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Capital structure and assets risk - Some evidence from the Euro Area (Paperback)
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Capital structure and assets risk - Some evidence from the Euro Area (Paperback)
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Doctoral Thesis / Dissertation from the year 2007 in the subject
Economics - Finance, grade: NA, Catholic University of Sacred
Heart, language: English, abstract: Using a sample of non-financial
listed firms located in the Euro area, I investigate the
determinants of capital structure choices. In line with the
traditional theoretical approach, I use a market-value measure of
leverage, estimated with the Black-Scholes-Merton model. In the
cross-section regressions for firm leverage I find that some
variables have similar effects across countries, while others may
play a different role; risk, measured as the volatility of the
market enterprise value, is the best predictor of observed leverage
ratios. Risk, and asymmetric information about risk, make debt less
attractive, because of higher expected bankruptcy costs, lower
expected debt tax shield and higher agency costs. National
environments are an important determinant of observed ratios;
sector of activity is a relevant factor as well. The integration of
Euro-area financial markets varies significantly depending on the
market segment considered: money and inter-bank markets are highly
integrated, corporate bond and equity markets show a clear path of
increasing integration, retail banking markets are much less
integrated. Fiscal and bankruptcy rules differ across the twelve
countries; the economic background varies as well.
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