Capital structure : testing pecking order theory and static trade-off theory in the current crisis

This thesis aims to explain the choice of capital structure in the times of crisis (2007-2009) for the U.S.A. real sector companies. The two main theories used are the trade-off theory and pecking order theory. The essential of the pecking order theory is that manager's capital structure decisi...

Full description

Bibliographic Details
Main Author:	Vicol, Miroslava
Other Authors:	Kolouchová, Petra
Format:	Dissertation
Language:	English
Published:	2010
Online Access:	http://www.nusl.cz/ntk/nusl-281982

id	ndltd-nusl.cz-oai-invenio.nusl.cz-281982
record_format	oai_dc
spelling	ndltd-nusl.cz-oai-invenio.nusl.cz-2819822017-06-27T04:40:57Z Capital structure : testing pecking order theory and static trade-off theory in the current crisis Kolouchová, Petra Vicol, Miroslava Novák, Jiří This thesis aims to explain the choice of capital structure in the times of crisis (2007-2009) for the U.S.A. real sector companies. The two main theories used are the trade-off theory and pecking order theory. The essential of the pecking order theory is that manager's capital structure decisions are influenced by the market perceptions of manager's superior information. The trade-off theory provides support for manager's trade off between benefits and costs of debt. The conventional model is also used in the analysis in order to increase the robustness of the results. We find that the dynamic partial-adjustment model of the trade-off theory seems to explain better the choice of capital structure in the analyzed period than pecking order theory. 2010 info:eu-repo/semantics/masterThesis http://www.nusl.cz/ntk/nusl-281982 eng info:eu-repo/semantics/restrictedAccess
collection	NDLTD
language	English
format	Dissertation
sources	NDLTD
description	This thesis aims to explain the choice of capital structure in the times of crisis (2007-2009) for the U.S.A. real sector companies. The two main theories used are the trade-off theory and pecking order theory. The essential of the pecking order theory is that manager's capital structure decisions are influenced by the market perceptions of manager's superior information. The trade-off theory provides support for manager's trade off between benefits and costs of debt. The conventional model is also used in the analysis in order to increase the robustness of the results. We find that the dynamic partial-adjustment model of the trade-off theory seems to explain better the choice of capital structure in the analyzed period than pecking order theory.
author2	Kolouchová, Petra
author_facet	Kolouchová, Petra Vicol, Miroslava
author	Vicol, Miroslava
spellingShingle	Vicol, Miroslava Capital structure : testing pecking order theory and static trade-off theory in the current crisis
author_sort	Vicol, Miroslava
title	Capital structure : testing pecking order theory and static trade-off theory in the current crisis
title_short	Capital structure : testing pecking order theory and static trade-off theory in the current crisis
title_full	Capital structure : testing pecking order theory and static trade-off theory in the current crisis
title_fullStr	Capital structure : testing pecking order theory and static trade-off theory in the current crisis
title_full_unstemmed	Capital structure : testing pecking order theory and static trade-off theory in the current crisis
title_sort	capital structure : testing pecking order theory and static trade-off theory in the current crisis
publishDate	2010
url	http://www.nusl.cz/ntk/nusl-281982
work_keys_str_mv	AT vicolmiroslava capitalstructuretestingpeckingordertheoryandstatictradeofftheoryinthecurrentcrisis
_version_	1718469103104032768

Capital structure : testing pecking order theory and static trade-off theory in the current crisis

Similar Items