{"product_id":"9783954893140","title":"Firm Financing in the Euro Area: How asset risk affects capital structure decisions within the monetary union","description":"Using a sample of non-financial listed firms located in the Euro area, the determinants of capital structure decisions in the years 2000-2003 are investigated in this study. In line with the traditional theoretical approach and in contrast with traditional empirical literature, the study is based on a market-value measure of leverage, estimated with the Merton model. In a cross-section regressions some variables have similar effects on financing decisions across countries, while others may play a different role; risk, measured as the volatility of the market value of assets, is the best predictor of observed leverage ratios.\u003cbr\u003eThe integration of Euro-area financial markets varies significantly in different market segments: money and inter-bank markets are highly integrated, corporate bond and equity markets show a clear path of increasing integration, while retail banking markets are much less integrated. Tax and bankruptcy rules differ across the twelve countries, as well as the economic background. As a consequence, nationality is still an important determinant of observed debt ratios, despite the monetary union.","brand":"Anchor Academic Publishing","offers":[{"title":"Default Title","offer_id":47038613127408,"sku":"9783954893140","price":72.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9783954893140_p0.jpg?v=1763708043","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9783954893140","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}