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An inter-industry analysis of capital structure policyKaiser, Michael Martin, Moynihan, Jonathan Patrick January 1977 (has links)
Thesis. 1977. M.S.--Massachusetts Institute of Technology. Alfred P. Sloan School of Management. / Bibliography : leaves 81-82. / by Michael Martin Kaiser [and] Jonathan Patrick Moynihan. / M.S.
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Ownership structure, board characteristics, and tax aggressivenessZHOU, Ying 01 January 2011 (has links)
Tax aggressiveness, as commonly proxied by the effective tax rate (ETR), measures a firm’s effort spent on minimizing its tax payments. It is suggested that more tax aggressive firms have greater incentives to allocate resources to minimize taxes and thus have lower ETRs. Corporate governance has been continuously receiving attention in literature across different fields and can affect a firm’s tax strategy through its control mechanism. This thesis investigates how corporate governance influences a firm’s tax aggressiveness. The main hypothesis of this thesis is whether firms with good corporate governance will have less incentives and opportunities to manage tax aggressively. Specifically, I take advantages of the distinct institutional settings in China to study whether the Chinese firm’s tax aggressiveness is affected by ownership structure and the characteristics of board of directors. Using all non-financial listed companies in the Chinese A-share market during 2003 and 2009 period, I find that firms with state-controlled nature and lower proportion of controlling shares pursue less aggressive tax strategies and maintain higher ETRs. In addition, my finding is consistent with prior literature that a higher percentage of the boards’ shareholdings and dual service duties performed by the board chairman result in lower ETRs. However, I do not find a significant relationship between the percentage of independent directors and tax aggressiveness which may suggest the ineffective role of independent directors in China.
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Tort law liability of directors and officers towards third party creditors : a comparative study of common and civil law with special focus on Canada and GermanySchlag, Jenny Melanie January 2003 (has links)
No description available.
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The use of hybrid securities to raise capital in Australian listed marketsSuchard, Jo-Ann Clair, Banking & Finance, Australian School of Business, UNSW January 2001 (has links)
Studies on the use of hybrid securities by listed firms to raise capital in international markets have been limited. The existing evidence on the seasoned capital raising process has concentrated on straight equity and debt issues in the United States (US) market. The Australian market provides a unique comparative capital raising environment as it has a number of operating and structural features that are different to many other markets. These differences include the method of issuing securities (rights issues), underwriting contracts (standby contracts), the trading volume of securities (thin trading), the industry makeup of listed firms (a high number of resource firms) and characteristics of capital raising instruments (convertible debt is non callable and is the only type of listed debt instrument, options are used as stand alone instruments to raise capital). This research focuses on how these differences give rise to differences in the share price reaction to security issues, the relevant explanations of the share price reaction, the security choice decision and the demand for underwriter services in the Australian market, compared to other markets. The impact of the announcement of hybrid security issues is examined using event study methodology adjusted for thin trading (as per Maynes and Rumsey(1993). Australian markets have differing characteristics to international markets including differing issue and issuer characteristics of hybrid security issues. However, the announcement effect evidence for Australian hybrid issues is consistent with international evidence for convertible debt issues but is inconsistent for company issued options and preference shares. Announcements of convertible debt are met with a significant negative share market response, a positive pre announcement runup and negative post announcement dnft, similar to US and UK issues. Although the announcement of an option issue can be viewed as an issue of delayed equity, option issues are met with a significant positive share price response rather than the negative share price response found for international equity issues. Announcements of preference share issues are met with an insignificant positive share price response which is in contrast to US and UK results. The results of the analysis of the explanation of the announcement effect of issuing new hybrid securities in the Australian market, suggest that different variables are significant explanators for the Australian market compared to international markets. The results of