Capital structure and value firm: an empirical analysis of abnormal returns

This study investigates whether capital structure is value relevant for the equity investor. In this sense, the paper links empirical corporate finance issues with investment analysis. This study also integrates the Miller-Modigliani (MM) framework (1958) into an investment approach by estimating abnormal returns on leverage portfolios in the time-series for different risk classes. For most risk classes, abnormal returns decline in firm leverage. Descriptive statistics, simple and multiple regressions are used to test the hold indicator significance. The results reflect that the designed measures are the negative relationship between returns and leverage could also be due to the market’s pricing of the firm’s ability to raise funds if need be. Further avenues for research in this area include examining the stock return performance of companies based on the changes in leverage of the firms relative to their risk classes. It would be particularly noteworthy to examine the rate at which the information content of said changes is incorporated in the share prices of companies as well as in their long run returns This study encompasses all non-financial firms across the five sectors that cover all the various classes of risk. This study investigates neither the determinants of multiple capital structure choices nor changes in capital structures over time. Our main goal is to explore the effect of capital structure on cumulative abnormal returns. This study also examine a firm’s cumulative average abnormal returns by measuring leverage at the firm level and at the average level for the firm’s industry. And also examine other factors, such as size, price earnings, market-to-book and betas.capital structure, agency cost, firm value.

Capital Structure and Market Power: Evidence from Jordanian Banks

This paper provides new insights into the way in which the capital structure and market power and capital structure and profitability are related. We used sample data of fourteen banks listed on the Amman Stock Exchange for the period from 2005 to 2008.We examine the dependent variable, which are expressed by total debt deflated by total assets, while the independent variables are Tobin Q, Growth, Profitability, Size, Ownership, Risk and Tangibility ratio. The OLS estimation results indicate that, at lower and higher ranges of Tobin’s Q, banks employ higher debt, and reduce their debt at intermediate range. This is due to the complex interaction of market conditions, agency costs, and bankruptcy costs. We also show the saucer-shaped relation between capital structure and profitability because of the interplay of agency costs, costs of external financing and interest tax-shield. We find that size tangibility variables have a positive influence both on capital structure and on the other hand on growth, while risk and ownership variables have a negative influence on capital structure.aknowledge, competitiveness, firm performance, knowledge-based theory

EyeSightVR: An Immersive and Automated Tool for Comprehensive Assessment of Visual Function

The complexity of the human visual system enables the rich sensory immersion we have with our surroundings. When neuro-ophthalmic conditions ail this arrangement, it also affects the function of the eye. For early screening and effective progression monitoring of sight-threatening diseases such as Age-related Macular Degeneration (AMD), glaucoma, and Space-flight Associated Neuro-ocular Syndrome (SANS), the visual function needs to be checked regularly. However, current methods to measure functional health of the ocular system have prominent limitations which include non- conforming lab environments, lack of trained personnel, limited data collection, and uninterpretable perceptual assessments. Furthermore, there is a growing need for a tele-ophthalmic device that would help eye doctors monitor patients remotely. This work surveys current visual function assessment tools that are portable, immersive, and affordable for use in remote, austere, or impoverished areas. We implemented a binocular virtual assessment system that tests different variations of visual acuity, contrast sensitivity, and metamorphopsia in a standardized setting. Additionally, we propose and implement a novel perceptual modeling scheme that uses the Amsler grid to localize, parameterize and suppress the perceived distortion within a wide field of view. We conclude by discussing the crucial limitations of current virtual reality technology that should be addressed in future studies

Design of a Transpired Air Heating Solar Collector with an Inverted Perforated Absorber and Asymmetric Compound Parabolic Concentrator.

absorber and an asymmetric compound parabolic concentrator was applied to increase the intensity of solar radiation incident on the perforated absorber. A 2D ray tracing model quantified optical efficiency at different incident angles within 27o to 89o incident angles. The beam efficiency was found to vary between 72% and 79% and diffuse efficiency was found to vary between 48.2% and 65%. The average thermal efficiency was found to be approximately 55%-65% with average radiation above 400 W/m2 for flow rates in the range of 0.03 kg/s/m2 to 0.09 kg/s/m2. Experimental results at air flow rates of 0.03 kg/s/m2 and 0.09 kg/s/m2 showed temperature rise of 38oC and 19.6oC respectively at a solar radiation intensity of 1,000 W/m2. A comparison with a commercially available Unglazed Transpired Collector (UTC) showed that at an air flow rate of 0.03 kg/s/m2 and solar radiation intensity of 1,000 W/m2 the air temperature rises were 21oC for the UTC and 38oC for the new system. At an intensity of 500 W/m2, the air temperature rise was 12oC for the UTC and 19oC with the new system. Without a glazing cover and tertiary section, reverse flow effects were found to dominate the new system’s thermal performance. This problem was resolved by incorporating a 50 mm optically optimised tertiary section that acts as a heat trap. Regular maintenance was found to be necessary in unglazed concentrating collectors with exposure of the high reflectance reflector to outdoor conditions which reduce the lifespan of such collectors. Because the average number of reflections at any incidence angle is \u3e 1, reflector reflectance crucially affects the optical efficiency of the collector. i The estimated indicative cost of the new system was €450/m2. The designed stationary system has the operational and economic advantages of no moving components. Incorporating a carbon fabric absorber with inherent perforations reduced overall life cycle cost significantly. As the pressure drop in the new system was found to be 10 Pa for an air flow rate of 0.1 kg/s/m2 between inlet and outlet, the required fan power consumption was very small in comparison to the recovered energy giving operational costs. A techno-economic analysis of the new system was carried out for a domestic dwelling considering space and water heating demand. The annual CO2 emission reduced by the new system was calculated as 280 kg/m2 against an electric heater, 112 kg/m2 compared to a gas boiler and 147 kg/m2 against an oil boiler which makes it an attractive air heating system for the residential sector. Considering 8% interest rate the Benefit Cost Ratio (BCR) of the new system was found 1 in year 9 of a 20 year lifespan

