Abstract--Some Evidence on Unexpected Empirical Relationships Between Operating Risk and Financial Leverage

1974 ◽  
Vol 9 (5) ◽  
pp. 765
Author(s):  
Dwight Grant
Keyword(s):  
Financial Leverage ◽  
Empirical Relationships ◽  
Operating Risk

scholarly journals FINANCIAL AND OPERATING RISK ANALYSIS OF TWO ROMANIAN-HUNGARIAN BORDER COUNTIES

2021 ◽  
Vol 30 (30 (1)) ◽  
pp. 242-250
Author(s):  
Tibor Tarnóczi ◽  
Edit Veres ◽  
Edina Kulcsár
Keyword(s):  
Risk Analysis ◽  
Financial Leverage ◽  
Leverage Ratio ◽  
Significant Difference ◽  
Operating Risk ◽  
Accounting Reports

The study analyzes the risk of companies selected from two Romanian-Hungarian border counties (Bihor and Hajdú-Bihar counties) by the degree of operational and financial leverage ratios. A total of 1,674 companies from the two counties were included in the analysis, in approximately half and half proportions. In the study, operating, financial and combined leverage ratios are used for risk analysis. Because of the large variance of the ratios, outliers were filtered out. The filtering was based on the degree of the combined leverage ratio, which resulted in 107 companies excluded. In the analysis of sectors, there are significant differences in DOL ratio values between counties. For the DFL indicator, the values are much more balanced. There are also larger differences for DCL, which are likely to be caused by DOL values. The analysis showed no statistically significant difference in leverage ratios between the total county data or the sector-disaggregated county data. The analysis also suggested that some accounting reports may contain manipulations but that further investigations are needed to substantiate them adequately.

US REITs capital structure determinants and financial economic crisis effects

2017 ◽  
Vol 35 (6) ◽  
pp. 556-574 ◽  
Author(s):  
Giacomo Morri ◽  
Edoardo Parri
Keyword(s):  
Capital Structure ◽  
Economic Crisis ◽  
Negative Relationship ◽  
Financial Economic ◽  
Financial Leverage ◽  
Growth Opportunities ◽  
Content Type ◽  
The Us ◽  
Operating Risk ◽  
The Capital Structure

Purpose The purpose of this paper is to identify the capital structure determinants through an analysis of 74 All-Equity REITs listed in the US market from 2005 to 2014. Furthermore, the paper aims at understanding the impact of the financial economic crisis (FEC) among the identified explanatory variables. Design/methodology/approach A fixed effect panel regression model is performed based on Trade-off Theory (TOT) and Pecking Order Theory as a starting point to provide expectations on the relationships incurring among the identified variables. Findings First, while tangibility of assets and crisis evidenced a positive relationship with REITs’ financial leverage, operating risk and growth opportunities variables displayed a negative relationship. Meanwhile, size and profitability did not appear to influence the capital structure. Second, it appears that the positive effects of tangibility of assets and profitability variables on US REITs’ capital structure increased as a consequence of the FEC. Operating risk and growth opportunities variables slightly increased their negative relationship with US REITs’ capital structure after the FEC. The TOT prevails when explaining the economic reality underlying US REITs. Practical implications The paper contributes to the understanding of US REITs’ financing decisions within the US market. The FEC also had a substantial indirect impact on the financial leverage determinants of US REITs, the latter being nowadays more oriented to maintaining a flexible capital structure. Originality/value The paper provides a comprehensive view of the medium-term effect of the FEC on US REITs’ capital structure.

Diversification, Capital Structure, and Systematic Risk: An Empirical Investigation

1988 ◽  
Vol 3 (1) ◽  
pp. 19-43 ◽  
Author(s):  
Raphael Amit ◽  
Joshua Livnat
Keyword(s):  
Capital Structure ◽  
Empirical Investigation ◽  
Systematic Risk ◽  
Financial Leverage ◽  
Cross Sectional ◽  
Trade Off ◽  
Diversification Strategies ◽  
Operating Risk ◽  
Tax Benefits ◽  
Theoretical Considerations

This study uses theoretical considerations to empirically examine the effects of various diversification strategies on the capital structure of firms and on the systematic risk. It documents that firms reduce their operating risk by diversification and increase financial leverage to take advantage of tax benefits. A cross-sectional path analysis is employed to show that firms trade off the reduction in operating risk due to diversification with increased financial leverage, and thus the systematic risk remains the same.

Trait-state anxiety: A note on conceptual and empirical relationships

1979 ◽  
Author(s):  
David Magnusson
Keyword(s):  
State Anxiety ◽  
Empirical Relationships

Simulation Model of the Dynamic Behavior of a Tire Running Over an Obstacle

1988 ◽  
Vol 16 (2) ◽  
pp. 62-77 ◽  
Author(s):  
P. Bandel ◽  
C. Monguzzi
Keyword(s):  
Simulation Model ◽  
Dynamic Behavior ◽  
Black Box ◽  
Box Model ◽  
Vehicle Suspension ◽  
Empirical Relationships ◽  
Static Tests ◽  
High Speeds ◽  
Dynamic Forces ◽  
Vehicle Suspension System

Abstract A “black box” model is described for simulating the dynamic forces transmitted to the vehicle hub by a tire running over an obstacle at high speeds. The tire is reduced to a damped one-degree-of-freedom oscillating system. The five parameters required can be obtained from a test at a given speed. The model input is composed of a series of empirical relationships between the obstacle dimensions and the displacement of the oscillating system. These relationships can be derived from a small number of static tests or by means of static models of the tire itself. The model can constitute the first part of a broader model for description of the tire and vehicle suspension system, as well as indicating the influence of tire parameters on dynamic behavior at low and medium frequencies (0–150 Hz).

ASSESSMENT OF ANNUAL AVERAGE TURBIDITY IN A RIVER SECTION USING EMPIRICAL RELATIONSHIPS BASED ON GIS TECHNIQUES

2013 ◽  
Vol 12 (4) ◽  
pp. 751-756
Author(s):  
Ioan Craciun ◽  
Tomi Hraniciuc ◽  
Ilinca Dinu
Keyword(s):  
River Section ◽  
Empirical Relationships ◽  
Annual Average ◽  
Gis Techniques
Sign in / Sign up

Export Citation Format

Share Document