the models developed for the explanations of the announcement effect of Australian hybrid issues differ across security type. In general, the results for Australian issues of hybrid securities provide the greatest support for variants of the information asymmetry hypothesis. Convertible debt issues are best explained by the general information asymmetry hypothesis and the information asymmetry : external monitoring hypothesis. Option issues are best explained by information asymmetry : rights issues information asymmetry : signalling and agency cost hypotheses. Preference share issues are best explained by information asymmetry : rights issues, information asymmetry : external monitoring and the information asymmetry : signalling hypothesis. The security choice decision between hybrid securities is examined using logit regression analysis. When the choice is restricted to options and convertible debt, firms with high financial risk (leverage) and firm nsk (share volatility) are more likely to issue equity or in this study, equity like securities (options) and firms with higher pre announcement returns and larger issue size are more likely to issue debt or debt like securities (convertible debt). When the choice is extended to include preference shares, firms with high firm risk are more likely to choose options and firms making a relatively large issue are less likely to choose options (when financial risk is measured as long term debt over total assets) or more likely to choose convertible debt (when financial risk is measured as long term debt over equity). The determinants of underwriter use are examined using logit regression analysis for option issues as they are the only type of hybrid instruments that are not mostly underwritten. The results for the demand for underwriter services show that issue size, trading frequency and market risk are the determinants of the use of underwriters for Australian option issuers. This implies that mangers are more likely to choose to use an underwriter, the higher the amount of capital to be raised, the higher the trading frequency of the shares and the lower the market risk. The results are similar to partial results found for New Zealand and Norwegian equity issues where subscription price discount, issue size, firm risk, trading frequency, shareholder concentration and shareholder precommitments are determinants of underwriter use.
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Re-examination of captive finance company : an empirical study /Kim, Sangphill, January 1900 (has links)
Thesis (Ph. D.)--Ohio State University, 1984. / Includes vita. Includes bibliographical references (leaves 109-112). Available online via OhioLINK's ETD Center.
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Neutralitätspflicht und Übernahmegesetz : eine vergleichende Untersuchung von Abwehmassnahmen bei feindlichen Übernahmen nach deutschem und US-amerikanischem Recht unter besonderer Berücksichtigung des deutschen Übernahmegesetzes /Dimke, Andreas W. January 2007 (has links)
Thesis (doctoral)--Universiẗat Hamburg, 2005. / Includes bibliographical references (p. 585-679).
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Neutralitätspflicht und Übernahmegesetz : eine vergleichende Untersuchung von Abwehrmaßnahmen bei feindlichen Übernahmen nach deutschem und US-amerikanischem Recht unter Berücksichtigung des deutschen Übernahmegesetzes /Dimke, Andreas W. January 1900 (has links) (PDF)
Univ., Diss.--Hamburg, 2005. / Literaturverz. S. 585 - 679.
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The management of a Japanese information technology company in Hong KongWoo, Po-shan, Faustine. January 2001 (has links)
Thesis (M. Phil.)--University of Hong Kong, 2001. / Includes bibliographical references (leaves 144-145).
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Analyzing the efficacy of early retirement incentives in the private sectorCline, Linda K. Mason, Laura L. January 2009 (has links) (PDF)
"Submitted in partial fulfillment of the requirements for the degree of Master of Science in Program Management from the Naval Postgraduate School, December 2009." / Advisor(s): Petross, Diana ; Naegle, Brad. "December 2009." "Joint applied project"--Cover. Description based on title screen as viewed on January 28, 2010. Author(s) subject terms: N/a Includes bibliographical references (p. 43-47). Also available in print.
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Corporate consolidation an event study of historic stock prices in the defense aerospace industry /Wood, David J. H. January 2009 (has links) (PDF)
Thesis (Master of Business Administration)--Naval Postgraduate School, December 2009. / Thesis Advisor(s): Laverson, Alan. Second Reader: Gates, William. "December 2009." Description based on title screen as viewed on January 27, 2010. Author(s) subject terms: Defense industry, Consolidations, Mergers, Acquisitions, Event study, Boeing, Lockheed Martin, Northrop Grumman, Raytheon. Includes bibliographical references (p. 55-58). Also available in print.
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