Browsing by Subject "Capital"
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Item Cost of capital: a statistical approach(Texas Tech University, 1970-08) Conway, James JosephNot availableItem Essays in international corporate finance(2011-05) Riutort, Julio César; Almazan, Andres; Abrevaya, Jason; Alti, Aydogan; Drexler, Alejandro; Sialm, Clemens; Titman, SheridanThis dissertation consists of three essays in international corporate finance. It studies the impact of aggregate conditions and the institutional environment on the behavior of publicly traded firms from a broad sample of countries. In the first essay I argue that when credit constraints are widespread, as may be the case in countries with poor investor protection, we should not necessarily expect small firms´ investment to be more sensitive to monetary contractions or negative aggregate shocks. A simple model of investment with credit constraints shows that for this pattern to occur we need a high enough level of investor protection. The empirical evidence is broadly consistent with the hypothesis. In periods of tight credit conditions, small firms from countries with high creditor protection contract their investment rate more than large firms, while there is no significant difference in the investment contraction of small and large firms in from low creditor protection countries. In the second essay I explore to what extent the effect of legal origin on payout policy, ownership concentration, and valuation has been stable through time. The results suggest that previously established results should be taken with caution, and cast doubts on their strength. In particular, it appears that corporate characteristics are converging across countries, and legal origin is not longer an important determinant of them. In the final essay I study to what extent capital raising in international markets is related to firms´ ability to react to financial shocks. I provide a complete descriptive picture of the main patterns in the use of international financing between 1990 and 2009,study how issuers and non-issuers grow during financial crises, and how their growth is related to the aggregate conditions in the economy and their past financing behavior. Firms that raise capital internationally have a lower correlation with the local GDP growth, and grow more during local financial crises; however this relationship depends on the overall degree of development of the country and is highly dependent on the determinants of the issuance decision. The descriptive analysis show that international capital raising is pervasive in most countries, but the firms doing so differ depending on the development of their country of origin.Item Investment or hegemony : language equity in a two-way dual language classroom(2013-05) Thomei, Marissa De Jesus; Palmer, Deborah K.This ethnographic case study is situated in a suburban elementary school’s third grade Two-Way 50:50 Dual Language immersion model in Central Texas. Interviews, surveys and observations were conducted to examine the students’ use of the two languages targeted in the Dual Language Immersion program, English and Spanish. Drawing on the notion of “investment” (Norton, 2000) and Bourdieu’s theory of “cultural and linguistic capital” (Bourdieu, 1986), this research studies the language use of six students representing the two language groups in the program. In the data analysis, the researcher finds that the notion of investment is consistent in all the participants, although the aspect that they choose to invest in varies and is represented in their culture, language and identity.Item The cost of capital: an evaluation of the Modigliani-Miller propositions(Texas Tech University, 1965-08) Peterson, Alfred LeonThe concept capital cost occupies a position of unquestioned importance in the field of business finance. In recent years, such research found theoretical work has been done in this field by both theorists and practitioners. An evaluation of their results in total would require a paper of considerably greater length and higher degree of of sophistication than is intended here. This paper, is, therefore, confined to an evaluation of the most popular of the more recent theories, namely, the Modigliani Killer propositions. In order to clearly define the purpose of this paper, it is necessary to state that this paper is intended In no way to derive a new formula for measuring the cost of capital. Its purpose is merely to state the problem and some of the early attempts to solve it, and then to present the Modigliani Killer theory. This theory is explained, and an attempt is made to show how it is being attacked and the measures being taken to defend it.Item The effect of bond ratings on the cost of equity capital for electric utilities(Texas Tech University, 1983-08) Sil, ShomirNot availableItem The relationship between family capital and family business performance: collaboration and conflict as moderators(Texas Tech University, 2002-05) Hoelscher, Mark LewisThis study defines the concept of family capital and proposes that family capital has potential impact on business performance. It hypothesizes that this potential is unleashed when a family business collaborates or encounters moderate levels of task conflict and is inhibited when a family business engages in relational conflict. Thus, this study investigates whether the use of collaboration as a problem solving technique within family business has a moderating effect on the relationship between family capital and family business performance. Additionally, this study investigates whether the existence of conflict (i.e. both task and relational) within family business has a moderating effect on the relationship between family capital and family business performance. Specifically, it is theorized that (1) family capital will positively affect family business performance, and (2)conflict and collaboration will moderate this relationship. The hypotheses are tested using data from the Survey of Family Business collected by the Center For Entrepreneurship and Family Business at Texas Tech University.