Phd thesis capital structure
Author : Jacob Bergstedt ; Lund University.
Phd thesis on capital structure
Abstract : During the last decade the variation in the human genome has been mapped in fine detail. Next generation sequencing has made it possible to cheaply and rapidly aquire vast amounts of biomolecular information on large cohorts of people. Abstract : This thesis examines the volatility in the equity and short-term interest-rate markets, and the spillover from the short term interest rate market to the equity market.
In doing this, we use an annual panel data obtained from the WorldScope file via DataStream for a fairly large sample of quoted UK manufacturing, covering the period The results suggest that the adjustment is asymmetric and it depends on the magnitude of risk, the type of risk, and whether firms' actual leverage is above or below the target. Further, we find that firms with financial surpluses and above-target leverage adjust their leverage faster when firm-specific risk is low and when macroeconomic risk is high.
In contrast, firms with financial deficits and below-target leverage are more likely to align their leverage toward their target in periods when both types of risk are low. Taken as a whole, our results suggest that firms adjust their leverage toward the target very asymmetrically across different levels and types of risk.
A thesis on capital structure is an argument that is given in one sentence aimed to describe the main point of the writing.
An appropriate thesis statement provides the public with the main ideas that will be highlighted in the final research or any other type of writing.
The most significant idea that relates to the thesis on capital structure to be examined relates to the establishment of credible evidence. A thesis statement provides the key points that the topic of the writing entails. These points are to be further examined in the main body of the writing.
The third essay develops a multidimensional financial inclusion index using principal component analysis for a sample of 95 countries over the period The financial inclusion index shows an overall progress over the sample period, most markedly in the accessibility and usage dimensions. In this chapter we distinguish between investment grade and speculative grade firms. Our results show that both investment grade and speculative grade firms possess higher levels of leverage than non-rated firms.
This suggests that our results are not driven by the speculative grade firms in our sample. However, we do find that speculative grade firms have about 9 percentage points higher leverage ratios than investment grade firms. Two-stage econometric analysis shows that our results essays walt whitman even after controlling for the effect of credit quality.
The impact on leverage is still higher for firms with a speculative grade. The results in chapter 5 show that non-investment grade firms have approximately percentage points higher leverage than firms with an investment grade.
In this chapter we also examine whether there is a non-linear relationship between level of credit rating and leverage, with higher levels of leverage observed for mid-rated relative to their higher and lower rated peers. Our results do not provide support for the existence of a non-linear relationship between credit rating level and leverage.
In chapter 6 we argue that bond market access is potentially more important to firms during a contraction in bank loan supply when firms without access to bond markets might find themselves constrained in the amount of debt capital they can raise.
The questions posed by Chudson could be interpreted into the research questions pertinent to this study which are the relationship between profitability and capital structure, the existence of an optimal capital structure, and also the trend of capital structure being practised by a sample of firms.
As far as this study is concerned, Chudson had successfully proved the relationship between the profitability of a company with various capital structure variables including debt and equity capital.
Accordingly, the first Proposition holds that the value of a firm is independent of its capital structure. As miller wrote subsequently these propositions implied that the weighted average of these costs of capital to a firm would remain the same no matter what combination of financing sources the phd thesis capital structure actually chose. Miller, According to Barges p. Subsequently many studies were phd thesis in capital structure with focus on the determination of capital structure and many theories were presented.
All these theories explains the relationship between leverage and the value of the firm and hence profitability of the firm. There are various theories in order to further explain this relationship. Nevertheless, these theories are actually based on asymmetric information Myers,tax deductibility Modigliani and Miller, ; MillerBankruptcy costs Stiglitz, ; Titman, and agency costs Jensen and Meckling, ; Myers, Two main theories are the phd thesis on capital structure order theory and the trade off theory.
The Pecking Order Theory is based on information asymmetry between management and investors. So, the stock price of a firm may not reflect correct value of the firm. Myers and Majluf and Myers suggest that management issue the security which is overvalued and therefore, undervalued firms tend to avoid issuing equity.
Phd thesis in capital structure
They argue that in imperfect capital markets, leverage increases with the extent of information asymmetry. Firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. Therefore, asymmetric information models seldom point towards a well-defined target debt ratio or optimal capital structure. All things being equal, the more profitable the firms are, the more internal financing they will have, and therefore we should expect a negative relationship between leverage and profitability.
The Agency Costs Theory Organizational Theory of Capital Structure emphasize that capital structure was influenced by conflicts between shareholders and managers, and between debt holders and equity holders. Fama and Millerusing agency cost theory, proved that leverage was positively associated with firm value. Firms with longer credit histories would have lower cost of debt. The trade-off theory is based on the considerations of benefits and the costs of debt.
This theory argues that firms optimise their capital structure by trading the tax deductibility of interests, bankruptcy costs, and agency costs. This theory is consistent with traditional approach of capital structure. This theory leads to an opposite conclusion.Ex-Official at Research paper maker. Academic Minute: Aerogels and Energy Efficiency.
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Research Topics in Finance - Financing / Capital Structure Choices
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Phd thesis capital structure
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