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Capital Structure Decisions Following Credit Rating Changes: Evidence from Japan
Lisa FAIRCHILD,Seung Hun HAN,Yoon S. SHIN 한국유통과학회 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.4
Our study adds to the body of knowledge about the relationship between credit ratings and the capital structure of bond issuers. Using Bloomberg and Datastream databases and employing panel regression models, we study the capital structure changes of Japanese enterprises after credit rating changes by global rating agencies (S&P and Moody’s) as well as their local counterparts (R&I and JCR) from 1998 to 2016. We find that after rating downgrades, Japanese enterprises considerably reduce net debt or net debt relative to net equity, similar to the findings of Kisgen (2009), who focused on U.S. industrial firms. They do not, however, make adjustments to their financial structure as a result of rating improvements. In comparison to downgrades by S&P and Moody’s, Japanese corporations issue 1.89 percent less net debt and 1.50 percent less net debt relative to net equity after R&I and JCR rating downgrades. To put it another way, Japanese companies consider rating adjustments made by local agencies to be more significant than those made by global rating organizations. Our findings contradict earlier research that suggests S&P and Moody’s are more prominent in the investment community than R&I and JCR in Japan.
Capital Structure and Market Power: Evidence from Thai Firms
Sasanee Lovisuth,Richard Fairchild,Rathin S Rathinasamy 사람과세계경영학회 2009 Global Business and Finance Review Vol.14 No.1
Utilizing a sample of 223 non-financial Thai firms over an eight-year period from 1997-2004, we test the relationship between financing decisions and market power using Ordinary Least Squares (OLS) and fixed-firm effects regressions. Our results show a non-linear relationship between capital structure and market power. Specifically, we find the relationship between total debt and market power, and short-term debt and market power, to be U-shaped, while the relationship between long-term debt and market power exhibits an inverted U-shaped relation. We suggest that these non-linear relationships may result from opposing limited liability and predation effects in the product market.
Capital Structure and Market Power Interaction and Firm Profitability: A USA Perspective
Rathin S Rathinasamy,Richard Fairchild,Sasanee Lovisuth,C R Krishnaswamy People&Global Business Association 2013 Global Business and Finance Review Vol.18 No.2
Using a sample of 585 U. S. firms over a period of 18 years from 1994 to 2011 and utilizing financial and stock-market data from Research Insight, this study tested the relationship between market power or product differentiation and capital structure (debt-versus-equity choice) by two way fixed effects time series cross sectional regression method; it also addressed the related proposed non-linear relation between market power and profitability of U. S. firms. Our results show a statistically significant cubic relation between two measures of Tobin's Q (market power,) namely product structure and two measures of capital structure, namely long-term debt to total assets and total debt to total assets. We also find a significant negative relation between debt ratios and lower levels of profitability, and positive relation between the two at higher levels of profitability. Further, we find a significantly positive relation between the growth rate of total assets and capital structure. Also, the relation between the natural logarithm of the number of shares and capital structure measures is positive. With regard to tangible fixed assets, we find support mostly for the trade-off hypothesis in that firms with higher fixed assets are able to use them as collateral to borrow more.
Seo, Eun-Kyoung,Kim, Nam-Cheol,Wani, Mansukh C.,Wall, Monroe E.,Navarro, Herna'n A.,Burgess, Jason P.,Kazuko, Kawanishi,Kardono, Leonardus B.S.,Riswan, Soedarsono,Rose, William C.,Fairchild, Craig R. 梨花女子大學校 藥學硏究所 2002 藥學硏究論文集 Vol.- No.11
Six new xanthones, cratoxyarborenones A-F (1-6), were isolated from the leaves, twigs, and/or stembark of Cratosylum sumatranum along with the known compound, vismione B (9), as active constituentsby tioasbay-directed fraetionation using the KB human cancer cell line Wtotoxicity assay. In addition,two novel anthraquinobenzophenones, cratoxyarborequinones A (7) and B (8), and two Imown compounds,2,4,0-trihydroxybenzophenone 4-O-geranyl ether and δ-tocotrienol, were obtained as inactive constituents.