Further Evidence on Debt-Equity Choice

Using a large sample of 5,365 European firms,we document the driving factors of debt-equity choices. Adjustments to a target debt level play a modest role except when debt exceeds an upper barrier, a result that underlines the importance of debt capacity. Preference for internal financing, leverage deficit prior to equity issues, as well as a high level of slack of firms seeking to reduce equity constitute further evidence in favor of pecking order models. It is also found that managers try to time the market by issuing shares when returns are high, but that there is a link between financing and investment activities as predicted by agency models.Dynamic capital structure; Debt-equity choice; Tradeoff models; Pecking order models

The capital structure of Swiss companies: an empirical analysis using dynamic panel data

In this paper, we analyze the determinants of the capital structure for a panel of 106 Swiss companies listed in the Swiss stock exchange. Both static and dynamic tests are performed for the period 1991-2000. It is found that the size of companies, the importance of tangible assets and business risk are positively related to leverage, while growth and profitability are negatively associated with leverage. The sign of these relations suggest that both the pecking order theory and trade off hypothesis are at work in explaining the capital structure of Swiss companies, although more evidence exists to validate the latter theory. Our analysis also shows that Swiss firms adjust toward a target debt ratio, but the adjustment process is much slower than in most other countries. It is argued that reasons for this can be found in the inst itutional context.Capital structure; dynamic panel data; trade-off theory; pecking order theory

Hydrophobin-Coated Perfluorocarbon Microbubbles with Strong Non-Linear Acoustic Response

Gas-filled microbubbles are well-established contrast agents for ultrasound imaging and widely studied as delivery systems for theranostics. Herein, we have demonstrated the promising potential of the hydrophobin HFBII—a fungal amphiphilic protein—in stabilizing microbubbles with various fluorinated core gases. A thorough screening of several experimental parameters was performed to find the optimized conditions regarding the preparation technique, type of core gas, HFBII initial concentration, and protein dissolution procedure. The best results were obtained by combining perfluorobutane (C4F10) gas with 1 mg/mL of aqueous HFBII, which afforded a total bubble concentration higher than 109 bubbles/mL, with long-term stability in solution (at least 3 h). Acoustic characterization of such microbubbles in the typical ultrasound frequency range used for diagnostic imaging showed the lower pressure resistance of HFBII microbubbles, if compared to conventional ones stabilized by phospholipid shells, but, at the same time, revealed strong non-linear behavior, with a significant harmonic response already at low acoustic pressures. These findings suggest the possibility of further improving the performance of HFBII-coated perfluorinated gas microbubbles, for instance by mixing the protein with other stabilizing agents, e.g., phospholipids, in order to tune the viscoelastic properties of the outer shell

A geomagnetic record over the last 3.5 million years from deep-tow magnetic anomaly profiles across the Central Indian Ridge

International audienceHigh-resolution records of the geomagnetic field intensity over the last 4 Myr provided by paleomagnetic analyses of marine sediments have shown the occurrence of short-lived low field intensity features associated with excursions or short polarity intervals. In order to evaluate the ability of marine magnetic anomalies to record the same geomagnetic events, we have collected six deep-tow (-500 m above the seafloor) and several sea surface magnetic anomaly profiles from the Central Indian Ridge across the Brunhes, Matuyama, and Gauss chrons (i.e., from the ridge axis to anomaly 2A). After removal of topography, latitude, and azimuth effects, we converted distances into time sequences using well-dated polarity reversal anomalies as tie points. We calculated the average signal to test the robustness of the short-wavelength anomalies. The resulting stacked profile is very similar to stacked sea surface and downward continued profiles from the Central Indian Ridge, the East Pacific Rise, and the Pacific-Antarctic Ridge. Our results suggest that in addition to polarity reversals, to previously suggested geomagnetic events (subchrons or excursions) within the Brunhes and Matuyama chrons. A new small-scale magnetic anomaly, likely generated by several closely spaced geomagnetic field intensity variations represent the major contributor to the detailed shape of recent marine magnetic anomalies in investigated areas. We observe a dense succession of microanomalies that are correlated excursions (Ontong Java 1 and 2, and Gilsa), is found after the Olduvai chron. The near-bottom results support the existence of three geo-magnetic features between the Gauss-Matuyama boundary and Olduvai. They also suggest three geomagnetic events during the C2A. I n subchron within the Gauss chron. This study emphasizes the potential of deep-tow magnetic surveys in detecting fluctuations in geo-magnetic field intensity and, in particular, short-lived excursions, a poorly constrained part of the geomagnetic field temporal variation spectrum

