منابع مشابه
The pecking order of cross-border investment
Is there a pecking order of cross-border investment in that countries become financially integrated through some types of investment rather than others? Using a novel database of bilateral capital stocks for all types of investment – foreign direct investment (FDI), portfolio equity securities, debt securities as well as loans – for a broad set of 77 countries, we show that such a pecking order...
متن کاملThe Capital Structure of Business Start-Up: Is There a Pecking Order Theory or a Reversed Pecking Order?
Using the Panel Study of Entrepreneurial Dynamics, we study if the problems of asymmetry and opacity of information, asset specificity, agency problem and signaling theory predict the financial structure at inception. Thus, we conduct a study in two steps. First, by analyzing the descriptive statistics, we find that novice entrepreneurs turn first to internal sources of finance. Then, they appl...
متن کاملPecking Order or Trade-off Hypothesis
In this paper we test the pecking order and trade-off hypotheses of corporate financing decisions using a cross-section of the largest Chinese listed companies. We build on Allen (1993) and Baskin (1989) to set up three models in which trade-off and pecking order theories give distinctively different predictions: (1) the determinants of leverage, (2) the relationship between leverage and divide...
متن کاملCan the Pecking Order Explain the Costs of Raising Capital?
The pecking order hypothesis predicts that equity costs exceed debt costs when managers require outside funding. Asymmetric information costs motivates this hypothesis. I use an econometric model to estimate issuance costs managers face to test the prediction and motivation of the pecking order. The estimates challenge the existence of a pecking order. First, debt costs increase from about 50% ...
متن کاملInnovation in Finance to Finance Innovation: Supporting pro-poor entrepreneur-based innovation
This thesis proposed a new way of conceptualising financing of pro-poor innovation in rural areas by focusing on pro-poor entrepreneur-based innovation (PEBI) and by considering the knowledge flows in different parts of the financial system. Empirically, the thesis found that the Indian banking system does not efficiently support rural PEBI. Instead an alternative financing sector has emerged r...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2018
ISSN: 1556-5068
DOI: 10.2139/ssrn.3224441