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How does access to the public capita...

Brav, Omer.

How does access to the public capital market affect firms' capital structure?

Record Type:	Electronic resources : Monograph/item
Title/Author:	How does access to the public capital market affect firms' capital structure?
Author:	Brav, Omer.
Description:	64 p.
Notes:	Adviser: Andrew Metrick.
Notes:	Source: Dissertation Abstracts International, Volume: 66-02, Section: A, page: 0697.
Contained By:	Dissertation Abstracts International66-02A.
Subject:	Economics, Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3165645
ISBN:	0542005409

How does access to the public capital market affect firms' capital structure?
Brav, Omer.

How does access to the public capital market affect firms' capital structure? - 64 p.

Adviser: Andrew Metrick.

Thesis (Ph.D.)--University of Pennsylvania, 2005.

Using a large panel dataset of firms in the United Kingdom, I compare and contrast the capital structures and financial policies of public and private firms. Compared to their public counterparts, private firms rely almost exclusively on debt financing, have significantly higher leverage ratios, and tend to avoid external capital markets leading to a greater sensitivity of their capital structures to fluctuations in their cash flows. I then argue that these differences are a manifestation of greater transactions costs faced by private firms, which I use to show that corporate financing, for both private and public firms, is best described by dynamic capital structure theories recognizing the importance of these market frictions.

ISBN: 0542005409Subjects--Topical Terms:

212585
Economics, Finance.

How does access to the public capital market affect firms' capital structure?
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245 1 0 $a How does access to the public capital market affect firms' capital structure?
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502 $a Thesis (Ph.D.)--University of Pennsylvania, 2005.
520 # $a Using a large panel dataset of firms in the United Kingdom, I compare and contrast the capital structures and financial policies of public and private firms. Compared to their public counterparts, private firms rely almost exclusively on debt financing, have significantly higher leverage ratios, and tend to avoid external capital markets leading to a greater sensitivity of their capital structures to fluctuations in their cash flows. I then argue that these differences are a manifestation of greater transactions costs faced by private firms, which I use to show that corporate financing, for both private and public firms, is best described by dynamic capital structure theories recognizing the importance of these market frictions.
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