What do we know about capital structure? Some evidence from international data

Article Abstract:

We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as correlated in the cross-section with firm leverage in the United States, are similarly correlated in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved. (Reprinted by permission of the publisher.)

Analysis, Capital formation, Capital

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Private benefits of control: an international comparison

Article Abstract:

A study examining the private benefits of control using 393 block sales and in 39 countries is presented. It is assumed that higher private benefits control is associated with less developed control markets, more concentrated ownerships and more privately negotiated privatizations.

United States, Forecasts, trends, outlooks, Forecasts and trends, Market trend/market analysis, Financial markets

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