Ng Yin Hung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 70-74). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgements --- p.iii / Table of contents --- p.iv / Chapter Chapter 1 . --- Introduction --- p.1 / Chapter 1.1 --- Background --- p.1 / Chapter 1.2 --- Purpose of Study --- p.1 / Chapter 1.3 --- Summary of Results --- p.3 / Chapter 1.4 --- Organization --- p.5 / Chapter Chapter 2. --- Literature Review --- p.6 / Chapter 2.1 --- Tax --- p.6 / Chapter 2.2 --- Agency Costs --- p.7 / Chapter 2.3 --- Asymmetric Information --- p.8 / Chapter 2.4 --- Product Market Interactions --- p.10 / Chapter 2.5 --- Corporate Control --- p.10 / Chapter Chapter 3. --- Data --- p.12 / Chapter 3.1 --- Methodology --- p.12 / Chapter 3.2 --- Data Collection --- p.12 / Chapter 3.3 --- Measures of Leverage --- p.14 / Chapter 3.4 --- An Overview of Corporate Capital Structure in 42 Countries --- p.15 / Chapter 3.5 --- Chapter Summary --- p.16 / Chapter Chapter 4. --- Firm Characteristics Factors in Capital Structure --- p.18 / Chapter 4.1. --- How Firm Characteristics Factors Related with Levearge --- p.18 / Chapter 4.1.1 --- Tangibility --- p.18 / Chapter 4.1.2 --- Market-to-Book Ratio --- p.19 / Chapter 4.1.3 --- Size --- p.19 / Chapter 4.1.4 --- Profitability --- p.20 / Chapter 4.1.5 --- Business Risk --- p.20 / Chapter 4.2. --- What the Data Tells Us --- p.21 / Chapter 4.2.1 --- Regression Analysis of the Effect of Firm Characteristics and Industry Dummy on Corporate Leverage --- p.21 / Chapter 4.2.1.1 --- Tangibility --- p.22 / Chapter 4.2.1.2 --- Market-to-Book Ratio --- p.24 / Chapter 4.2.1.3 --- Size --- p.27 / Chapter 4.2.1.4 --- Profitability --- p.28 / Chapter 4.2.2 --- Regression of Leverage on Firm Characteristics and Industry Dummy with Business Risk Added --- p.30 / Chapter 4.3. --- Chapter Summary --- p.32 / Chapter Chapter 5. --- Country and Firm Characteristics Factors in Capital Structure --- p.34 / Chapter 5.1. --- Regressions of Leverage on Country Dummies --- p.34 / Chapter 5.2. --- Regressions of Leverage on Country Dummies and Firm Characteristics --- p.37 / Chapter 5.2.1 --- Controlling Frim Characteristics --- p.37 / Chapter 5.2.2 --- Controlling Nationality of a Company --- p.39 / Chapter 5.3. --- Chapter Summary --- p.42 / Chapter Chapter 6. --- Macroeconomic and Institutional Factors in Capital Structure --- p.44 / Chapter 6.1. --- Macroeconomic Factors --- p.44 / Chapter 6.1.1 --- Inflation --- p.45 / Chapter 6.1.2 --- Real GDP Growth Rate --- p.47 / Chapter 6.1.3 --- Real GDP per capita --- p.48 / Chapter 6.2. --- Institutional Factors --- p.49 / Chapter 6.2.1 --- Financial Development --- p.51 / Chapter 6.2.1.1 --- Financial Intermediary Devleopment --- p.52 / Chapter 6.2.1.2 --- Stock Market Development --- p.53 / Chapter 6.2.2 --- Financial System Structure --- p.54 / Chapter 6.2.3 --- Legal Instituion Strength --- p.57 / Chapter 6.2.4 --- Investor Rights and Protection --- p.59 / Chapter 6.2.5 --- Entry Regulations --- p.61 / Chapter 6.2.6 --- Tax Codes --- p.63 / Chapter 6.3. --- Chapter Summary --- p.65 / Chapter Chapter 7. --- Conclusion --- p.67 / Chapter 7 1 --- Summary of Results --- p.67 / Chapter 7.2 --- Limitations and Suggestions for Future Studies --- p.68 / References --- p.70 / Tables --- p.75

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Thesis (Ph. D.)--University of Texas at Austin, 2002. / Vita. Includes bibliographical references.

Thesis (Ph.D.)--University of Washington, 1996. / Vita. Includes bibliographical references (leaves [121]-124).

