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 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 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 کاملthird world intellectuals in v. s. naipaul’s fiction: the mimic men, a bend in the river, magic seeds
this thesis attempts to study the representations of the third-world intellectuals in three fictional works by the british-educated trinidadian nobel-winner v. s. naipaul: the mimic men, a bend in the river, and magic seeds. the first one recounts the story of ralph singh’s sense of alienation, his experiences as a colonial politician, and his struggle to give order to his disorderly world thro...
15 صفحه اولCan 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% ...
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ژورنال
عنوان ژورنال: English Today
سال: 1996
ISSN: 0266-0784,1474-0567
DOI: 10.1017/s0266078400008695