Is debt a governance device against the control leverage ? The case of European firms

This paper documents that there is no relationship between ultimate ownership structure and firm performance among non-financial listed firms in Europe. The use of the control leverage by some ultimate owners is value destroying however. We show that firms rely on debt to counterbalance this effect because they face market pressures. These results are obtained from a large sample that allows to carry out a simultaneous equation system estimation of firm performance and financial structures where these variables are treated as endogenous

Choix de financement des firmes européennes

La recherche empirique sur le thème de la structure du capital a récemment réalisé d.importants progrès quant à la compréhension de l.évolution des niveaux d.endettement et des choix de financement. (Hovakimian, Opler Titman (2001), Baker et Wurgler (2002), Hovakimian (2002), Hovakimian, Hovakimian et Tehranian (2003)). L.objectif de ce papier est double. Tout d.abord, il s.agit de confronter les résultats obtenus ailleurs à l.épreuve des firmes européennes. Nous portons une attention particulière à l.étude de trois phénomènes qui font débats : le processus d.ajustement, le rôle de la performance opérationnelle et le rôle de la performance boursière. Ensuite, nous cherchons à étendre la batterie de tests discriminants entre les deux théories dominantes de la structure du capital que sont la théorie de l.endettement optimal et la théorie du financement hiérarchique. Nous introduisons l.analyse des diminutions duales de capital. Nous distinguons également deux variables de performance opérationnelle de manière à distinguer son rôle sur le niveau cible d.endettement de celui sur la déviation de ce niveau. Nos résultats renvoient l.image d.un comportement dynamique de financement inscrit dans une logique d.ajustement au niveau cible d.endettement malgré les deux freins importants que constituent la préférence pour l.autofinancement et la volonté de profiter de situations favorables sur le marché

Déterminants et dynamique de la structure du capital des entreprises suisses : une étudie empirique

Cet article analyse les déterminants de la structure du capital d'un échantillon d'entreprises cotées suisse à la lumière des différentes théories financières. Les tests basés sur des modèles statiques et dynamiques confirment que des éléments de la théorie du financement hiérarchique et de la théorie du niveau de financement optimale sont empiriquement présents. Au total, les résultats confirment l'existence d'un processus d'ajustement mais ce dernier se révèle être lent

Fonds de placement immobiliers et sociétés anonymes d'investissement immobilier: Analyse comparative et conditions de développement

De nombreuses études ont montré que l'immobilier constitue un vecteur de placement très intéressant dans une optique de diversification d'un portefeuille mixte. Deux types de placements immobiliers peuvent être considérés : les placements directs et les placements indirects. Dans cet article, les avantages et les inconvénients des placements immobiliers indirects sont présentés. Nous développons ensuite les principales caractéristiques des deux plus importants types de placements immobiliers indirects en Suisse : les fonds de placement immobiliers et les sociétés anonymes d'investissement immobilier. Enfin, nous discutons de quelques améliorations souhaitables dans les domaines de la transparence de ces fonds de placement et sociétés anonymes et des méthodes utilisées pour l'évaluation périodique des objets. Ces améliorations devraient contribuer à l'accroissement de la taille du marché de l'immobilier titrisé en Suisse