Essays on capital structure
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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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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 ...
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 ...
Environmental, Social, and Governance (ESG) Profiles, Stock Returns, and Financial Policy: Australian EvidenceLimkriangkrai, M.; Koh, S.; Durand, Robert (2016)This study investigates the independent effects of environmental (E), social (S), corporate governance (G), and the composite ESG ratings on stock returns and corporate financing decisions of the largest stocks in the ...