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Investigators at University of Mississippi Detail Research in Corporate Finance
February 4th, 2012
According to the authors of recent research from Oxford, Mississippi, "This research analyzes the determinants of capital structure across 37 countries."
"Institutional arrangements matter for capital structure decisions; however, firm-level covariates drive two-thirds of the variation in capital structure across countries, while the country-level covariates explain the remaining one-third. The observed relationships between the country-level determinants and leverage provide strong support to the predictions of both the trade-off and the pecking-order theories," wrote A. Gungoraydinoglu and colleagues, University of Mississippi.
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Source: Investment Weekly News (2012-02-04)