Contrary to the trade-off theory, the pecking order
theory predicts a negative relationship between profitability and leverage because a profitable firm will have more retained earnings over a period of time.
The seminal paper by Shyam-Sunder and Myers (1999) introduces an empirical test for the pecking order
Este trabalho tem como objetivo testar as previsoes das teorias de trade-off e pecking order
sobre payout e endividamento, possibilitando verificar empiricamente as previsoes desses dois modelos para essas duas variaveis.
The reason, Henson says, was because Henry made it clear that once Harris arrived from rugby league, he was down the pecking order
as only fourth choice fly-half.
I've been disappointed with his attitude at a time when other midfielders have moved above him in the pecking order
,' said Baggies' boss Robson.
Bennett is desperate for first-team football and sees a transfer as his best option since he has moved down the pecking order
after the arrival of Northern Ireland's Maik Taylor.
The Pecking Order
is a fun read with a serious intent-both a study of the family and a symptom of our fascination with it.
In this vicious pecking order
, males at the top bully bottom dwellers into a demoralized state of submission.
Amateurs held a higher place in golf's pecking order
than the vagabonds organized loosely in 1916 under the Professional Golfers Association banner.
We know, from the start, that girls are going to be short-changed compared to boys, given the nature of the sources and the pecking order
of medieval views about the two sexes.
The pecking order
within New York City's real estate brokerages remain in flux.
Childhood meanness always has been a part of growing up--taunting other youngsters, playing malicious practical jokes, including gossip and put-downs, vying for pecking order
in snobbish (or rebel) cliques.