摘要:

Using a general autoregressive distributed lag model, we estimate the longrun steady state determinants of corporate capital structure. We find that, in the long run, the leverage ratio is related positively to the corporate tax rate and firm size and negatively to future growth opportunities and stock returns. By contrast, there appears to be no relation between leverage and the corporate tax rate on a short‐run year to year basis. Our results suggest that prior empirical evidence on capital structure is of questionable value precisely because of its failure to clearly separate the short‐run relationship between leverage and its determinants from its long‐run relatio

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00302.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This paper reports the findings of a national survey regarding the financial management practices of United States credit unions. The US credit union industry is clearly in a period of transition. The study indicates that the way in which credit unions approach financial management may have a decided impact on how successful the industry adjusts to deregulated marketplaces. The research highlights the importance of managed growth through selective product diversification, identification of profitable market niches, and the use of modern risk management techniques.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00303.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The corporate restructuring activity of the 1980s, sparked by potential external capital market intervention, is believed to have been primarily directed at correcting the diversification mistakes of the 1960s and 1970s, which had led to poor corporate performance. Assuming that investor gains from corporate restructurings are unbiased expectations regarding future efficiency gains, many researchers concluded that the market for corporate control is an efficient external control mechanism and that the restructuring programs of the 1980s will, on average, be followed by substantial improvements in corporate performance. To examine whether those improvements were achieved, this paper analyzes the long‐term operating and financial performance of the 50 most aggressive US participants in the takeovers and corporate restructuring activity during the 1980s. The results support the hypothesis that the market for corporate control is an efficient external corporate control mechanism of last resor

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00304.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

In this paper the efficiency of the UK stock market is examined using the FT Ordinary share price and dividend indices for the period January 1947 to June 1987. In particular, we examine the validity of the present value model of stock prices using a vector error correction model (VECM). Amongst the findings reported in the paper are that stock prices and dividends are cointegrated and the cross‐equation restrictions imposed on the VECM are strongly rejecte

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00305.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This paper analyzes a large sample of public security offerings to determine the motivation to issue debt or common equity. The results provide new evidence that the existence of asymmetric information plays a key role in firms' choice of security. Bankruptcy risk appears to affect the issue decision, but other traditional capital structure considerations do not. Variations in the determinants of security choice over time suggest a dynamic aspect to capital structure decisions not recognized in previous studies.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00306.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This paper studies three sources of instability in parameter estimates of stock return models (1) time‐varying expected mean returns, (2) time‐varying return volatility and (3) changing institutional factors. We model United States stock returns as a function of a constant expected return and financing costs resulting from an institutional feature, delayed delivery. We examine two eight‐year periods and find that both contain a regime shift driven by anabrupt change in volatility. The first occurs during an internationalmonetary crisis amid important Watergate developments. The second is on the first trading day after the reappointment of Paul Volcker as the chairman of the United States Federal Reserve

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00307.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Several studies in financial economics have found a positive relationship between stock returns and firm size. This relationship persists even after controlling for various measures of risk. There is also a well documented inverse relationship between stock returns and the Price/Earnings (P/E) ratio. However, there is still substantial controversy whether the size effect subsumes the P/E effect or vice versa. In this paper, we demonstrate that neither the size nor the P/E effect subsumes the other. We introduce Tobin'sqas a variable that is closely related to stock returns as well as to both the size and P/E effects and show that the size effect persists after controlling for both P/E andq, while the P/E effect becomes much smaller after controlling for size andq. This leads us to conclude that the size effect is more robust to additional controls such as Tobin'sqthan the P/E effect. Finally, the size effect is almost entirely a January phenomenon whereas the P/E effect is a non‐January effec

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00308.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This study extends evidence on the efficiency of stock markets in developing countries using data from the Nairobi Stock Exchange (NSE), and also addresses some methodological issues which have contributed to the sparseness of similar studies. Evidence is provided that small markets such as the NSE may provide empirical results consistent with weak‐form efficiency. This evidence holds for the NSE irrespective of whether bid‐, ask‐, or market‐price series are used in conducting th

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00309.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Kim, Chen and Nance in a previous article in this journal (January 1992) classified sample firms into two groups based on the relationship between change in stock prices and financial leverage to test the existence of optimal financial leverage. The inherent weakness of this methodology is that interpretation of test results on the existence of optimal financial leverage can be misleading in the case of serious confounding events.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1994.tb00310.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY