<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0124-4639</journal-id>
<journal-title><![CDATA[Revista Universidad y Empresa]]></journal-title>
<abbrev-journal-title><![CDATA[rev.univ.empresa]]></abbrev-journal-title>
<issn>0124-4639</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Rosario]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-46392018000100157</article-id>
<article-id pub-id-type="doi">10.12804/revistas.urosario.edu.co/empresa/a.5463</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estructura óptima de capital para empresas en mercados maduros de economías emergentes: una aplicación]]></article-title>
<article-title xml:lang="en"><![CDATA[Optimal Capital Structure for an Emerging Market Firm in a Mature Business Sector]]></article-title>
<article-title xml:lang="pt"><![CDATA[Estrutura ótima de capital para empresas em mercados maduros de economias emergentes: uma aplicação]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Herrera-Echeverri]]></surname>
<given-names><![CDATA[Hernán]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad EAFIT Escuela de Economía y Finanzas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>20</volume>
<numero>34</numero>
<fpage>157</fpage>
<lpage>191</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-46392018000100157&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-46392018000100157&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-46392018000100157&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN En este trabajo, se utiliza el criterio de costo mínimo para determinar la estructura óptima de capital de una empresa del sector de procesamiento de alimentos en un mercado emergente, en este caso, el colombiano. Se abordan y armonizan varios aspectos relacionados con la política de endeudamiento para demostar que el ratio óptimo de deuda maximiza simultáneamente el valor de la empresa y de las acciones, pero, a su vez, minimiza el costo promedio ponderado de capital (Wacc). Mediante el cálculo recursivo se determina el valor de mercado del capital propio, basado en los fundamentales de la empresa y se hace un contraste con el valor pactado en una transacción de mercado reciente. El caso permite examinar algunos de los mecanismos asociados a la teoría de la estructura de capital y aterrizarlos a resultados concretos en una empresa real, para así proponer una reestructuración del nivel de endeudamiento.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT In this work, minimum cost criteria are used to determine the optimal capital structure for a firm in the food processing industry of an emerging market (Colombia). It is an excellent opportunity to examine how the components of the firm's financial statements interact to calculate optimal capital structure. Several issues related to debt policy are addressed and harmonized to demonstrate that optimal debt ratio simultaneously maximizes the enterprise and share value, and minimizes the weighted average cost of capital (WACC). Recursive calculation is used to establish equity value using the firm's fundamentals, and it is compared to a recent market transaction. This case permits an observation of the mechanisms associated with capital structure theory, and implements them through concrete results in a real-world firm, enabling analysts to propose a level of indebtedness restructuring.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Neste trabalho, utiliza-se o critério de custo mínimo para determinar a estrutura ótima de capital de uma empresa do setor de processamento de alimentos em um mercado emergente (Colômbia). Se abordam e harmonizam vários aspectos relacionados com a política de endividamento para demonstrar que o rácio ótimo da dívida simultaneamente, maximiza o valor da empresa e das ações, mas para além minimiza o custo médio ponderado de capital (Wacc). Mediante o cálculo recursivo determina-se o valor de mercado do capital próprio, baseado nos fundamentos da empresa e se faz um contraste com o valor pactuado em uma transação de mercado recente. O caso permite examinar alguns dos mecanismos associados à teoria da estrutura de capital e aterra-los a resultados concretos em uma empresa real, para propor uma restruturação do nível de endividamento.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[costo de capital]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="en"><![CDATA[Capital structure]]></kwd>
<kwd lng="en"><![CDATA[cost of capital]]></kwd>
<kwd lng="en"><![CDATA[indebtedness]]></kwd>
<kwd lng="pt"><![CDATA[Estrutura de capital]]></kwd>
<kwd lng="pt"><![CDATA[custo de capital]]></kwd>
<kwd lng="pt"><![CDATA[endividamento]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Almeida]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Philippon]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estimating Risk-Adjusted Costs of Financial Distress]]></article-title>
<source><![CDATA[Journal of Applied Corporate Finance]]></source>
<year>2008</year>
<volume>20</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>110-4</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baker]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Wurgler]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market Timing and Capital Structure]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2002</year>
<volume>LVII</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-32</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barclay]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Watts]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Determinants of Corporate Leverage and Dividend Policies]]></article-title>
<source><![CDATA[Journal of Applied Corporate Finance]]></source>
<year>1995</year>
<numero>7</numero>
<issue>7</issue>
<page-range>4-19</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berkman]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Bradbury]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ferguson]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Accuracy of Price-Earnings and Discounted Cash Flow Methods of IPO Equity Valuation]]></article-title>
<source><![CDATA[Journal of International Financial Managing and Accounting]]></source>
<year>2000</year>
<volume>11</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>71-83</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bowman]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Bush]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Using Comparable Companies to Estimate the Betas of Private Companies]]></article-title>
<source><![CDATA[Journal of Applied Finance]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bradley]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Jarrell]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation and the Constant-Growth Valuation Model. A Clarification]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brennan]]></surname>
<given-names><![CDATA[M.J.]]></given-names>
</name>
<name>
<surname><![CDATA[Schwartz]]></surname>
<given-names><![CDATA[E.S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal Financial Policy and Firm Valuation]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1984</year>
<volume>39</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>593-607</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bris]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Welch]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhu]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2006</year>
<volume>51</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1253-303</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cosset]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Roy]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Determinants of Country Risk Ratings]]></article-title>
<source><![CDATA[International Bussines Studies]]></source>
<year>1991</year>
<volume>22</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>135-42</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Damodaran]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Measuring Company Exposure to Country Risk: Theory and Practice.]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Damodaran]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<source><![CDATA[Country Risk: Determinants, Measures and Implications]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernandez]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[Levered and Unlevered Beta, Working paper No. 488]]></source>
<year>2006</year>
<publisher-name><![CDATA[IESE Business School. Universidad de Navarra]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Glover]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Expected Cost ofDefault]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2016</year>
<volume>119</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>284-99</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[J. R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How Big Are the Tax Benefits of Debt?]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2000</year>
<numero>55</numero>
<issue>55</issue>
<page-range>1901-41</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Taxes and Corporate Finance: A Review]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2003</year>
<numero>16</numero>
<issue>16</issue>
<page-range>1074-129</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[J. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Leary]]></surname>
<given-names><![CDATA[M. T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Review of Empirical Capital Structure Research and Directions for the Future]]></article-title>
<source><![CDATA[Annual Review of Financial Economics]]></source>
<year>2011</year>
<numero>3</numero>
<issue>3</issue>
<page-range>309-45</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hamada]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effect of the Firm's Capital Structure on the Systematic Risk of Common Stock]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1972</year>
<numero>27</numero>
<issue>27</issue>
<page-range>435-52</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harris]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Raviv]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Theory of Capital Structure]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1991</year>
<volume>46</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>297355</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hakkio]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Keeton]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Stress: What Is It, How Can It Be Measured, and Why Does It Matter?]]></article-title>
<source><![CDATA[Economic Review]]></source>
<year>2009</year>
<volume>94</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>5-50</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hovakimian]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Opler]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Titman]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Debt-Equity Choice.]]></article-title>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>2001</year>
<numero>36</numero>
<issue>36</issue>
<page-range>1-24</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lai]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Wong]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An Empirical Study of relationship between share price and intrinsic value of companies.]]></article-title>
<source><![CDATA[Financial Studies]]></source>
<year>2015</year>
<numero>4</numero>
<issue>4</issue>
<page-range>65-89</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lian]]></surname>
<given-names><![CDATA[Y]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial Distress and Customer-Supplier Relationships]]></article-title>
<source><![CDATA[Journal of Corporate Finance]]></source>
<year>2017</year>
<numero>43</numero>
<issue>43</issue>
<page-range>397-406</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lintner]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets]]></article-title>
<source><![CDATA[Review of Economics and Statistics]]></source>
<year>1965</year>
<volume>47</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>13-37</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Meckling]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1976</year>
<numero>3</numero>
<issue>3</issue>
<page-range>305-60</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1986</year>
<volume>76</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>323-9</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Leland]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Agency Costs, Risk Management, and Capital Structure]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1998</year>
<numero>49</numero>
<issue>49</issue>
<page-range>1213-43</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miles]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Ezzell]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reformulating Tax Shield Valuation: A note]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1985</year>
<numero>40</numero>
<issue>40</issue>
<page-range>1485-92</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Modigiani]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Cost of Capital, Corporation Finance and the Theory of Investment]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1958</year>
<volume>48</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>261-97</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt and Taxes]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1977</year>
<volume>32</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>261275</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mosin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Equilibrium in a Capital Asset Market]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1966</year>
<volume>34</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>768-83</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Capital Structure Puzzle]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1984</year>
<volume>39</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>575-91</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of Corporate Borrowing]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1977</year>
<volume>5</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>147175</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Myers]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Majluf]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1984</year>
<numero>13</numero>
<issue>13</issue>
<page-range>187-221</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Parsons]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Titman]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Empirical Capital Structure: A Review]]></article-title>
<source><![CDATA[Foundations and Trends in Finance]]></source>
<year>2008</year>
<volume>3</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-93</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Popescu]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Visinescu]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Review of Capital Structure Theories]]></article-title>
<source><![CDATA[Annals of Faculty of Economics]]></source>
<year>2009</year>
<volume>3</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>315-20</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rajan]]></surname>
<given-names><![CDATA[R. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Zingales]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What Do We Know About Capital Structure? Some Evidence from International Data.]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1995</year>
<volume>50</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1421-60</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roll]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Hubris Hypothesis of Corporate Takeovers]]></article-title>
<source><![CDATA[Journal of Business]]></source>
<year>1986</year>
<volume>59</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>197216</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Determination of Financial Structure: the Incentive-Signalling Approach]]></article-title>
<source><![CDATA[Bell Journal of Economics]]></source>
<year>1977</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>24-40</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sharpe]]></surname>
<given-names><![CDATA[W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Theory of Market Equilibrium under Conditions of Risk]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1964</year>
<volume>19</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>425-42</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shelifer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Vihsny]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Liquidation Values and Debt Capacity: A Market Equilibrium Approach]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1992</year>
<volume>47</volume>
<page-range>1343-66</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment Banking and the Capital Acquisition Process]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1986</year>
<numero>15</numero>
<issue>15</issue>
<page-range>3-29</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sõdersten]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Accelerated Depreciation and the Cost of Capital]]></article-title>
<source><![CDATA[Scandinavian Journal of Economics]]></source>
<year>1982</year>
<volume>84</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>111-5</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stern]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Earnings Per Share Don't Count.]]></article-title>
<source><![CDATA[Financial Analysts Journal]]></source>
<year>1974</year>
<volume>30</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>39-75</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Titman]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Effect of Capital Structure on a Firm's Liquidation Decision]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1984</year>
<numero>13</numero>
<issue>13</issue>
<page-range>137151</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Titman]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Wessels]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Determinants of Capital Structure Choice]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1988</year>
<numero>43</numero>
<issue>43</issue>
<page-range>1-19</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vasiliou]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Daskalakis]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Institutional Characteristics and Capital Structure: A Cross-National Comparison]]></article-title>
<source><![CDATA[Global Finance Journal]]></source>
<year>2009</year>
<volume>19</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>286-306</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
