.

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Дисертацію присвячено суті фінансової складової вексельного обігу, методів оцінки економічної природи векселя, їхнього використання в розв’язанні економічних проблем суб’єктів господарської діяльності, зокрема розв’язання кризи платежів. На основі аналізу та оцінки існуючих механізмів використання векселів визначено та обґрунтовано ступінь, зміст і значення вексельного обігу в становленні економічних ринкових відносин та сформульовані основні принципи їх ефективного застосування в розрахунках між підприємствами. В роботі запропоновано механізм проведення вексельного взаємозаліку, розроблена

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3

Källum, Martin, and Hampus Sturesson. "Financial leverage : The impact on Swedish companies’ financial performance." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-67482.

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Background: Swedish companies were negatively affected by the financial crisis between 2007 to 2009. Even if companies with a high level of financial leverage were hit harder due to the financial crisis than companies with financial leverage, the level of financial leverage about the same now as it was right before the financial crisis. Even if an increase of cash flows associated to financial leverage increase a company’s business opportunities, there are a lot of research done in the field that claim that the relation between financial leverage and financial performance is negative. Purpose:

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4

Lo, Chen-Chang. "Corporate hedging, financial leverage, and firm value." Thesis, University of Birmingham, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.522001.

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5

Ragland, Rhonda B. "Corporate growth, product marketing and financial leverage." Thesis, Liverpool John Moores University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.298004.

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6

Löwenthal, Simon, and Henry Nyman. "Do Firms Balance Their Operating and Financial Leverage? - The Relationship Between Operating and Financial Leverage in Swedish Listed Companies." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-202220.

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Previous research on the tradeoff between operating and financial leverage has come to contradicting results, thus, there is no consensus of opinion regarding van Horne’s tradeoff theory. This study investigates whether there is support for the tradeoff theory on a sample of 347 Swedish, listed firms. Unlike previous studies, we employ a method with direct measures using guidance provided by Penman (2012), rather than using the more common degree of operating and financial leverage as proxies. During the time period 2006-2011 we find a statistically significant negative relationship of 0.214 u

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7

Alnamlah, Abdullah Khaled. "Corporate Leverage, Constraints, and Compliance." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/td/2660.

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The first chapter evaluates the zero-leverage effect on firms' financial constraints. Moreover, using investment- and cash-to-cash-flow sensitivities as financial constraint indicators, the results suggest that unleveraged firms are expected to face lower constraints relative to leveraged firms. Lastly, the results indicate that the zero-leverage effect on firms’ financial constraints is more likely stronger for smaller firms, zero-dividend firms, firms with lower proportions of tangible assets, and growth firms. The second chapter develops a new quantitative measure that reflects the extent t

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8

Danielson, Morris G. "Firm value, growth opportunities, and leverage /." Thesis, Connect to this title online; UW restricted, 1996. http://hdl.handle.net/1773/8793.

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9

Dimova, Dilyana. "The role of consumer leverage in financial crises." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:cdc19fb0-183e-414e-90a6-ddac394e2ed1.

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This thesis demonstrates that consumer leverage can contribute to financial crises such as the subprime mortgage crisis characterised by increased bankruptcy prospects and tightened credit access. A recession may follow even when the leveraged sector is not a production sector and can be triggered by seeming positive events such as a technological innovation and a relaxation of borrowing conditions. The first preliminary chapter updates the Bernanke, Gertler and Gilchrist (1999) approach with financial frictions in the production sector to a two-sector model with consumption and housing. It sh

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10

Zhou, Yi. "Leverage, asset pricing and its implications." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1692099801&sid=19&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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11

Spennare, Karin. "The Zero-leverage Puzzle : Evidence from Sweden." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-450351.