Perceptual determinants of consumption philanthropy donation intentions: Consumption or philanthropy?

Consumption philanthropy is the concurrent consumption of self-interested products while contributing to a charitable cause. Although this overarching notion has been widely investigated in the context of cause-related marketing, there has been little work done in marketing or other disciplines in its alternative context of donor giving behavior. Thus, the current research conceptually develops and empirically investigates a model of consumption philanthropy donation intentions (CPDI) where a potentially valued gift is offered in return for a monetary donation by an individual consumer. The conceptual model integrates three fundamental frameworks from marketing and psychology, as well as incorporates a multi-disciplinary body of prior research in investigating the theoretical relationships between the determinants of CPDI. The measurement models and hypothesized relationships are assessed empirically using survey data and partial least squares structural equation modeling. The focal construct of interest, CPDI, is further evaluated using electroencephalography (EEG) and its accompanying methodology of hemispheric asymmetry. The conclusions and implications of empirical testing are discussed, and areas for future research are suggested

PEMANFAATAN SISTEM INFORMASI DALAM MENINGKATKAN PENJUALAN DI CV. JAPURAN KOTA TEGAL

Perkembangan teknologi informasi yang sangat pesat mengakibatkan beralihnya media periklanan ke media Internet. Electronic commerce (e-commerce) merupakan salah satu metode baru dalam berbisnis melalui Internet. E-commerce dapat menghubungkan penjual dan pembeli yang berbeda tempat dan tidak akan menjadi kendala dalam melakukan transaksi. Calon pembeli dapat mengetahui info mengenai produk seperti harga, model, warna dan sebagainya. CV. Japuran adalah sebuah perusahaan yang bergerak di bidang furniture yang terletak di kota Tegal Jawa Tengah. Perusahaan mengalami kendala karena terbatasnya jumlah tenaga pemasaran (Inmarketing) dan biaya pemasaran. Oleh karena itu CV. Japuran berencana akan memasarkan produknya kedalam internet untuk meningkatkan produksi dan memperluas area penjualan

世帯・コミュニティレベルでの災害準備 : バングラデシュ海岸域サイクロン常習地帯のケース

防災学プログラム / Disaster Management Program政策研究大学院大学 / National Graduate Institute for Policy Studies論文審査委員: 竹内 邦良 (主査), 小池 俊雄, 大原 美保, 家田 仁, 園部 哲史, 立木 茂雄 (同志社大学 教授

Dream images

Please seek out the real purpose of this report in the photographs. It is with these images that I have tried to communicate what I have thought, felt, and dreamt. My work is experimental in technique. The images are created as fantasies juxtaposed with the tradition of design, figure, line, planes of dimension, and overall composition. By using color materials in a non-conventional way, I am exploring the range of photographic possibilities with color, form, drama, emotion, mystery, and life. Photography functions beautifully for these narrative elements because of its ability to transform a real event into something mysterious, removed from , but still a part of, reality. During the time the thesis was developing, my emphasis was directed toward recording visions. Daily passages of nightly dreams were remembered and recorded in my journal (the journal and pen remained bedside) to facilitate remembrance of color, actors, and stage settings, the dream theater revealed. From these performances, I formulated the direction of characters, colors, textures, and setting to be presented in the photographic medium. Beginning with the blackness which is essential to the dramatics, the pictures are wonderfully colorful, filled with intentionally chosen spaces, line, light, and mystique that surfaced on the print. In this way, I have tried to fill this photographic space with life and color in hopes of enhancing visual awareness

Tourism policies of South Korea

A través de este trabajo se pretende examinar la industria turística de Corea del Sur que, tras superar diversos obstáculos históricos, ha empezado a despuntar durante estos últimos años gracias a la influencia del Hallyu. La subida de turistas internacionales ha provocado beneficios pero también ha sacado a la luz diversos aspectos a mejorar y carencias del país a la hora de acoger el turismo por lo que se hace necesaria la intervención del gobierno y sus políticas turísticas si quieren llegar a ser un país competitivo. El objetivo principal es dar a conocer las características básicas de la industria turística coreana y la importancia de las políticas turísticas a la hora de desarrollar el turismo. A diferencia de otros países, la industria turística de Corea del Sur, no ha sido un tema de análisis frecuente por parte de los expertos de fuera de Corea del Sur, debido a que es un país que siempre ha quedado a la sombra de grandes competidores como China y Japón en cuestión de turismo. A través de diferentes fuentes bibliográficas se ha recopilado la información necesaria para tratar de conocer la industria turística de un país que se esfuerza en convertirse en una referencia turística internacional en el continente asiático