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Financial Leverage and Shareholder’s Required Returns: Evidence from South Africa Corporate Sector

  • B. Matemilola


  • A. Bany-Ariffin


  • W. Azman-Saini


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Article provided by Springer & Central Eastern European University Network (CEEUN) in its journal Transition Studies Review.

Volume (Year): 18 (2012)
Issue (Month): 3 (March)
Pages: 601-612

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Handle: RePEc:spr:trstrv:v:18:y:2012:i:3:p:601-612
DOI: 10.1007/s11300-012-0214-x
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  1. Frank, Murray Z. & Goyal, Vidhan K., 2003. "Testing the pecking order theory of capital structure," Journal of Financial Economics, Elsevier, vol. 67(2), pages 217-248, February.
  2. Lukas Schmid & Joao Gomes, 2007. "Levered Returns," 2007 Meeting Papers 1007, Society for Economic Dynamics.
  3. Masulis, Ronald W, 1983. " The Impact of Capital Structure Change on Firm Value: Some Estimates," Journal of Finance, American Finance Association, vol. 38(1), pages 107-26, March.
  4. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. " On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-78, July.
  5. Oludele Akinloye Akinboade & Daniel Makina, 2010. "Econometric analysis of bank lending and business cycles in South Africa," Applied Economics, Taylor & Francis Journals, vol. 42(29), pages 3803-3811.
  6. Bhandari, Laxmi Chand, 1988. " Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence," Journal of Finance, American Finance Association, vol. 43(2), pages 507-28, June.
  7. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  8. Fred D. Arditti, 1967. "Risk And The Required Return On Equity," Journal of Finance, American Finance Association, vol. 22(1), pages 19-36, 03.
  9. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
  10. Joshua Abor, 2005. "The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana," Journal of Risk Finance, Emerald Group Publishing, vol. 6(5), pages 438-445, November.
  11. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  12. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
  13. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  14. Baker, Samuel H, 1973. "Risk, Leverage, and Profitability: An Industry Analysis," The Review of Economics and Statistics, MIT Press, vol. 55(4), pages 503-07, November.
  15. STEPHEN H. PENMAN & SCOTT A. RICHARDSON & İREM TUNA, 2007. "The Book-to-Price Effect in Stock Returns: Accounting for Leverage," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 427-467, 05.
  16. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
  17. Flannery, Mark J. & Rangan, Kasturi P., 2006. "Partial adjustment toward target capital structures," Journal of Financial Economics, Elsevier, vol. 79(3), pages 469-506, March.
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