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This study investigates why some firms have no debt in their capital structure despite the potential benefits of leverage. A logistic regression analysis is used to examine the impact of firm-specific characteristics on a firm’s propensity to have zero leverage. The validity of five theoretical explanations for the zero-leverage phenomenon are examined based on how the theories predict characteristics to affect a firm’s propensity to be unlevered. Analysing a new sample of Swedish firms listed on Nasdaq Stockholm in 2005-2018, I show that on average 14.2% of all firms are unlevered. The regres

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12

Troughton, Mark Timothy. "An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange." Master's thesis, University of Cape Town, 1996. http://hdl.handle.net/11427/16112.

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Bibliography: pages 234-247.<br>The Capital Asset Pricing Model (CAPM) postulates that beta is a quantitative measure of a company's undiversifiable risk, the determinants of which are of considerable interest to financial managers and investors alike. Analytical research has shown that beta is a positive function of a company's unlevered or asset beta and its market value debt to equity ratio (i.e. financial leverage). In turn, unlevered beta has been shown to be a positive function of a company's operating leverage, and the trade-off between operating and financial leverage proposed as a mea

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13

Luangaram, Pongsak. "Asset prices, leverage and financial crisis : the case of Thailand." Thesis, University of Warwick, 2003. http://wrap.warwick.ac.uk/2497/.

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The first part of this thesis examines the role of highly-leveraged institution in creating vulnerability in the financial system. By applying the framework of Kiyotaki and Moore (1997), Chapter 2 shows that when an asset price bubble bursts which cuts the value of land being used as collateral, the sudden fall in collateral value can create the possibility that firms’ net worth is entirely wiped out and the whole financial system collapse. This is due to the powerful feedback effects where forced selling further depresses prices, setting in motion a downward spiral of asset prices and loan re

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14

Wu, Wenjie. "Leverage, ownership structure and firm behavior in China." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B37362598.

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15

Connell, Tamara, Melanie Dubin, and Magdalena Szpala. "Carbon Neutrality as Leverage in Transitioning a Financial Organisation Towards Sustainability." Thesis, Blekinge Tekniska Högskola, Avdelningen för maskinteknik, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2714.

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Climate change is one of the most pressing environmental issues of our time, as it threatens the survival of human civilisation. With the increasing number of initiatives trying to address climate change, it is important to examine how effective they are and what other roles these initiatives can serve in transitioning society towards sustainability. This thesis investigates the role of one such initiative, carbon neutrality, within a strategic approach to sustainable development, based on the case study of the North American Credit Union (NACU). A scientific understanding of climate change an

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16

Rottenberg, Boaz. "The effect of financial leverage on asset price volatility in JapaneseKeiretsu." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31954625.

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17

Björklund, Thelma, and Hedvig Jonsson. "Financial Volatility and the Leverage Effect on the Swedish Stock Exchange." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-246067.

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In today’s financial markets, volatility is a fundamental concept in regards of the risk assessment of assets and instruments. Financial volatility is commonly used to measure the quantitative aspects of risk and is given a significant amount of attention in past literature and research. The leverage effect refers to the well-established negative relationship between return and future volatility. The relation is usually explained by the increased leverage ratio that arises from a drop in the share price for a firm. A lower price means lower value of the equity and while the debt remains unchan

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18

Gould, John. "The joint hedging and leverage decision." University of Western Australia. School of Economics and Commerce, 2008. http://theses.library.uwa.edu.au/adt-WU2009.0038.

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The validating roles of hedging and leverage as value-adding corporate strategies arise from their beneficial manipulation of deadweight market impositions such as taxes and financial distress costs. These roles may even be symbiotic in their value-adding effects, but they are antithetic in their effects on company risk. This study's modelling analysis indicates that hedging and leverage do interact for net benefit to company value; for sensible base-case exogenous parameters, the optimal (value-maximising) joint hedging and leverage strategy increases company value by about 4.0% compared to t

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19

Zhong, Larry. "Intangibles Related Ratios and their Relationships with Leverage." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/755.

