Empirical Capital Structure: A Review

Two Essays in Empirical Capital Structure

A Critical Review of Empirical Studies in Intellectual Capital Literature

The intense review of literature shows that intellectual capital is considered as the basic fundamental strategic knowledge based resource for any kind of organization. The researchers argue that the knowledge based resources in organizations carry more than 75 % worth of any organization, as knowledge resources are the determinants of success in today’s world. Intellectual capital is essential...

The Effects of Global Economic Crisis on Capital Structure: Empirical Evidence from Tehran Stock Exchange (TSE)

Abstract The global economy faces crisis every so often. In recent years, the financial crisis has affected the global economy; all countries, directly or indirectly, are involved. The purpose of this research is to study the impact of the global economic crisis on the capital structure of listed companies in Tehran Stock Exchange. To test this effect, 87 companies listed in Tehran Stock Excha...

Capital Structure of Borrowers and Lenders: An Empirical Analysis

This paper analyses the effect of the capital structure of lenders on the capital structure of their borrowers. We provide new evidence on the capital structure determinants of non-financial firms and contribute to the discussion on the effect of the financial sector on the real economy. Using syndicated loan contracts, we identify the most important lenders for each borrower and construct a pr...

Control Rights and Capital Structure: An Empirical Investigation

We show that the misalignment of incentives between firms and their creditors has a larger impact on corporate debt policy than most every previously identified empirical determinant (e.g., size, profitability, asset tangibility, market-to-book, etc.). Using a regression discontinuity design, we find that firms completely shut down their net debt issuing activity in response to debt covenant vi...