Dear user, Universit libre de Bruxelles亲爱的用户大学和233布鲁塞尔.pptVIP

下载本文档

2
0
约9.22千字
约 27页
2017-02-10 发布于上海
举报
版权申诉

Dear user, Universit libre de Bruxelles亲爱的用户大学和233布鲁塞尔.ppt

1、本文档共27页，可阅读全部内容。
2、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
5、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
6、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
7、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
8、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Dear user, Universit libre de Bruxelles亲爱的用户大学和233布鲁塞尔

Cofipo 2002-2003 Capital structure Empirical evidence Capital Structure - Empirical evidence Professor André Farber Solvay Business School 2002-2003 References Barclay, Michael, Clifford Smith and Ross Watts, The Determinants of Corporate Leverage and Dividend Policies, Journal of Applied Corporate Finance, 7, 4, (Winter 1995) pp. 4-19 Rajan, Raghuram and Luigi Zingales, What Do We Know about Capital Structure? Some Evidence from International Data, Journal of Finance, 50, 5 (December 1995) pp. 1421-1460 Harris, Milton and Arthur Raviv, The Theory of Capital Structure, Journal of Finance, 46 (1991) pp.297-355 Fama, Eugene and Kenneth French, Testing Tradeoff and Pecking Order Predictions About Dividends and Debt, University of Chicago, Working Paper 506, December 2000 (can be downloaded form ) Shyam-Sunder and Stewart Myers, Testing static tradeoff against pecking order models of capital structure, Journal of Financial Economics, 51, 2 (February 1999) pp. 219-244 Capital Structure Theories “Thirty seven years and hundred of papers after Modigliani and Miller’s seminal work, what do we really know about corporate capital structure choice? Theory has clearly made some progress on the subject. (..) However, very little is known about the empirical relevance of the different theories.” Rajan and Zingales, JoF, December 1995 Theories: 2 main contenders Tradeoff theory Pecking order theory The Tradeoff Theory Starting point: MM 1958 Irrelevance proposition Beyond MM 1958 The Pecking Order Theory Developed by S. Myers (1984) Starts with asymmetric information: Managers know more than outside investors Use equity if stock overvalued Use debt if stock undervalued Issuing equity is a signal of overvaluation =stock price drops Main implication: stock issues costly Order of preference for financing: 1.Internal funds 2. Debt 3. Stock issue Implications of the pecking order theory Firms do not have target debt ratios Debt absorbs difference between retained earnings and inve