Essays on capital structure and trade financing:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Göteborg
Dep. of Economics, Göteborg Univ.
2003
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| Series: | Economic studies
131 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 149 S. graph. Darst. |
| ISBN: | 9188514900 |
Staff View
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Record in the Search Index
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| adam_text | Contents
Page
Introduction and Summary
Introduction 1
Summary of the essays 5
Essay 1 Capital structure Theories and empirical results a panel data analysis
Yinghong Chen and Klaus Hammes
1 Introduction 11
2 Theories of Capital Structurs 12
2.1 The irrelevance of capital structure theory 12
2.2 Static trade off theory: bankruptcy costs 13
2.3 Capital structure modeis based on agency cost and asymmetric Information 13
2.3.1 Signalling modeis 13
2.3.2 Agency cost modeis 14
2.4 The pecking order theory 15
2.5 The Legal Environment 16
3 Model and variables 16
3.1Themodel 16
3.2 Variables 17
3.2.1 Leverage 17
3.2.2 Tangibility 18
3.2.3 Market to book ratio 18
3.2.4 Profitability 19
3.2.5 Size 20
4 Data and estimation method 21
4.1 Data 21
4.2 Estimation method 22
5 A comparison of leverage of the sample countries 24
6 Empirical Results 26
7 An analysis of institutional difference 28
8 Concluding remarks 31
Appendix 32
References 38
Essay 2 Trade Credits in Transition Economies
1 Introduction 41
2 Poland 42
3 Hungary 44
4 Trade Credits 46
4.1 Financing advantage of trade credits 46
4.2 Trade credit as means of price discrimination 47
4.3 Transaction cost theories 48
5 Description of Variables 49
5.1 Bank Loans 50
5.2 Tangibility 51
5.3 Market to book ratio 51
5.4 Measures of intemal financing ability 52
5.5 Size 52
5.6 Age 53
6 Description of the dataset 54
7 Empirical Analysis 54
7.1 Descriptive Statistics 54
7.2 Model 56
8 Results 57
9 Conclusions 60
Appendix 1 61
Appendix 2 66
References 69
Essay 3 Trade Credits in Industrialized Countries
1. Introduction 72
2 Trade Credits 72
2.1 Financing advantage of trade credits 73
2.2 Trade credit as means of price discrimination 74
2.3 Transaction cost theories 75
2.4 Pecking order theory 76
3 Description of Variables 77
3.1 Bank Loans 77
3.2 Tangibility 77
3.3 Market to book ratio 78
3.4 Measures of internal financing ability 78
3.5 Size 79
3.6 Age 79
4 Description of the dataset 80
5 Empirical Analysis 81
5.1 Descriptive Statistics 81
5.2 Model 82
6 Results 83
7 Conclusions 85
Appendix 87
References 91
Essay 4 Firm Performance, Debt, Bank Loans and Trade Credits
1 Introduction 94
2 Theoretical Background 95
2.1 The irrelevance of capital structure theory 95
2.2 Models based on agency costs between owners and managers 96
2.3 Asymmetric Information between outsiders and insiders 96
2.4 Signaling with debt 97
2.5 The static tradeoff hypotheses 98
2.6 Bank Loans 98
2.6.1 Model based on monitoring and Information Cost 98
2.6.2 Models based on borrower s incentives 99
2.7 Trade Credits 100
2.7.1 Financing advantage of trade credits 100
2.7.2 Trade credit as means of price discrimination 101
2.7.3 Transaction cost theories 103
3 Measuring Firm Performance 105
4 Estimation 105
5 Description of variables 107
5.1 Debt Equity 107
5.2 Trade Debt 107
5.3 Bank Loans 107
5.4 Size 108
5.5 Age 108
5.6 Industry 108
6 Description of the dataset 109
7 Empirical Analysis 110
7.1 Descriptive Statistics 110
7.2.Estimation Results 112
8. Conclusions 116
Appendix 117
References 129
Essay 5 Profits and the provision of trade credit
1 Introduction 133
2 Trade credit as means of price discrimination 133
2.1 A Model with two Farmers, a Bank and a Manufacturer 134
2.1.1 Fanners 134
2.1.2 Bank 135
2.1.3 Manufacturer 135
3. Description of Variables 139
3.1 Firm Performance 139
3.2 Trade Credit 140
3.3 Size 140
3.4 Age 140
3.5 Industry 141
3.6 Country market conditions 141
4 The Data 141
5 Empirical Analysis 142
5.1 Descriptive Statistice 142
5.2 Estimation 143
5.3 Results 144
6 Conclusions 147
Appendix 1 145
Appendix 2 146
References 149
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| spelling | Hammes, Klaus Verfasser aut Essays on capital structure and trade financing Klaus Hammes Göteborg Dep. of Economics, Göteborg Univ. 2003 149 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economic studies 131 Zugl.: Göteborg. Univ., Diss., 2003 Export - finansiering sao Finansiering sao Kreditväsen sao Außenhandelsfinanzierung (DE-588)4003836-1 gnd rswk-swf Defizit (DE-588)4127576-7 gnd rswk-swf Handelskredit (DE-588)4455077-7 gnd rswk-swf Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Schwellenländer (DE-588)4053920-9 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Kapitalstruktur (DE-588)4125993-2 s Handelskredit (DE-588)4455077-7 s Defizit (DE-588)4127576-7 s DE-188 Schwellenländer (DE-588)4053920-9 g Außenhandelsfinanzierung (DE-588)4003836-1 s Economic studies 131 (DE-604)BV017643044 131 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010577659&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hammes, Klaus Essays on capital structure and trade financing Economic studies Export - finansiering sao Finansiering sao Kreditväsen sao Außenhandelsfinanzierung (DE-588)4003836-1 gnd Defizit (DE-588)4127576-7 gnd Handelskredit (DE-588)4455077-7 gnd Kapitalstruktur (DE-588)4125993-2 gnd |
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| title | Essays on capital structure and trade financing |
| title_auth | Essays on capital structure and trade financing |
| title_exact_search | Essays on capital structure and trade financing |
| title_full | Essays on capital structure and trade financing Klaus Hammes |
| title_fullStr | Essays on capital structure and trade financing Klaus Hammes |
| title_full_unstemmed | Essays on capital structure and trade financing Klaus Hammes |
| title_short | Essays on capital structure and trade financing |
| title_sort | essays on capital structure and trade financing |
| topic | Export - finansiering sao Finansiering sao Kreditväsen sao Außenhandelsfinanzierung (DE-588)4003836-1 gnd Defizit (DE-588)4127576-7 gnd Handelskredit (DE-588)4455077-7 gnd Kapitalstruktur (DE-588)4125993-2 gnd |
| topic_facet | Export - finansiering Finansiering Kreditväsen Außenhandelsfinanzierung Defizit Handelskredit Kapitalstruktur Schwellenländer Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010577659&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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