The relationship between hedge fund ownership and capital structure: Comparison between France and United Kingdom / Zaineb ZINE / 2019

Titre : The relationship between hedge fund ownership and capital structure: Comparison between France and United Kingdom Type de document : Mémoire Auteurs : Zaineb ZINE, Auteur Année de publication : 2019 Importance : 22 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management GESTION DE PORTEFEUILLE ; FONDS D'INVESTISSEMENT ; AMF ; CAPITAL Résumé : his paper investigates how institutional ownership including hedge funds ownership influence firm’s capital structure. In order to achieve this work, we decided to focus on firms based in France and United Kingdom since these two countries have a different legal system. Data has been collected for the period between 2013 and 2018 and it has been obtained from S&P Capital IQ database. Sample consists of 100 firms which have full data set for the research period in both countries. Such type of data contains endogeneity problems. Consequently, Hauseman test was applied in order to deal with this problem. Panel data is used to analyze. The model has been designed such that leverage is dependent variables, %owned by institutions, %hedge funds, number of shares and value owned by hedge funds have been employed as independent variables in our model. The results of this model shows that for UK, there is a significant influence of hedge fund ownership on firm’s leverage. For France, the results show that there is no relationship between these variables. Note de contenu : PGE: Bibliogr. P. 21-22 Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=496386