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Intangible assets have been the increasingly dominant primary source of market value creation. This paper investigates the relationship between leverage and various intangibles related ratios. An empirical analysis is conducted to quantitatively understand the impact that these ratios have on leverage. The results show that intangible assets have a clear significant positive relationship with leverage. Accounting based principles are used to provide reasoning behind the results, which include the difference in impact that internally generated intangible assets and acquired intangibles have on

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20

Wu, Wenjie, and 武文潔. "Leverage, ownership structure and firm behavior in China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B37362598.

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21

Rottenberg, Boaz. "The effect of financial leverage on asset price volatility in Japanese Keiretsu." Click to view the E-thesis via HKUTO, 2003. http://sunzi.lib.hku.hk/hkuto/record/B31954625.

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22

Nega, Fraser T. "The Relationship Between Financial Performance, Firm Size, Leverage and Corporate Social Responsibility." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4661.

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Approximately $25.2 trillion in total assets under management in the United States is involved in some strategy of socially responsible and sustainable investing. Grounded in the stakeholder theory, the purpose of this correlational study was to examine the relationships between financial performance, firm size, leverage, and corporate social responsibility. A random sample included 119 large companies located in the United States from the population of companies listed in the Russell 100 index. The data were collected via Bloomberg Terminal. Multiple linear regression analysis was used to pre

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23

Li, Rong-Jen. "Combined Leverage and the Volatility of Stock Prices." Thesis, North Texas State University, 1985. https://digital.library.unt.edu/ark:/67531/metadc331340/.

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Much has been written during the past decade to explain the relationship between financial and operating leverage and stock-price volatility. However, the relationship between combined leverage and stock-price volatility has yet to be fully explored. Mandelker and Rhee's (MR) recent study uses both operating and financial leverage in a regression (equivalent to the traditional total leverage—DTL) and shows that both types of leverage are positively associated with common stock betas. Huffman recently demonstrated that there are interactions between operating leverage and financial leverage. Th

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24

Tasca, Paolo <1976&gt. "Diversification, leverage and systemic risk." Doctoral thesis, Università Ca' Foscari Venezia, 2012. http://hdl.handle.net/10579/1188.

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The Thesis investigates from a theoretical perspective the relationship between leverage, diversification and systemic risk. Moving from the folk wisdom that asset diversification enhances financial stability by dispersing credit risks, we contribute to the debate shedding light on a critical facet of this strategy. First a representative leveraged investor is considered. Under the standard framework of asset pricing theory in a frictionless, arbitrage-free and complete market, we show that maximum diversification may increase the default risk. Then, we consider a financial system of interconn

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25

HUANG, YUXIN. "Impact of Labor Protection Laws on the Operating and Financial Risks of Firms: The Case of China." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2546.

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A debate exists regarding the effect of labor protection laws on labor costs. Whether labor protection laws increase or decrease labor costs has implications for risk exposure of affected firms. If the labor costs go up, all else the same, the firm’s breakeven point goes up. Facing increased business risk, the firm must resort to strategies that inhibit the risk exposure, especially if the higher labor costs cannot be transferred, without adverse consequences, to consumers. The strategies include reigning in, if at all possible, operating leverage and financial leverage. Conversely, if the lab

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26

Björklund, Thelma, and Hedvig Jonsson. "Financial Volatility and the Leverage Effect : A study of the Swedish Stock Exchange." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-244827.

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In today’s financial markets, volatility is a fundamental concept in regards of the risk assessmentof assets and instruments. Financial volatility is commonly used to measure the quantitativeaspects of risk and is given a significant amount of attention in past literature and research. Theleverage effect refers to the well-established negative relationship between return and futurevolatility. The relation is usually explained by the increased leverage ratio that arises from a dropin the share price for a firm. A lower price means lower value of the equity and while the debtremains unchanged, t

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27

Agyei-Boapeah, Henry. "Mergers and acquisitions and corporate financial leverage : an empirical analysis of UK firms." Thesis, Loughborough University, 2013. https://dspace.lboro.ac.uk/2134/13455.