This dissertation investigates the association of operating leverage with stock returns, the value premium, and the profitability premium. Results in the first essay support the hypothesis that operating leverage is related to stock returns and the value premium across the sampled countries. Results are robust to cross-country differences, typical controls, multiple definitions of operating and financial leverage, and while controlling for the endogeneity of operating and financial leverage. This suggests that the rational explanation for the presence of the value premium lies in the underlying risk exposure of fixed asset risk of operating leverage which is expressed through the value premium. Results further support the hypothesis of strengthening labor protection increasing operating leverage. In turn, increased labor protection marginally negatively associated with the value premium, suggesting that labor protection reduces the value premium through financial leverage. However, because operating and financial leverage are oppositely affected by employment protection, the joint effect of this association may be cumulatively washed out in estimating value premium with employment protection legislation. Results in the second essay further support the hypothesis that operating leverage is related to stock returns and additionally support the hypothesis of operating leverage being associated to the profitability premium. The profit premium tends to be insignificant when generated within operating leverage portfolios, and the profit premium only tends to be significantly positive in the higher operating leverage portfolios. Furthermore, once operating leverage and profitability are orthogonalized from one another, the estimated coefficient of profitability is reduced by a magnitude of roughly 10. These results provide evidence in support of the profit premium being based on the riskiness of the firm through operating leverage, and therefore the profit premium is a rationally priced risk factor in stock returns. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection

This paper attempts to develop a dynamic alignment approach to leverage design of system dynamics models. The approach developed in this research is a flow-based design, different from traditional macro designs of aggregated system structures or loop analysis. It is grounded on some major concepts in Synchronous management at plants and uses the Drum-Buffer-Rope (DBR) system to align the various operations of rate decisions. This paper takes two famous system dynamics models as examples to examine the performance of the proposed leverage design method. One is the customer-producer-employment model, and the other is the market growth model. Both of the models are developed by Forrester(1961; 1968). By applying the dynamic alignment approach, the redesigned customer-producer-employment system shows that the original oscillation behavior can be fully eliminated, and the redesigned market growth model can sustain its growth pattern instead of stagnation or collapse. By comparison with previous high leverage design methods, the dynamic alignment approach developed in this paper is proved to be more efficient and robust for system redesign in different scenario.

While there have been studies on capital structure and corporate strategy, limited research has considered the unique characteristics that influence the capital structures and corporate strategies of Saudi Arabian manufacturing firms. This thesis, therefore, intends to enrich the literature that relates capital structure to corporate strategy in the Saudi context. Informed by the literature, this research has developed a theoretical framework to study the influence of corporate strategy on capital structure. The framework could be extended to other industries with similar characteristics in Saudi Arabia in addition to other countries in the Gulf Cooperation Council. A mixed methodology was adopted in this research that consists of quantitative analysis, supported by qualitative results where relevant. The findings of this thesis highlight three main points. First, the results on the determinants of capital structure demonstrate the significance of the cost of servicing debt, zakat, industry structures and the nature of assets in influencing leverage. The results indicate a negative relationship between leverage and profitability and a positive relationship between leverage and risk. Second, when considering the influence of stakeholders on capital structure, the evidence indicates that debt is strategically used as a disciplining device for managers. The findings also underline the importance of equity-holders and debt-holders, demonstrating that corporate attitudes towards debt could depend on ownership structures. Institutional and family ownership positively influence leverage. Government ownership is found to be insignificant. The results demonstrate that strong banking relationships and the availability of government loans lead to higher leverage. Limited evidence was found to support a relevant role for non-financial stakeholders. The thesis illustrates to managers the possible strategic considerations of capital structure decisions that go beyond the need for finance. Further, the evidence illustrates that Saudi bankruptcy laws require clarification and that disclosure rules ought to be more stringent.

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Esta dissertação explora a relevância empírica da regulação sobre o sistema bancário. O sistema bancário representa o mais importante setor e deverá sempre estar funcionando plenamente para não comprometer outros setores econômicos. O Estado pode intervir quando o sistema financeiro parecer instável. Esta instabilidade pode ser causada por quebras bancárias. A falência de um banco pode ser evitada se houver um controle sobre o risco de suas atividades. A regulação pode exigir o controle deste risco ao limitar a quantidade de captação que o banco realiza em relação aos seus recursos próprios. Esta relação é chamada de alavancagem. Portanto, altos índices de alavancagem representariam maior risco do banco. O trabalho pretende analisar o impacto da regulação sobre o perfil de alavancagem dos bancos comerciais brasileiros e verificar se a regulação é eficiente. A eficiência da regulação está relacionada com a sua real necessidade e se consegue atingir seus objetivos da maneira menos onerosa para a sociedade. Este estudo visa analisar a eficiência da regulação sobre o setor bancário brasileiro no período de 1950 a 2005. / This dissertation explores the empirical relevance of regulation on banking system. The banking system is a very important sector and it must be safe. Government can intervene when this system seems to be instable. This instability can be caused by bank failure. Financial leverage measure the degree to which a bank is utilizing borrowed money. Higher degree shows higher probability of default. We want to analyze the impact of regulation related to financial leverage on banks? risk taking and if this regulation is efficient. The regulation is efficient when its introduction is really necessary and it is not excessively costly. This dissertation analyzes the efficiency of regulation on Brazilian banking sector during 1950 to 2005.