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Contribution Details
Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | Macroeconomic Factors in Capital Structure |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 31 |
Date | 2021 |
Abstract Text | This thesis examine whether macroeconomic factors have explanatory power in corporate capital structure and analyze the relationship between firm loadings and firm features. Adding the factor structure is found to largely improves the explanatory power of the standard fixed effects model, especially in samples with longer lived firms. The firm loadings can be positive or negative and the sign is correlated significantly with firm attributes, but the economical meaning of the differences of firm attributes between firms with positive/negative loadings are mostly negligible.The size of the firm loadings are related to firm characteristic variables as well. |
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