By Robert Higgins
Analysis for monetary Management, 11e offers normal suggestions and smooth advancements in a pragmatic and intuitive demeanour with an emphasis at the managerial functions of monetary research. it really is meant for non-financial managers and company scholars attracted to the perform of economic administration. New with the 11th version, on-line McGraw-Hill’s adaptive studying part, LearnSmart, presents assignable modules that aid scholars grasp bankruptcy center innovations and are available to type extra ready.
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Extra info for Analysis for Financial Management (Mcgraw-Hill/Irwin Series in Finance, Insurance, and Real Estate)
While the decision to pursue little debt is not speciﬁc to a certain industry, ﬁrms with low book-to-market ratios and ﬁrms operating in industries with high bankruptcy risks are more likely to have extremely low levels of leverage. Strebulaev and Yang (2006) focus on ﬁrms that have no external debt. They ﬁnd that more than a quarter of the ﬁrms following a zero-leverage strategy keep their zero leverage ratio for at least ﬁve consecutive years, indicating a deliberate decision for conservative ﬁnancing.
His research interests are corporate ﬁnance, ﬁnancial markets and institutions, and asset management. He serves as a member on the editorial board of various international ﬁnance journals including the European Journal of Finance. Wolfgang Drobetz is Professor of Finance at the University of Hamburg. He holds a doctorate from the University of St. Gallen and a Habilitation from the University of Basel. His research interests are corporate ﬁnance, asset pricing, and asset management. He is a member of the editorial board of the European Journal of Finance and served as co-president of the European Financial Management Association (EFMA).
Moreover, zeroleverage ﬁrms tend to be smaller than their industry peers, pay more dividends, and are signiﬁcantly more proﬁtable. 36 The Elements of Capital Structure As elaborated in Strebulaev and Yang (2006), neither the trade-off theory nor the pecking order theory is capable of explaining the zero leverage phenomenon. Devos, Dhillon, Jagannathan, and Krishnamurthy (2008) contend that taxes, ﬁnancial ﬂexibility, or managerial entrenchment could account for the observed phenomenon. While the authors dismiss taxes and managerial entrenchment, they ﬁnd empirical evidence for the hypothesis that ﬁrms pursue a zero-leverage strategy to maintain their ﬁnancial ﬂexibility.