Short overview of all
papers ACF
List of Papers ACF
Part 1: Capital Structure Basics
Miller and Merton (1988): Modigliani-Miller Propositions
Panier, Perez-Gonzales and Villanueva (2015) Capital Structure and Taxes: What
Happens When You (Also) Subsidize Equity?
Introduction of NID.
Part 2: Capital Structure Recent Developments
Roberts and Sufi (2009) Control Rights and Capital Structure
Breaking covenants.
Brav (2009) Access to Capital, Capital Structure, and the Funding of the Firm
Difference in financing behavior between private and public firms.
Public firms less leveraged than private firms.
Explanations based on size and tangibility equally important for private
and public firms.
Leverage of private firms is more sensitive to profits.
Leverage of private firms is positively correlated with growth
opportunities.
Leverage of public firms is negatively correlated with growth
opportunities.
Public firms are more likely to issue and retire capital.
Part 3: Capital Structure Long Run Dynamics and Dividend Policy
Von Eije and Megginson: Dividends and share repurchases in European Union
Reasons to pay dividends.
Larger Firms more likely to pay dividends.
Firms with Higher Market to Book ratio are less likely to pay dividends.
Older firms are more likely to pay dividends.
Firms with lots of cash less likely to pay dividends, pay larger amounts
when they do.
Privatized firms aren’t more likely to pay dividends.
Financial reporting frequency is associated with higher payout ratios.
Lemmon, Roberts and Zender (2008): Back to the Beginning
Examining evolution of corporate leverage ratios.
Leverage ratios show significant amount of convergence over time
(firms with relatively high leverage tend to move toward more
moderate levels of leverage).
Most convergence occurs in first few years after formation period
(flattening slope).
Despite convergence, leverage ratios are remarkably stable over time.
, Debt policy important mechanism for controlling corporate leverage,
equity policy plays secondary role.
Part 4: Financial Development
King and Levine (1993): Finance and Growth: Schumpeter Might be Right
Relationship between financial development and long-run output growth, 5
views:
papers ACF
List of Papers ACF
Part 1: Capital Structure Basics
Miller and Merton (1988): Modigliani-Miller Propositions
Panier, Perez-Gonzales and Villanueva (2015) Capital Structure and Taxes: What
Happens When You (Also) Subsidize Equity?
Introduction of NID.
Part 2: Capital Structure Recent Developments
Roberts and Sufi (2009) Control Rights and Capital Structure
Breaking covenants.
Brav (2009) Access to Capital, Capital Structure, and the Funding of the Firm
Difference in financing behavior between private and public firms.
Public firms less leveraged than private firms.
Explanations based on size and tangibility equally important for private
and public firms.
Leverage of private firms is more sensitive to profits.
Leverage of private firms is positively correlated with growth
opportunities.
Leverage of public firms is negatively correlated with growth
opportunities.
Public firms are more likely to issue and retire capital.
Part 3: Capital Structure Long Run Dynamics and Dividend Policy
Von Eije and Megginson: Dividends and share repurchases in European Union
Reasons to pay dividends.
Larger Firms more likely to pay dividends.
Firms with Higher Market to Book ratio are less likely to pay dividends.
Older firms are more likely to pay dividends.
Firms with lots of cash less likely to pay dividends, pay larger amounts
when they do.
Privatized firms aren’t more likely to pay dividends.
Financial reporting frequency is associated with higher payout ratios.
Lemmon, Roberts and Zender (2008): Back to the Beginning
Examining evolution of corporate leverage ratios.
Leverage ratios show significant amount of convergence over time
(firms with relatively high leverage tend to move toward more
moderate levels of leverage).
Most convergence occurs in first few years after formation period
(flattening slope).
Despite convergence, leverage ratios are remarkably stable over time.
, Debt policy important mechanism for controlling corporate leverage,
equity policy plays secondary role.
Part 4: Financial Development
King and Levine (1993): Finance and Growth: Schumpeter Might be Right
Relationship between financial development and long-run output growth, 5
views:
