...Capital Structure Decisions: Which Factors Are Reliably Important? Murray Z. Frank and Vidhan K. Goyal∗ This paper examines the relative importance of many factors in the capital structure decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for explaining market leverage are: median industry leverage (+ effect on leverage), market-to-book assets ratio (−), tangibility (+), profits (−), log of assets (+), and expected inflation (+). In addition, we find that dividend-paying firms tend to have lower leverage. When considering book leverage, somewhat similar effects are found. However, for book leverage, the impact of firm size, the market-to-book ratio, and the effect of inflation are not reliable. The empirical evidence seems reasonably consistent with some versions of the trade-off theory of capital structure. When corporations decide on the use of debt finance, they are reallocating some expected future cash flows away from equity claimants in exchange for cash up front. The factors that drive this decision remain elusive despite a vast theoretical literature and decades of empirical tests. This stems in part from the fact that many of the empirical studies are aimed at providing support for a particular theory. The amount of evidence is large, and so it is often all too easy to provide some empirical support for almost any idea. This is fine for a given paper but more problematic for the overall development of our understanding of capital...
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...GNU Scientific Library Reference Manual Edition 1.14, for GSL Version 1.14 4 March 2010 Mark Galassi Los Alamos National Laboratory Jim Davies Department of Computer Science, Georgia Institute of Technology James Theiler Astrophysics and Radiation Measurements Group, Los Alamos National Laboratory Brian Gough Network Theory Limited Gerard Jungman Theoretical Astrophysics Group, Los Alamos National Laboratory Patrick Alken Department of Physics, University of Colorado at Boulder Michael Booth Department of Physics and Astronomy, The Johns Hopkins University Fabrice Rossi University of Paris-Dauphine Copyright c 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010 The GSL Team. Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.3 or any later version published by the Free Software Foundation; with the Invariant Sections being “GNU General Public License” and “Free Software Needs Free Documentation”, the Front-Cover text being “A GNU Manual”, and with the Back-Cover Text being (a) (see below). A copy of the license is included in the section entitled “GNU Free Documentation License”. (a) The Back-Cover Text is: “You have the freedom to copy and modify this GNU Manual.” Printed copies of this manual can be purchased from Network Theory Ltd at http://www.network-theory.co.uk/gsl/manual/. The money raised from sales of the manual...
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...GNlu | US-CHINA RELATIONS | SUBMITTED TO:Dr.Aruna Kumar Malik | | SUBMITTED BY :ABHISHEK CHATTERJEE | REG NO :11A006 INDEX Introduction Pg 2 US China Comparison Pg 3 Brief History Of US-China Relations Pg 5 Conclusion Pg 21 INTRODUCTION Since the dawn of civilization there have been great nations, 5000 years back the Mesopotamian,Egyptian and Indus Valley Civilization were the super-powers,if not the only advanced civilization of their time,2000 years back we had the roman empire and the chineese,500 years back the mughal empire,the ottoman empire etc. The world order keeps on changing, the end of the first world war saw the rise of America along the ranks of other European superpowers like the British Empire,France and Germany and saw the fall of 2 superpowers,the ottoman and the Austria-hungry empire. The second world war ushered the modern world into a new world order. The United Nations was born and its membership suddenly grew. The United States brought about reconstruction of the war torn economies of Europe and Japan and ensured stable democracies for her new allies...
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...Aircraft Transfer Decision Table (chap 1). Converts the removal/achievement codes back to failure codes (chap 1). Adds procedures for the Unit Level Logistics System-Aviation (chaps 1, 2, 3, and 4). Introduces DA Form 2408-14-1 (Uncorrected Fault Record Aircraft) (chap 2). DA Form 2408-14 (Uncorrected Fault Record) will no longer be used for aviation equipment. Incorporates Standard Army Maintenance System procedures (chap 3). Adds procedures for documentation of component repair at Aviation Intermediate Maintenance and depot levels of maintenance (chap 3). Adds phase maintenance and periodic inspection documentation procedures (chap 3). Adds information on migrating automated DA Form 2410 (Component Removal and Repair/Overhaul Record) data (chap 3). Changes DA Form 2410 and instructions. Therefore, the U.S. Army Aviation and Missile Command’s Guide/Workbook for the DA Form 2410, The Army Maintenance Management System Aviation (TAMMS-A), October 1992, is obsolete (chap 3). Adds instructions for DA Form 2408-16 (Aircraft Component Historical Record) and DA Form 2410 to track aircraft survivability equipment electronic countermeasures and avionics systems Line Replaceable Units that have software installed (chaps 3 and 4). Incorporates the forms and records instructions published in TB 1-2840-24820-2 (One Time Inspection and Conversion of Forms and Records for T700, 701, and 701C Series Gas Turbine Engines) (chaps 3 and 4). Incorporates the forms and records instructions...
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