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This thesis examines the link between mergers and acquisitions (M&As) and corporate financial leverage. The thesis proposes and tests various hypotheses regarding: (1) the relationship between the probability of firms undertaking M&As and corporate financial leverage; and (2) the changes in financial leverage prior to firms' decision to initiate M&As. The empirical evidence on the proposed hypotheses is based on a large sample of firms in the UK during the period 1996 and 2006. The empirical analysis presented in this study contributes to the large and growing body of literature on the interde

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28

Kubheka, Noxolo Siphelele Pumla. "How to leverage information to improve business performance in a financial services company." Thesis, Link to the online version, 2007. https://etd.sun.ac.za/jspui/handle/10019/1081.

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29

Xu, TengTeng. "Topics in credit, financial intermediation and international business cycles." Thesis, University of Cambridge, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.609928.

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30

Kilic, Emre. "The impact of leverage implicit in derivative financial instruments on banks' default risk premium." Related electronic resource: Current Research at SU : database of SU dissertations, recent titles available full text, 2005. http://wwwlib.umi.com/cr/syr/main.

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31

Dreyer, Jacque. "Capital structure : profitability, earnings volatility and the probability of financial distress." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23802.

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This research project set out to determine whether there is a relationship between the observed leverage levels of South African companies, their profitability, earnings volatility and the probability of financial distress. The relevant body of knowledge against which to execute this research project is known as capital structure theory. Capital structure theory deals with the way in which firms finance themselves. It is concerned with the relationship between the structure of debt, equity and hybrid securities found on the right hand side of the firm’s balance sheet. It is believed that the 2

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32

Goss, Line Valerie. "Two Essays in Financial Economics." ScholarWorks@UNO, 2014. http://scholarworks.uno.edu/td/1920.

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Chapter 1 of this study investigates the link between a firm’s capital structure and their industry competitive behavior. Given the competitive behavior in certain markets, Cournot or Bertrand, we investigate if there are any inborn characteristics of these markets’ competitive behavior that would create an incentive for Cournot firms to have a different strategic debt level than Bertrand firms. Related theories argue that any industry’s competitive behavior, whether it is Bertrand or Cournot would typically consist of a certain type of debt and pursue a certain type of competitive strategy, b

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33

Yue, Xiabin, and Bo Xing. "The impact of R&D intensity on the volatility of stock price : A study of the Swedish Market during year 1997-2005." Thesis, University of Skövde, School of Technology and Society, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-202.

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<p>This thesis investigates the theoretical and empirical relationships between a firm’s R&D investment intensity and the systematic risk of its common stock in Sweden. This is done by examining 38 Swedish firms between 1997 and 2005. An overlapping set of 5-year window is chosen to apply to calculate the variables of the samples.</p><p>In this thesis, three factors are introduced as a proxy of main constituents of systematic risk: intrinsic business risk, degree of financial leverage and degree of operating leverage. And we use these three constituents to analysis the relationship between R&D

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34

Bonito, Miguel Filipe Rocha. "Estudo comparativo de efeitos de alavancagem no risco sistemático baseado no CAPM entre empresas do PSI 20 e IBEX 35." Master's thesis, Universidade de Évora, 2014. http://hdl.handle.net/10174/18258.

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Esta dissertação tem como principal objetivo estudar os efeitos de alavancagem no risco sistemático nas empresas não financeiras do PSI 20 e do IBEX 35. A metodologia utilizada é descritiva e analítica, utilizando-se a análise de correlação de Pearson e a análise de modelos de dados de painel para efetuar uma comparação entre as empresas não financeiras do PSI 20 e IBEX 35, tendo como ponto de partida o referencial teórico do Capital Asset Pricing Model. Foi possível verificar para o conjunto de empresas não financeiras do PSI 20 e IBEX 35 que ambas as alavancagens são significativas, estando

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35

Ellis, Matthew. "An Examination of the Breadth of the Coinsurance Effect: The Effect of Labor Leverage on Acquirer Returns." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/616.

