Agency and tax explanations of security issuance decisions

Article Abstract:

A study was conducted to determine the impact of agency and tax factors on company financing decisions, focusing on UK companies because the tax system in the country provides opportunities to analyze companies' financial policy. An empirical analysis of the variables of capital structure on debt-equity ratios and of individual issues of debt or equity is conducted. Results revealed that agency and tax considerations are significant factors in security issuance-decision, if taken apart. If taken together, they result in a solid frugal model of actual debt and equity issues.

Financial Management, Capital Management-Internal Funds NEC, Research, Finance, Securities, Capital markets, Capital investments, Corporations, Taxation, Corporate finance, Debt financing (Corporations), Debt financing

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An examination of international equity markets using American Depositary Receipts (ADRs)

Article Abstract:

American Depository Receipts (ADR) are dollar-denominated receipts for non-US shares that allow foreign investors to trade in international equity markets. ADRs have also been increasingly used by domestic investors to purchase foreign stocks. An analysis of the relationship across time between ADR portfolio returns indicated a lead/lag relationship. The highest lead/lag and therefore the greatest risk was observed in the UK ADR portfolio.

Evaluation, Stocks, Portfolio management, American depository receipts, American depositary receipts, Foreign securities

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