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Essays on the dynamics of capital st...

Farhat, Joseph Basheer.

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Essays on the dynamics of capital structure.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on the dynamics of capital structure./
作者:	Farhat, Joseph Basheer.
面頁冊數:	104 p.
附註:	Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3407.
Contained By:	Dissertation Abstracts International64-09A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3106818

Essays on the dynamics of capital structure.
Farhat, Joseph Basheer.

Essays on the dynamics of capital structure. - 104 p.

Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3407.

Thesis (Ph.D.)--University of New Orleans, 2003.

Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test—whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as proxies for the target leverage. In this dissertation, I examine whether these proxies are equivalent and test the consistency of the proxies with the theorized behavior of the true target leverage.Subjects--Topical Terms:

626650
Economics, Finance.

Essays on the dynamics of capital structure.
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100 1 $a Farhat, Joseph Basheer. $3 1943592
245 1 0 $a Essays on the dynamics of capital structure.
300 $a 104 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3407.
500 $a Adviser: Sudha Krishnaswami.
502 $a Thesis (Ph.D.)--University of New Orleans, 2003.
520 $a Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test—whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as proxies for the target leverage. In this dissertation, I examine whether these proxies are equivalent and test the consistency of the proxies with the theorized behavior of the true target leverage.
520 $a My results indicate that the four proxies we examine have significantly different distributions and this holds across most industries. Further, the industry median leverage is the proxy which best exhibits behavior consistent with the true target leverage. Firm value is higher for firms closer to the industry median and lower for firms away from the industry median. A robustness check using K-means cluster analysis confirms the superiority of the industry median leverage over the other proxies of target leverage.
590 $a School code: 0108.
650 4 $a Economics, Finance. $3 626650
650 4 $a Business Administration, Banking. $3 1018458
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710 2 0 $a University of New Orleans. $3 1019084
773 0 $t Dissertation Abstracts International $g 64-09A.
790 1 0 $a Krishnaswami, Sudha, $e advisor
790 $a 0108
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3106818