We examine how corporate transparency and financing choices differ for family and nonfamily firms in the S&P 1500 Index. While transparency on average is better for firms in the S&P 500 Index than for firms in the S&P MidCap 400 and S&P SmallCap 600 indices, the improvement is much larger for family firms. Outside the S&P 500, family firms are less transparent than their non-family counterparts...

It is well documented that the market-to-book ratio and profitability are two key capital structure determinants. However, because the related empirical evidence can be explained by both the tradeoff theory and the costly external financing theory (which includes both the pecking order theory and the market timing hypothesis), a large controversy remains in the finance literature regarding the ...

This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding...

The results presented in this paper show that integrative financial and operating measures of liquidity provide investors and creditors with information beyond that provided by static measures of short-term liquidity such as the current and quick ratios. Using a sample of restaurant firms over the period 1994–2003, our analysis shows dynamic measures of liquidity provide a drastically different...

Institutional context influences corporate financing behavior of firms and emerging economies provide an interesting scenario to investigate this phenomenon. Therefore, in this study, we focus on the capital structure decision of Chinese listed firms which continues to have government as a significant shareholder. We choose the sample period after the Split-Share Reform so that we can distingui...

objective:  the aim of this study was to assess clinical laboratory funding for differential diagnosis of sickle cell disease (scd) and other associated disorders for better understanding of clinical types and prevention of sickling events. material and methods:  this is a descriptive crossed-sectional study that analyzed the peripheral blood film, sickle cell preparation, hemoglobin electroph...

Does U.S. state pension funding affect real GDP growth rates? Do states that witness higher GDP growth also have better funded pensions? Can one expect less GDP growth when state pensions are poorly funded? My study took the funding ratio of state pension plans, the asset-to-liability ratio, and compared it with real state GDP levels. The methods I used consisted of time series panel data regre...

Most state and local retirement plans strive for full funding, at least by actuarial standards. Funding measured at market values fluctuates and often falls short. A common argument for full funding is that pensions are a form of deferred compensation that does not justify a debt. The paper examines public finance, political economy, and financial market issues that bear on optimal funding, bro...