FRANK HERBERT DZIECI DIUNY Przeło ył Marek Mastalerz Dla BEV: Za cudowne zrozumienie w naszej miło ci i za to, e dzie. mieszkańców Diuny i wyciąga rękę po imperialny tron. który składają się powieści: Diuna, Mesjasz Diuny, Dzieci Diuny, Bóg Imperator. staje na czele rdzennych mieszkańców Diuny i wyciąga rękę po cykl „Kroniki Diuny”, na który składają się powieści: Diuna, Mesjasz Diuny.
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The structure of the rest of this paper is as follows. Section 2 presents the pecking order theory and the associated empirical hypotheses. The data are described in Section 3. Section 4 presents the empirical results. Conclusions are presented in Section 5. Theory The pecking order theory is from Myers and Myers and Majluf Since it is well known, we can be brief.
Retained earnings have no adverse selection problem. Equity is subject to serious adverse selection problems while debt has only a minor adverse selection problem. From the point of view of an outside investor, equity is strictly riskier than debt. Both have an adverse selection risk premium, but that premium is large on equity.
Therefore, an outside investor will demand a higher rate of return on equity than on debt. In reality, company operations and the associated accounting structures are more complex than the standard pecking order representation.
This implies that in order to test the pecking order, some form of aggregation must be used. DIVt cash dividends in year t; It net investment in year t i. In Eq. This choice favors the pecking order, but it does not affect our conclusions. Changes in cash and cash equivalents are included with changes in working capital.
Cash could be correlated with the amount of debt issued.
This could arise in the presence of lumpy debt and M. If this takes place over a number of years, a more complex dynamic theory of leverage is needed. We report results in which the change in cash and cash equivalents are included.
This choice favors the pecking order, but the conclusions are not affected. If that is done, then a simple regression can be run. Yet another possibility is to downplay the differences across time and focus on the cross-sectional differences.
One could follow Fama and MacBeth and use the average of a series of annual cross-sectional regressions as the point estimate and use the time series of these estimates to construct standard errors.
This is the approach taken by Fama and French We have tried these alternatives and our conclusions are not sensitive to the choice of approach.
When actually estimating Eq. The pecking order theory does not require such scaling. Of course, in an algebraic equality if the right-hand side and the left-hand side are divided by the same value, the equality remains intact. The reported results are based on variables scaled by net assets total assets minus current liabilities.
We replicate all the tests by scaling variables by total book assets, by the sum of book debt plus market equity, and by sales. The results are very similar and do not affect our conclusions.
There is an important econometric issue that needs to be addressed. If they are truly endogenous, then the regression in Eq. Such instability would itself be indicative of a failure of the model. In order to deal with these concerns, two steps are taken. First, all tests are subjected to a large number of robustness checks.