We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also...
A commonly held view in corporate finance is that firms are less leveraged than they should be, given the potentially large tax benefits of debt. This paper studies the effect of firms' leverage on default probabilities as represented by the firms' ratings. Using an instrumental variable approach, I find that...
This paper develops a framework for investigating the effect of leverage on CTAs' performance. Customarily, leverage refers to debt financing. In this study leverage refers to the assumption of large notional exposures with small collateral commitments. CTAs do not typically borrow money to finance these commitments. These are the investment...
Many empirical “anomalies” are actually consistent with the single beta CAPM if the empiricist utilizes an equity-only proxy for the true market portfolio. CAPM is basically a method of decision-making w.r.t. any kind of investment in any asset. Equity betas estimated against this particular inefficient proxy will be understated, with...
This paper puts forward a theory of the interplay between corporate leverage and product dierentiation strategy. While existing studies elaborate on the impact of a firm's product characteristics on its financial structure, the novelty of our analysis stems from the observation that product design and dierentiation choices are equally important...
[ILLUSTRATION OMITTED] TEAM building isn't merely something organisations do because it creates harmonious work groups, or is fun to do. It is a way to bring out the power of collaboration among individuals. It is a proven method for blending the talents, skills, and inherent creativity of diverse...
Thomson joins Open IPTV Forum Paris France, July 17, 2008 - Underscoring its commitment to openstandards in emerging technologies and media platforms Thomson (EuronextParis: 18453; NYSE: TMS), the worldwide leader in video solutions, hasbecome a full member of the Open IPTV Forum. The aim of the Forum is to promote...
Deposco, the industry's leading authority onnext-generation supply chain solutions for manufacturers, distributors,retailers and third party logistics providers, today announced the additionof Andrew Berry as vice president of sales. A goal-oriented operationsleader with over 15 years experience in supply-chain technology firms,Berry further broadens Deposco's management team. "Due to low up-front...
Conformia, the market leader of product andprocess lifecycle management PPLM solutions for life sciences, todayintroduced the Conformia Design Suite, a Web-based software solution thatautomates the design of new drugs during the lab scale environment. TheDesign Suite completes Conformia's Product and Process lifecycle managementoffering for Pharma by providing full capabilities from...
Marketwire, a full-service newswire and communications workflowsolutions provider, today announces the debut of NoticiasDigitales , the newswire industry's first real-timebusiness-to-consumer digital news service to publish Spanish-language newson Latin American websites. An enhancement to its Spanish-language pressrelease distribution circuits, Marketwire's NoticiasDigitales displayspress releases on more than 100 leading...
Photon Infotech, a next generation Internetconsulting firm creating innovative e-business solutions with SOA, OpenSource, and Web 2.0 technologies, today announced the opening of the PhotonDrupal Training Center, a new facility that will leverage and expandPhoton's experience and expertise with Drupal, anopen-source PHP-driven Content Management System. With a goal of certifying200...
First desktop tool to provide key storage tape diagnostic and tracking data in a single device VALHALLA, N.Y. -- FUJIFILM Recording Media U.S.A., Inc. today introduced the Fujifilm DC Analyser, the first data center tool of its kind that leverages the expertise of a leading data tape media...
Leading business intelligence and Web service provider leverages Ektron CMS400.NET to develop a custom Web site for the Manufacturing Industry NEW LONDON, Conn. & NASHUA, N.H. -- MResult[R] Corp. and Ektron Inc., a technology and market leader in Web content management software, today announced the availability of a...
REDWOOD SHORES, Calif. -- Compiere, Inc., the global leader in open source business solutions, today announced that software industry veteran, John Cingari, has joined the company as chief marketing officer. Cingari will leverage his more than 20 years of experience building high growth enterprise application software companies to drive Compiere's...
VMLogix LabManager 3.0 Selected as Winner in Best Virtualization Tool Category PALO ALTO, Calif. -- VMLogix, Inc., a leading provider of virtual lab automation solutions that help software companies and IT organizations leverage virtualization to consolidate lab infrastructure and automate build and test processes, today announced that VMLogix...
NEW YORK -- Fitch Ratings withdraws its rating on Hartford Leveraged Loan Fund, Ltd Hartford effective immediately: --$125,000,000 income notes and shares rated 'C/DR6'. These actions are the result of Hartford's portfolio liquidation which occurred at the direction of the swap counterparty (after the transaction breached...
New Version of Best-In-Class Supervisory Control Software Is Packed With Advanced Capabilities Allowing Users To Transform Operations For A Sustainable Advantage For Their Business CHARLOTTESVILLE, Va. -- GE Fanuc Intelligent Platforms, a unit of GE Enterprise Solutions, is today building on a track record of success and continual...
The United States General ServicesAdministration GSA has awarded York Telecom a five year Advertising andIntegrated Marketing Solutions AIMS contract. More than 100 Federal agencies, organizations and the District of Columbiaare now able to leverage the experience and expertise of York Telecom'saward-winning media services division, York Media, for a wide range...
ToolsGroup , a global provider ofdemand-driven inventoryoptimization solutions, announced that OSRAM S.p.A. has contracted toimplement the company's Service Optimizer 99+ (SO 99+) solution. With sales of 4.7 billion Euros in 2007, OSRAM is one of the largestlighting manufacturers in the world. Part of the Siemens AG Group, it...
SUMMARY OF SECOND QUARTER 2008 RESULTS: * Significantly increased capital in the second quarter to very strong levels: Tier 1 Capital of 10.10%, Total Risk Based Capital of 14.13% and Leverage Ratio of 7.38% * Net loss of $0.05 per share in the quarter ...
Articles 2008-07-16
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