A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 352 resources
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This paper provides clear evidence of substantial tax effects on the choice between issuing debt or equity; most studies fail to find significant effects. The relationship between tax shields and debt policy is clarified. Other papers miss the fact that most tax shields have a negligible effect on the marginal tax rate for most firms. New predictions are strongly supported by an empirical analysis; the method is to study incremental financing decisions using discrete choice analysis. Previous researchers examined debt/equity ratios, but tests based on incremental decisions should have greater power.
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The author shows, in a model of competitive banks, that the characteristics of loan contracts are affected by product market imperfections in the borrower's industry. A bank loan commitment increases the value of a borrower firm operating in an imperfectly competitive industry and, thus, dominates a simple loan even in the absence of risk sharing considerations and informational asymmetries between the borrower and the bank. While it is individually rational for a firm to obtain a loan commitment, all the firms in that industry taken together are made worse off by the existence of loan commitments.
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Studies that test for an average stock price effect of antitakeover amendments present different results, disagreeing with respect to both the significance and the direction of the effect. This study determines whether effects can be identified when managerial share ownership and amendment type are considered. Results suggest a negative relation between managerial share ownership and the stock price reaction to all but fair price amendment proposals.
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This study reexamines the earlier finding of Michael J. Alderson and K. C. Chen (1986) that financial markets do not consider excess pension assets in determining share prices and that significant increases in shareholder wealth occur when an overfunded pension plan is terminated. The results document that specific event-time contamination (corporate restructuring announcements) provides the driving force for all the earlier findings.
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This paper is a report on seventy-two firms that went public since 1983, but previously underwent a full or divisional levereged buy-out. Accounting measures of performance reveal significant improvements in profitability, which resulted mainly from these firms' ability to reduce costs. Firms experience dramatic increases in leverage at the levereged buyout, but the leverage ratios are gradually reduced. The evidence is consistent with the hypothesis that the change in the governance structure of these firms towards more concentrated residual claims created a new organizational structure that is more efficient than its predecessor.
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This paper investigates the effect on bank equity values of the Comptroller of the Currency's announcement that some banks were "too big to fail" and that for those banks total deposit insurance would be provided. Using an event study methodology, the authors find positive wealth effects accruing to too-big-to-fail banks, with corresponding negative effects accruing to nonincluded banks. They demonstrate that the magnitude of these effects differed with bank solvency and size. The authors also show that the policy to which the market reacted was that suggested by the Wall Street Journal and not that actually intended by the Comptroller.
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- Bond (14)
- Mergers and Acquisitions (2)
- Director (2)
- Capital Structure (1)
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- Journal Article (352)