174
Views
12
CrossRef citations to date
0
Altmetric
Original Articles

Valuation implications of capital structure: a contextual approach

Pages 291-314 | Published online: 10 Nov 2010

References

  • Barth , M. and Kallapur , S. 1996 . “ The effects of cross-sectional scale differences on regression results in empirical accounting research ” . In Contemporary Accounting Research 527 – 567 .
  • Barth , M. , Beaver , W. and Landsman , W. 1998 . Relative valuation roles of equity book value and net income as a function of financial health . Journal of Accounting and Economics , 25 : 1 – 34 .
  • Basu , S. 1997 . The conservatism principle and the asymmetric timeliness of earning . Journal of Accounting and Economics , 24 : 3 – 37 .
  • Berger , P. , Ofek , E. and Swary , I. 1996 . Investor valuation of the abandonment option . Journal of Financial Economics , 42 : 257 – 287 .
  • Bernard , V. 1987 . Cross-sectional dependence and problems in inference in market-based accounting research . Journal of Accounting Research , 25 ( 1 ) : 1 – 48 .
  • Bernstein , L. A. and Wild , J. J. 1998 . “ Financial Statement Analysis ” . In Theory, Application and Interpretation , New York : McGraw-Hill .
  • Burgstahler , D. C. and Dichev , I. D. 1997 . Earnings, adaptation and equity value . Accounting Review , 72 ( 2 ) : 187 – 215 .
  • Collins , D. W. , Maydew , E. L. and Weiss , I. S. 1997 . Changes in the value-relevance of earnings and book values over the past forty year . Journal of Accounting and Economics , 24 : 39 – 67 .
  • Collins , D. W. , Pincus , M. and Xie , H. 1999 . Equity valuation and negative earnings: the role of book value of equity . Accounting Review , 74 ( 1 ) : 29 – 61 .
  • Copeland , T. E. and Weston , J. F. 1986 . Financial Theory and Corporate Policy , Wokingham : Addison-Wesley .
  • Dechow , P. 1994 . Accounting earnings and cash flow measures of firm performance . Journal of Accounting and Economics , 18 : 3 – 42 .
  • Eckbo , B. E. 1986 . Valuation effects of corporate debt offering . Journal of Financial Economics , 15 : 119 – 151 .
  • Edwards , E. O. and Bell , P. W. 1961 . The Theory and Measurement of Business Income , Berkeley, CA : University of California Press .
  • Fama , E. F. and French , K. R. 1998 . Taxes, financing decisions, and firm value . Journal of Finance , LIII ( 3 ) June : 819 – 843 .
  • Giner , B. and Rees , W. 1999 . A valuation based analysis of the Spanish accounting reform' . Journal of Management and Governance , 3 ( 1 ) : 31 – 48 .
  • Giner , B. and Reverte , C. 1999 . The value relevance of earnings disaggregation provided in the Spanish profit and loss account . European Accounting Review , 8 ( 4 ) : 609 – 629 .
  • Green , J. , Stark , A. and Thomas , H. 1996 . UK evidence on the market valuation of research and development expenditure . Journal of Business Finance and Accounting , 23 ( 2 ) : 191 – 216 .
  • Harris , T. S. , Lang , M. H. and Möller , H. P. 1994 . The value relevance of German accounting measures: an empirical analysi . Journal of Accounting Research , 32 ( 2 ) Spring : 187 – 209 .
  • Huber , P. J. 1973 . Robust regression: asymptotics, conjectures, and Monte Carlo . Annals of Statistics , 1 : 799 – 821 .
  • Janjigian , V. 1987 . The leverage changing consequences of convertible debt financing . Financial Management , 16 ( 3 ) Autumn : 15 – 21 .
  • Jensen , M. C. and Meckling , W. H. 1976 . Theory of the firm: managerial behaviour, agency costs and ownership structure . Journal of Financial Economics , 3 : 305 – 360 .
  • Joos , P. 1997 . “ The stock market valuation of earnings and book values across international accounting system ” . In Ph.D. dissertation , Department of Accounting, Stanford University .
  • Joos , P. and Lang , M. H. 1994 . The effects of accounting diversity: evidence from the European Union . Journal of Accounting Research , 32 ( Supplement ) : 141 – 168 .
  • Kim , I. , Chen , K. H. and Nance , J. 1992 . Information content of financial leverage: an empirical study . Journal of Business Finance and Accounting , 19 : 133 – 152 .
  • Kothari , S. and Zimmerman , J. 1995 . Price and return model . Journal of Accounting and Economics , 20 : 155 – 192 .
  • Masulis , R. 1983 . The impact of capital structure change on firm value: some estimate . Journal of Finance , 38 ( 1 ) : 107 – 126 .
  • Miller , M. and Rock , K. 1985 . Dividend policy under asymmetric information . Journal of Finance , 40 : 1031 – 1051 .
  • Modigliani , F. and Miller , M. 1958 . The cost of capital, corporation finance, and the theory of investment . American Economic Review , 48 : 261 – 297 .
  • Myers , S. C. 1984 . The capital structure puzzle . Journal of Finance , 39 : 575 – 592 .
  • Myers , S. C. and Majluf , N. S. 1984 . Corporate financing and investment decisions when firms have information the investors do not have . Journal of Financial Economics , 13 : 187 – 221 .
  • Ohlson , J. 1995 . Earnings, book values and dividends in equity valuation . Contemporary Accounting Research , 11 ( 2 ) : 661 – 687 .
  • Ohlson , J. A. and Penman , S. H. 1992 . Disaggregated accounting data as explanatory variables for return . Journal of Accounting, Auditing and Finance , 7 Fall : 553 – 573 .
  • Penman , S. H. 1992 . Return to fundamental . Journal of Accounting, Auditing and Finance , 7 : 465 – 483 .
  • Penman , S. H. 1996 . The articulation of price–earnings ratios and market-to-book ratios and the evaluation of growth . Journal of Accounting Research , 34 ( 2 ) : 235 – 259 .
  • Penman , S. H. 1998 . Combining book value and earnings in equity valuation . Contemporary Accounting Research , 15 ( 3 ) : 291 – 324 .
  • Preinreich , G. A. D. 1938 . Annual survey of economic theory: the theory of depreciation . Econometrica , 6 ( January ) : 219 – 241 .
  • Rees , W. 1997 . The impact of dividends, debt and investment on valuation model . Journal of Business Finance and Accounting , 24 ( 7/8 ) : 1111 – 1140 .
  • Ross , S. 1977 . The determination of financial structure: the incentive-signalling approach ,
  • Schipper , K. and Smith , A. 1986 . A comparison of equity carve-outs and seasoned equity offerings: share price effects and corporate restructuring . Journal of Financial Economics , 15 : 153 – 186 .
  • White , H. 1980 . “ A heteroscedasticity consistent covariance matrix estimator and a direct test for heteroscedasticity ” . In Econometrica 817 – 838 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.