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    Essays on capital structure

    212807_Khoo 2013-.pdf (1.087Mb)
    Access Status
    Open access
    Authors
    Khoo, Joye
    Date
    2013
    Supervisor
    Prof. Robert Durand
    Assoc. Prof. Subhrendu Rath
    Type
    Thesis
    Award
    PhD
    
    Metadata
    Show full item record
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/1248
    Collection
    • Curtin Theses
    Abstract

    I undertake an empirical investigation of leverage adjustment behaviour by examining Australian firms whose structure is disrupted through merger and acquisition activity. The analysis confirms that firms find themselves further from their targets adjust more quickly. Using US data, I analyse if a firm’s leverage level is itself a determinant of both its speed of adjustment. I find that the level of a firm’s leverage affects the speed of its adjustment towards its target leverage.

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    • Leverage adjustment after mergers and acquisitions
      Khoo, J.; Durand, Robert; Rath, S. (2015)
      © 2015 AFAANZ. Australian firms have leverage targets. Speeds of adjustment to a target capital structure are higher than previously published estimates when there are major disruptions to firms' leverage ratios. Firms ...
    • Reconciling divergent findings on the speed of leverage adjustment
      Khoo, Joye ; Durand, Robert B.; Harris, Mark N. (2018)
      Estimates of firms’ speeds of leverage adjustment (SOAs) vary wildly. Studies producing these estimates impose a strong constraint: An average SOAis estimated for all firms in a sample. Using finite mixture ...
    • Heterogeneity in Speed of Adjustment using Finite Mixture Models
      Durand, Robert ; Greene, William ; Harris, Mark ; Khoo, Joye (2021)
      Many empirical analyses of firms' speed of leverage adjustment (SOA) impose a strong constraint: an average SOA is estimated for all firms in a sample. We demonstrate the usefulness of finite mixture models (FMM) in ...
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