...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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...Jonathan Heath Lo que indican los indicadores Cómo utilizar la información estadística para entender la realidad económica de México Prólogo de Eduardo Sojo Garza-Aldape Jonathan Heath Lo que indican los indicadores Cómo utilizar la información estadística para entender la realidad económica de México 332.972 Heath, Jonathan. Lo que indican los indicadores : cómo utilizar la información estadística para entender la realidad económica de México / Jonathan Heath ; pról. Eduardo Sojo Garza-Aldape . -- México : INEGI, c2012. xx, 419 p. : il. ISBN 978-607-494-288-0 1 . Desarrollo económico - México. 2. México - Condiciones económicas. I. Garza-Aldape, Eduardo Sojo. DR © 2012, Instituto Nacional de Estadística y Geografía Edificio Sede Av. Héroe de Nacozari Sur Núm. 2301 Fracc. Jardines del Parque, CP 20276 Aguascalientes, Ags. www.inegi.org.mx atencion.usuarios@inegi.org.mx Lo que indican los indicadores Cómo utilizar la información estadística para entender la realidad económica de México Impreso en México ISBN 978-607-494-288-0 Advertencia El análisis, puntos de vista, comentarios y opiniones vertidas en este libro son de carácter estrictamente personal y no reflejan, en ningún momento, la posición oficial del Instituto Nacional de Estadística y Geografía (INEGI). Lo que indican los indicadores Contenido INEGI. Lo que indican los indicadores. Cómo utilizar la información estadística para entender la realidad...
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...SURFACE CASING DESIGN OF AN OIL WELL By MANISH PANT (R270307017) SANDEEP BAHUGUNA (R270307032) College of Engineering studies University of Petroleum & Energy Studies Dehradun May, 2011 Surface casing design of an oil well A thesis submitted in partial fulfilment of the requirements for the degree of Bachelor of Technology (Applied Petroleum Engineering, upstream) Under the Guidance of ……………… Mr. Arun Chandel (Mentor) Approved …………..... Dean College of Engineering University of Petroleum & Energy Studies Dehradun May, 2011 CERTIFICATE This is to certify that Manish pant and Sandeep Bahuguna, students of B.Tech (APE)+ MBA(UAM) has written their thesis on “surface casing design for an oil Well” under my supervision and have successfully completed the project within stipulated time. They have demonstrated high performance levels and dedication during the completion of their thesis. …………… Mr. Arun Chandel (Mentor) Acknowledgement We would like to express our deepest gratitude to Dr. Shri Hari, Dean, COES, UPES for allowing us to perform the project work. We have received maximum co-operation and help from UPES faculty members. We would also like to express our sincere thanks to Mr. Sabyasachi Maiti, Course Coordinator, B.Tech (APE Upstream+ MBA (UAM)), for giving his full support during our project work. Lastly, we would like to thank our mentor, Mr. Arun Chandel...
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...FACTORS AFFECTING TEACHER MOTIVATION IN PUBLIC SECONDARY SCHOOLS IN THIKA WEST DISTRICT, KIAMBU COUNTY BY TERESA KEMUNTO NYAKUNDI A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT FOR THE AWARD OF DEGREE OF MASTER OF EDUCATION IN THE SCHOOL OF EDUCATION OF KENYATTA UNIVERSITY OCTOBER, 2012 DECLARATION This Research Project is my original work and has not been presented to any other university for a degree or any other award. Signature________________________________ Date__________________________ TERESA KEMUNTO NYAKUNDI REG. E55/CE/14342/2009 This Research Project has been submitted for examination with our approval as University Supervisors: Signature_______________________ Date ________________________ Prof. Grace Bunyi Associate Professor Department of Educational Management, Policy and Curriculum Studies, School of Education Kenyatta University Signature_______________________ Date ________________________ Dr. Libese Senior lecturer Department of Educational Management, Policy and Curriculum Studies, School of Education Kenyatta University ii DEDICATION I dedicate this study to my family. iii ACKNOWLEDGEMENT I acknowledge my supervisors Prof. Grace Bunyi and Dr. L.I Libese for their guidance during the writing of this project. If it were not for their guidance, this work could not have been a success. I also acknowledge teachers and principals of public secondary schools in Thika West District ...
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...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 helps support the development of GSL. i Table of Contents 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Routines available in GSL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GSL is Free Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
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