... Miller, M.H, (1958), The Cost of Capital, Corporate Finance,and the Theory of Investment” American Economic Review Rajan, R G & Zingales, L, (1995), “What we know about capital structure? Some evidence ... The Journal of Finance Trần Đình Khôi Nguyên (2006) Capitalstructure in small and medium-sized enteprises: the case of Vietnam” ASEAN Economic Bulletin Nguyễn Ngọc Vũ (2003) “Determinants of ... Vũ (2003) “Determinants ofcapitalstructure for listed firms in the Vietnam stock Exchange Market” Danang University Press, Danang, Vietnam Stata Web Book Universityof California, Los Angeles...
... Analyse the impact of managerial factors oftheThe thesis focuses on investigating factors affecting the Vietnamese companies on thecapital structure; (vii) Propose thecapitalstructureofthe ... Influences of other factors 2.2.2 Data and sample To test for the impact ofthe aboved mentioned factors on thethecapitalstructureof listed companies, the thesis uses balanced panel data of companies ... to the limitation of data collection, this thesis measures limit the explanatory power ofcapitalstructure theory in Vietnam the company’s capitalstructure using accounting based value of the...
... new theory ofcapital structure: the “market timing theory ofcapitalstructure This theory states that the current capitalstructure is the cumulative outcome of past attempts to time the equity ... explanation of much ofthe theory of corporate finance Accordingly, it made such great impact on the initial development of both the trade-off theory and the pecking order theory 1.1.1.2 The trade off theory ... Static trade-off theory The static trade-off theory affirms that firms have optimal capital structures, which they determine by trading off the costs against the benefits ofthe use of debt and...
... current capitalstructure theory called thecapitalstructure market timing theory” This hypothesis announces that to time the equity market, new structureofcapital is the additive final result of ... theory, the firms will not have the optimal capitalstructure and will prioritize the use ofthe internal funding 2.3.4 The agency cost of theory An additional study on capitalstructure is the ... situation ofthe company such as liquidity, solvency and valuation ratios The theory ofthe Miller’s and Modigliani (1958) “Irrelevance theory ofcapitalstructure paved the way for other models of...
... 1.1.2.2 Trade-off Theory ofCapitalStructure 10 1.1.2.3 Agency Theory ofCapitalStructure 12 1.1.2.4 Pecking Oder Theory 18 ii 1.2 Determinants ofCapitalStructure ... CapitalStructure Irrelevance Proposition Modigliani and Miller's Tradeoff Theory of Leverage 1.1.2.2 Trade-off Theory ofCapitalStructure 10 x 1.1.2.3 Agency Theory ofCapital ... identified to optimize thecapitalstructure Modigliani and Miller's Tradeoff Theory of Leverage The tradeoff theory of MM was developed with the presence of tax shield Notwithstanding, there are still...
... identified to optimize thecapitalstructure Modigliani and Miller's Tradeoff Theory of Leverage The tradeoff theory of MM was developed with the presence of tax shield Notwithstanding, there are still ... However, the determinants ofcapitalstructure can be identified.” 1.1.2.2 Trade-off Theory ofCapitalStructureThe trade-off theory refers to a decision that a firm can find out an optimal capital ... integrates elements from the theory of agency, the theory of property rights and the theory of finance to generate the concept of ownership structure, whose main objective is to issue the optimal agreement...
... choice ofcapitalstructureThe ones reviewed in this section will be the trade-off theory, the agency cost theory and the pecking-order theory 2.2.1 THE TRADE-OFF THEORY The trade-off theory ... theories ofcapital structures? 1.2 RESEARCH OBJECTIVES In short, the purposes ofthe research are: (1) An overview ofthe theory ofcapitalstructure in order to see the importance of an optimal capital ... in the attempt to explain companies’ capitalstructureThe trade-off theory advances that the choice ofcapitalstructure in a firm is a result of a trade-off theory between the benefits of debt,...
... other tier ofthe company, the management team is directly responsible for the day-to-day operations (and profitability) ofthe company * Chief Executive Officer (CEO) – As the top manager, the ... to maintain the smooth operation ofthe firm, with the assistance of senior management Often, the CEO will also be designated as the company's president and therefore also be one ofthe inside ... was accepted The means of results in table told that the more proportion number of women on boardroom, the higher profit of bank The higher proportion number of women on the board, the larger bank...
... targets The section also considers Tier capital and banks that are close to the regulatory minimum level ofcapital In Section we offer a number of conjectures about theories of bank capitalstructure ... regulation for thecapitalstructureofthe banks in our sample An alternative, less stark view ofthe impact of regulation has banks holding capital buffers, or discretionary capital, above the regulatory ... Leverage is a structure that increases the sensitivity of equity to the underlying performance ofthe (financial) firm When referring to theory for an interpretation ofthe basic capital structure...
... Agency Theory and Market Timing Theory Most of these theories are based on the company's internal structure and the impact of internal factors ofthe company and they are based on assumption of stability ... different theories related to whether there is truly optimal capitalstructure or not The main emphasis of Different theories is on whether the company can change the composition of various sources of ... reduce capital costs and affect the value ofthe stock market or not? The views about the proposed capitalstructure include Traditional theory, Modigliani and Miller Theory, Static Trade-off Approach...