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Previous research on the coinsurance effect solely focuses on the coinsurance of corporate debt and ignores the possibility that a combined entity’s assets may coinsure other financial obligations with debt-like characteristics. The present study examines the breadth of the coinsurance effect by testing whether the theory extends to labor obligations. Using an event study methodology, I analyze merger events between the 2000-2012 period. I investigate how acquirer shareholders are affected by the coinsurance effect during this period by examining acquirer common stock returns at the announceme

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Salama, Mohamed Feras. "Diversification strategies, financial leverage, and excess value the role of information asymmetry and corporate governance /." To access this resource online via ProQuest Dissertations and Theses @ UTEP, 2008. http://0-proquest.umi.com.lib.utep.edu/login?COPT=REJTPTU0YmImSU5UPTAmVkVSPTI=&clientId=2515.

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37

Fu, Jinyi. "Financing and Debt Maturity Choices by Undiversified Owner-Managers: Theory and Evidence." Diss., Available online, Georgia Institute of Technology, 2006, 2006. http://etd.gatech.edu/theses/available/etd-07092006-201009/.

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Thesis (Ph. D.)--Management, Georgia Institute of Technology, 2007.<br>Dr. Rajesh Chakrabarti, Committee Member ; Dr. Narayanan Jayaraman, Committee Co-Chair ; Dr. Jonathan Clarke, Committee Member ; Dr. Ajay Subramanian, Committee Co-Chair ; Dr. Richard Phillips, Committee Member.

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Mnzava, Imanueli Daniel. "How corporate tax affects leverage, leasing and systematic risk : evidence from the UK corporation tax reform of 1984." Thesis, University of Strathclyde, 2003. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21207.

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This thesis investigates the impact of corporation tax on leverage, systematic risk and leasing by using the changes in corporation tax effected through the corporation tax reform of 1984. I also investigate whether there was any relationship between ownership structure of a firm and its response to the 1984 reform. Whereas theoretical models suggest that corporation tax influences corporate financial policy, extant empirical findings provide inconclusive evidence to support the tax theories of capital structure. The inconclusive findings from earlier studies are attributable to the methodolog

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Korpel, Isabeau Richard. "Identifying a leverage point to improve business performance through eLearning a case study in a financial institution /." Thesis, Pretoria : [s.n.], 2004. http://upetd.up.ac.za/thesis/available/etd-03022005-151856/.

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M, Zein Aida, and Per Ångström. "Can macroeconomic factors explain the choice of capital structure? - A study of listed non-financial firms in Sweden." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-302858.

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This study investigates the impact macroeconomic factors have on corporate capital structure in Sweden. We use a panel data analysis of unbalanced data for the sample period, 2005-2014. While previous research has shown that key factors internal to the firm are highly correlated with leverage, such as profitability, asset tangibility and firm size, we add external factors and test for economic growth, inflation, interest rates, corporate tax rates, and exchange rates. Our models do not present any substantial explanatory power for the relationship between the macroeconomic environment and diff

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Tepper, Alexander. "Essays in economic and financial history." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:9f10c836-05be-4fe8-ba57-1ce237fa0d9f.

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Division One: “Malthus Gets Fat” (Two Chapters) Chapter One develops a simple dynamic model to examine the takeoff from a Malthusian economy to a modern growth regime. It finds that several factors, most notably the rate of technological progress and the economic structure, determine the fastest rate at which the population can grow without declining living standards; this is termed maximum sustainable population growth. It is only when this maximum sustainable rate exceeds the peak rate at which a society expands that takeoff can occur. I also investigate the effects of trade and internationa

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Xu, Zhen. "Financial analysis of turfgrass production in Mississippi." Master's thesis, Mississippi State : Mississippi State University, 2008. http://library.msstate.edu/etd/show.asp?etd=etd-07112008-005650.

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Deboi, Vladyslav, Harbi Kurmakhadov, and Meng Li. "Impact of financial leverage on the profitability of real estate companies : A quantitative study from Swedish Stock Exchange." Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-53080.

