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Market-Timing of Capital Structure and Factors Influencing the Leverage Decision of FirmsWeigl, Johannes 01 February 2012 (has links) (PDF)
The purpose of this dissertation is to contribute to the closure of these aforementioned research gaps. Answering these calls, the following research objectives are proposed:
1. Understanding the main factors that have an influence on the capital structure decision of firms.
2. Understanding how the capital structure of firms differs among various industries and to fathom cross-sectional differences in the importance of debt determinants among industries.
3. Investigating the influence of time on the capital structure decision of firms. In specific, it must be found out whether certain debt determinants alter their effect on the capital structure decision of firms over time.
4. Studying the market-timing effect of debt financing. It must be researched how managers time the debt market when engaging in bond or loan issues.
5. Empirically proving how stylized factors and market-timing behaviour influences the transaction of equity, bond and loan issues as well as of share repurchases.
6. Finally, discussing how far the stylized facts can be explained by existing capital structure theory in order to crown the theory, whose notion can best account the observed financing patterns across the world.
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Market-Timing of Capital Structure and Factors Influencing the Leverage Decision of FirmsWeigl, Johannes 20 October 2011 (has links)
The purpose of this dissertation is to contribute to the closure of these aforementioned research gaps. Answering these calls, the following research objectives are proposed:
1. Understanding the main factors that have an influence on the capital structure decision of firms.
2. Understanding how the capital structure of firms differs among various industries and to fathom cross-sectional differences in the importance of debt determinants among industries.
3. Investigating the influence of time on the capital structure decision of firms. In specific, it must be found out whether certain debt determinants alter their effect on the capital structure decision of firms over time.
4. Studying the market-timing effect of debt financing. It must be researched how managers time the debt market when engaging in bond or loan issues.
5. Empirically proving how stylized factors and market-timing behaviour influences the transaction of equity, bond and loan issues as well as of share repurchases.
6. Finally, discussing how far the stylized facts can be explained by existing capital structure theory in order to crown the theory, whose notion can best account the observed financing patterns across the world.
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