Economics & Business Seminar Series Events Publication
- E&BSS: Assessing the Impact of the Maternity Capital Policy in Russia - Fabian Slonimczyk (ICEF)
- E&BSS: Microfinance, poverty and education - Ralph De Haas (EBRD, London)
- E&BSS: Early School Exposure, Test Scores, and Noncognitive Outcomes - Thomas Cornelissen, Centre for Research and Analysis of Migration (CReAM), UCL
- E&BSS: Are the Inflation Rates from the New EU Member States Ready for ECB Managing? - Juan Carlos Cuestas (University of Sheffield)
- E&BSS: ‘Black Spots’ in Capital Structure Studies: The Case of Non-Existing Debt - Eugene Nivorozhkin (UCL SSEES)
- E&BSS: The European Financial Crisis-What Next? - Yumei Ji (UCL SSEES)
- Special Event: ‘Stuck in Transition’? EBRD-SSEES Transition Report Launch 2013
- E&BSS: Foreign Languages and Trade - Dr Jan Fidrmuc (Brunel University)
- E&BSS: Planning peace. Development policies in postwar Europe and the birth of development economics - Michele Alacevich (Columbia University, USA)
- E&BSS: Financial integration in Europe: Has the model failed for the 'periphery economies’? - Max Watson (Wolfson College, University of Oxford)
- E&BSS: Bank Lending and Firm Innovation: Evidence from Russia - Ralph De Haas (EBRD, UK)
- E&BSS: The urban-rural divide in educational outcome: Evidence from Russia - Chiara Amini (London Metropolitan University, UK)
- E&BSS: European perspectives of Ukraine: the end of multi-vector policy? - Igor Yegorov (Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine)
- E&BSS: Foreign-owned banks and dependent financialization in Eastern Europe - Daniela Gabor (Bristol Business School, UK)
- E&BSS: A Neo-Institutional Framework To Analyse Tax Evasion by Owners-Managers in the Transition Business Environment - Tomasz Mickiewicz (Aston University; ESRC Enterprise Research Centre, UK)
- E&BSS: Corruption and management practices. Firm-level evidence - Daphne Athanasouli (UCL SSEES)
We argue that corruption can decrease aggregate productivity by deteriorating firm management practices. More...
Starts: Mar 18, 2014 5:00:00 PM
E&BSS: The urban-rural divide in educational outcome: Evidence from Russia - Chiara Amini (London Metropolitan University, UK)
This paper analyses the differences in educational achievement between urban and rural Russian secondary school students using data from the Program for International Student Assessment (PISA) surveys. More...
Starts: Feb 11, 2014 5:30:00 PM
E&BSS: ‘Black Spots’ in Capital Structure Studies: The Case of Non-Existing Debt - Eugene Nivorozhkin (UCL SSEES)
Publication date: Oct 24, 2013 2:01:16 PM
Start: Dec 3, 2013 5:00:00 PM
Location: Room 347, UCL SSEES Building, 16 Taviton Street, London, WC1H 0BW.
This study focuses on what can be characterized as “black spots” in the existing studies - the selection issue, which is manifested in the fact that a nontrivial number of companies occasionally do not have any debt on their balance sheet. The problem of zero debt is akin to truncated and censored regression models, which are useful when the dependent variable is observed in some ranges but not in others. We find strong evidence that the results of the target adjustment studies of capital structure, which use fitted values of debt ratios, can be potentially biased due to failure to correct for censoring due to zero-leverage observations. The results also have tangible implications for corporate finance practitioners. Moreover, this paper also looks at the issue of dynamic properties of capital structure choice and the persistence in the capital structure choice and examines the effect of the 2008 global financial crisis on Russian firms’ capital structure choice.
Eugene Nivorozhkin is a Lecturer in the Economics of Central-Eastern Europe at UCL SSEES. His research interests include in particular corporate finance, banking regulation economics of education. His recent publications include papers in The European Journal of Finance, Eastern European Economics, Eastern European Economics and others.
- For more details contact: Dr Svetlana Makarova