An Empirical Analysis Of Incremental Capital Structure Decisions Under Managerial Entrenchment
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Author | : Abe de Jong |
Publisher | : |
Total Pages | : 42 |
Release | : 2001 |
Genre | : |
ISBN | : |
Download An Empirical Analysis of Incremental Capital Structure Decisions Under Managerial Entrenchment Book in PDF, Epub and Kindle
We study incremental capital structure decisions of Dutch companies. From 1977 to 1996 these companies have made 110 issues of public and private seasoned equity and 137 public issues of straight debt. Managers of Dutch companies are entrenched. For this reason a discrepancy exists between managerial decisions and shareholder reactions. Confirming Zwiebel (1996) we find that Dutch managers avoid the disciplining role of debt allowing them to overinvest. However, the market reactions show that this overinvestment behavior is recognized. We do not find a confirmation of the adverse selection model of Myers and Majluf (1984). This is probably due to the entrenchment of managers and the prevalence of rights issues.
Author | : Berger Philip G. |
Publisher | : |
Total Pages | : 38 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download Managerial Entrenchment and Capital Structure Decisions Book in PDF, Epub and Kindle
We study associations between managerial entrenchment and firms capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross-sectional analysis, we find that leverage levels are lower when CEOs do not face pressure from either ownership and compensation incentives or active monitoring. In an analysis of leverage changes, we find that leverage increases in the aftermath of entrenchment-reducing shocks to managerial security, including unsuccessful tender offers, involuntary CEO replacements, and the addition to the board of major stockholders.
Author | : Philip G. Berger |
Publisher | : |
Total Pages | : |
Release | : 1997 |
Genre | : |
ISBN | : |
Download Managerial Entrenchment and Capital Structure Decisions Book in PDF, Epub and Kindle
We study associations between managerial entrenchment and firms' capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross- sectional analysis, we find that leverage levels are lower when CEOs do not face pressure from either ownership and compensation incentives or active monitoring. In an analysis of leverage changes, we find that leverage increases in the aftermath of entrenchment-reducing shocks to managerial security, including unsuccessful tender offers, involuntary CEO replacements, and the addition to the board of major stockholders.
Author | : Christopher Parsons |
Publisher | : Now Publishers Inc |
Total Pages | : 107 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : 160198202X |
Download Empirical Capital Structure Book in PDF, Epub and Kindle
Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Author | : Philip G. Berger |
Publisher | : |
Total Pages | : 26 |
Release | : 1995 |
Genre | : Capital |
ISBN | : |
Download Managerial Entrenchment and Capital Structure Decisions Book in PDF, Epub and Kindle
Author | : H. Kent Baker |
Publisher | : John Wiley & Sons |
Total Pages | : 504 |
Release | : 2011-03-31 |
Genre | : Business & Economics |
ISBN | : 1118022947 |
Download Capital Structure and Corporate Financing Decisions Book in PDF, Epub and Kindle
A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Author | : Abe de Jong |
Publisher | : |
Total Pages | : 201 |
Release | : 1999 |
Genre | : |
ISBN | : 9789056680510 |
Download An Empirical Analysis of Capital Structure Decisions in Dutch Firms Book in PDF, Epub and Kindle
Author | : Sanjiva Prasad |
Publisher | : |
Total Pages | : 0 |
Release | : 2001 |
Genre | : Corporate governance |
ISBN | : 9781902518923 |
Download Company Financing, Capital Structure, and Ownership Book in PDF, Epub and Kindle
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2001 |
Genre | : |
ISBN | : |
Download JOURNAL of BANKING & FINANCE Book in PDF, Epub and Kindle
Author | : Luc Renneboog |
Publisher | : Emerald Group Publishing |
Total Pages | : 569 |
Release | : 2006-03-02 |
Genre | : Business & Economics |
ISBN | : 0444527230 |
Download Advances in Corporate Finance and Asset Pricing Book in PDF, Epub and Kindle
Incorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.