... emerging from a goddess on the Teocalli, Tenochtitlan 157 8.12 Southerly view ofthe Plaza ofthe Moon 159 8.13 Plan ofthe Building ofthe Altars 160 8.14 Calendrical page ofthe Codex Féjérvary-Mayer ... Furthermore, these courtyards work in tandem with another feature ofthe avenue The walk is not only a directional one, but a vertical climb as well The southern section ofthe Avenue ofthe ... Although the Moon Pyramid and the mountain of Cerro Gordo serve as the focal point ofthe walk, the architecture lining the Avenue ofthe Dead greatly contributes to the whole majestic effect To the...
... sophistication ofcapital markets, and protection of investor right limit the “portability” of traditional capitalstructure theories to the emerging markets of Eastern and Central Europe An insight into the ... however, is beyond the scope ofthe present paper, and will be pursued in a later study The paper begins with a review ofthe literature on the firm’s choice ofcapitalstructure and the nascent interest ... determinants ofcapitalstructure would be naïve As a contrast to the Vietnamese study, for instance, one can cite the findings of Supanvanij, 2006, who tests the received theories ofcapital structure...
... the regulatory minimum 28 This is the outcome of joint-significance tests ofthe sum ofthe coefficient on the explanatory variable and the interaction term ofthe explanatory variable with the ... Accordingly, the standard deviation ofthe size of US banks is roughly half ofthe standard deviation ofthe size of EU banks Table A1: Macro-variables and US vs, EU separately The sample consists ofthe ... Leverage is a structure that increases the sensitivity of equity to the underlying performance ofthe (financial) firm When referring to theory for an interpretation ofthe basic capital structure...
... whereas the most studies focus on the determinants ofcapitalstructure or determining optimal capitalstructureThe roots ofcapitalstructure theory refer to more than fifty decades since the seminal ... new look of effectiveness ofcapitalstructureThe research findings are expected to contribute to financial managers of Vietnamese firms in HOSE some evidences ofthe impacts ofcapitalstructure ... with the purpose to validate conclusions of previous authors in the context of Vietnam market Traditional capitalstructure theories After the research process around the tile of articles, there...
... List of Figures Figures 1: : Market share of credit ratings agencies Figures 2: Trade-off theory‘s Capitalstructure (The Optimal Capital Structure, the Value ofthe Firm and the Cost of Capital) ... capitalstructure 2.2.1.1 .The Irrelevance Theory ofCapitalStructure Before Modigliani and Miller (MM) (1958), there was no accepted theory ofcapitalstructure They argued that the choice of ... .11 2.2.1.1 .The Irrelevance Theory ofCapitalStructure .11 2.2.1.2 .The Taxes theory ofCapitalStructure 12 2.2.1.3 .The Trade-off Theory 13 2.2.1.4.Pecking Order Theory .15...
... The assets ofthe company are comprised of both debt and equity Both of these types of financing are used to fund the operations ofthe company The ROA figure gives investors an idea of how effectively ... equity, however, does not The thought of another way, the actual rate of interest companies pay on the bonds that they issue is less than the nominal rate of interest because ofthe tax savings Studies ... optimal capitalstructure for a company is the one that proffers a balance between the debt and equity thus minimizing the firm’s cost ofcapital Theoretically, debt financing usually proffers the...
... Cambridge University Press is part oftheUniversityof Cambridge It furthers theUniversity s mission by disseminating knowledge in the pursuit of education, learning and research at the highest ... Hypothesis Methodological implications Overview 1 10 19 23 29 36 A history of ideas behind the spine 39 2.1 2.2 2.3 2.4 Structure Labels in the structure: functional categories The areas ofthe spine ... 4.3 4.4 4.5 Tense as an anchoring category The Universal Base Hypothesis The No Base Hypothesis The Universal Spine Hypothesis The universal structureofthe anchoring category 98 100 114 118 139...
... in their homing position Each process blocked in the course of task execution relies on the other processes for removal ofthe barrier Essentially, the proof in question is a demonstration ofthe ... they are called the P-operation and the V-operation A process, "Q" say, that performs the operation " P (sem)" decreases the value ofthe semaphore called "sem" by If the resulting value ofthe ... the value ofthe semaphore called "sem" by If the resulting value ofthe semaphore concerned is positive, the V-operation in question has no further effect; if, however, the resulting value of...
... this case the patient had a panuveitis, which recovered only after a combination of medical treatment and surgery, with a final visual acuity of 40% in the affected eye [1] The only case of Lyme ... in the specific section Figure 1: Geographical location ofthe province of Parma (Italy) References Mora P, Vecchi M, Barbera L, Toscani M, Orsoni JG Use of systemic cyclosporin A in a case of...
... the students Types of text are chosen to be the focus of 20% ofthe teachers and 5% ofthe students The same amount ofthe students (5%) concentrate on the relating knowledge of Dentistry meanwhile ... ideas…related to the topic ofthe text drew the attention of 40% ofthe teachers and 12.5% ofthe students This shows that words and structures are of importance in avoiding the students’ misunderstanding ... methods ofthe study Part II comprises four chapters Chapter I deals with an overview ofthe theoretical background ofthe research It is concerned with the issues relevant to the topic ofthe research:...