Translated title: Capital structure : testing pecking order theory and static trade-off theory in the current crisis
Authors: Vicol, Miroslava ; Novák, Jiří (advisor) ; Kolouchová, Petra (referee)
Document type: Master’s theses
Year: 2010
Language: eng
Abstract: This thesis aims to explain the choice of capital structure in the times of crisis (2007-2009) for the U.S.A. real sector companies. The two main theories used are the trade-off theory and pecking order theory. The essential of the pecking order theory is that manager's capital structure decisions are influenced by the market perceptions of manager's superior information. The trade-off theory provides support for manager's trade off between benefits and costs of debt. The conventional model is also used in the analysis in order to increase the robustness of the results. We find that the dynamic partial-adjustment model of the trade-off theory seems to explain better the choice of capital structure in the analyzed period than pecking order theory.

Institution: Charles University Faculties (theses) (web)
Document availability information: Available in the Charles University Digital Repository.
Original record: http://hdl.handle.net/20.500.11956/26889

Permalink: http://www.nusl.cz/ntk/nusl-480185


The record appears in these collections:
Universities and colleges > Public universities > Charles University > Charles University Faculties (theses)
Academic theses (ETDs) > Master’s theses