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Prudent usage of financial leverage by managers can significantly impact business operations and a corporate’s performance. Thus, the determination and the understanding of the influence of financial leverage on the profitability of a corporation are intrinsic and indispensable for not only maximising the value of a firm but also improving its financial performance. This study adopted a quantitative research method, in which the theories were tested by multiple regression analysis in line with the positivism paradigm and deductive measure. Moreover, ontology belongs to the objectivist perspect

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Einloth, James Thomas. "Essays in corporate finance leasing versus ownership, leverage in industry equilibrium, and mutual-to-stock thrift conversions /." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1619406871&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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Punzi, Maria Teresa, and Katrin Rabitsch. "Investor borrowing heterogeneity in a Kiyotaki-Moore style macro model." WU Vienna University of Economics and Business, 2014. http://epub.wu.ac.at/4348/1/wp189.pdf.

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We allow for heterogeneity in investors' ability to borrow from collateral in a Kiyotaki-Moore style macro model. We calibrate the model to match the quintiles of the distribution of leverage ratios of US non-financial firms. We show that financial amplification of the model with heterogeneous investors can be orders of magnitude higher, because of more pronounced asset price reactions.<br>Series: Department of Economics Working Paper Series

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Huang, Ai-chen, and 黃愛真. "Investigating the Impact of Production Capacity on the Degrees of Operating Leverage and Financial Leverage." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/03861268961153425269.

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碩士<br>逢甲大學<br>會計所<br>96<br>The motivation for this study comes from attempts by previous researchers to investigate the relationship among systematic risk, degrees of operating leverage and financial leverage. The results of the researches revealed that degrees of operating leverage and financial leverage are important factors of firm systematic risk. However, it should be to study how to properly measure the degrees of operating leverage and financial leverage. The study finds that the measurement model of Mandelker and Rhee (1984) of the degrees of operating leverage and financial leverage o

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KUO, TUNG-YANG, and 郭東洋. "The Influence of Operating Leverage and Financial Leverage upon Bank’s Profitability." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/z3624v.

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碩士<br>國立高雄科技大學<br>金融系<br>107<br>This study examines the determinants of bank’s profitability by panel data model. The samples consist of 32 banks from 2009 to 2017. The empirical results show that the operating leverage has a significantly nonlinear impact on EPS, ROE and ROA. The net interest income ratio and dividend ratio have a significantly positive impact on EPS, ROE and ROA. But the net fee income ratio only has a significantly positive impact on EPS and ROA. The dummy variable of violation only has a significantly negative impact on EPS and ROE

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Ferreira, André dos Santos. "Financial Leverage in REITs: Evidence from Europe." Master's thesis, 2021. https://hdl.handle.net/10216/136172.

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LIN, LINGZI, and 林岭子. "The impact of financial leverage on business cycle." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/03713628279267743199.

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碩士<br>淡江大學<br>產業經濟學系碩士班<br>103<br>This study aims to investigate the impact of leverage on business cycle in the U.S.A. using the vector autoregressive model and more broadly to examine its spillover effects on 33 countries, mainly including OECD countries, using the global vector autoregressive model. The main findings indicate that the leverage growth has negative impact on business cycle in the U.S.A. and the negative impact spreads into most OECD countries. The evidence suggests that the leverage growth shocks play an important role as the driving force behind business cycle.

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Chen, Chuan, and 陳銓. "The Financial Leverage Estimation for Hedge Funds Indices." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/34q887.

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碩士<br>銘傳大學<br>財務金融學系碩士班<br>107<br>This study follows the methodologies of McGuire and Tsatsaronis (2008) and Patton and Ramadorai (2013) to estimate hedge fund leverage indirectly by using publicly available data, and observe the use of financial leverage by hedge funds. Our sample includes 3 hedge fund indices (ex. HFRIMI), the 13 hedge strategies indices compiled by EDHEC, and the trading data of 55 hedge fund ETFs. The paper uses eight-factor capital asset pricing model which including system risk, equity market risk, bond market risk, commodities and Fama-French factors, and incorporates l

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