Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.21/1413
Título: Trying To understand all-equity firms
Autor: Ferrão, Joaquim
Palavras-chave: All-equity firms
Low leverage
Capital structure
Financial constraints
Logistic regression
Data: Jul-2011
Resumo: This paper studies all equity firms and shows which are in US firms, the main drivers of zero-debt policy. I analyze 6763 U.S. listed companies in years 1987-2009, a total of 77442 firms year. I find that financial constrained firms show a higher probability to become unlevered. In the opposite side, firms producing high cash flow are also likely to become unlevered, paying their debt. Some firms create economies of scale in the use of funds, increasing the probability of become unlevered. The industry characteristics are also important to explain the zero-debt policy. However is the high perception of risk, the most important factor influencing this extreme behavior, which is consistent with trade-off theory.
Peer review: yes
URI: http://hdl.handle.net/10400.21/1413
Aparece nas colecções:ISCAL - Comunicações

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