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Optimal Capital Structure With An Equity For Guarantee Swap
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Book Synopsis Optimal Capital Structure with an Equity-for-Guarantee Swap by : Zhaojun Yang
Download or read book Optimal Capital Structure with an Equity-for-Guarantee Swap written by Zhaojun Yang and published by . This book was released on 2019 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study an equilibrium pricing of a new invented equity-for-guarantee swap and optimal capital structure of a firm, which enters into the swap. We present closed-form corporate security prices and guarantee cost, the percentage of the firm's equity allocated by the firm/borrower to an insurer in exchange for the guarantee. We find that the swap can significantly increase the value of the firm. If the firm earns more/less in a recession/boom market, a claim to the equity is an insurance-like instrument to the insurer and so, the guarantee cost will decrease. Especially, the bigger the business risk of the firm, the more the decreased guarantee cost and the higher the leverage ratio of the firm.
Book Synopsis Investment Timing and Capital Structure with Loan Guarantees by : Hua Xiang
Download or read book Investment Timing and Capital Structure with Loan Guarantees written by Hua Xiang and published by . This book was released on 2015 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The equity-for-guarantee swap (EGS) is a new popular financial derivative. We derive closed-form solutions for the interaction of the optimal investment and financing with the swap in a real-options framework. We find that there is an U-shaped relationship between investment timing and the coupon payment. In contrast to the classical model, EGS induces different investment and financing strategies. In particular, it delays investment. Whether the swap leads to debt overhang distortion depends on guarantee cost and the profitability of the project but it induces the borrower's risk-shifting incentive. The larger the guarantee cost, the stronger the incentive.
Book Synopsis Optimal Capital Structure, Subsidy and the Unexpected Debt-Equity Swap Policy by : Ei Yang
Download or read book Optimal Capital Structure, Subsidy and the Unexpected Debt-Equity Swap Policy written by Ei Yang and published by . This book was released on 2018 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The government proposed an unexpected one-time debt-equity swap in China in response to the rapidly growing leverage ratio of non-financial firms after 2008. We study the effects of this policy on the firms' investment decisions and the optimal capital structure in a dynamic model. To characterize some subsidized firms in reality, we model the government subsidy as a proportional reduction in the coupon payment. The subsidy induces the firm to initially take on more debt and generates a severe debt-overhang problem. We show that the swap can reduce leverage, promote investment and lower the agency cost. In addition, the subsidized firms benefit more from the swap. We study another subsidy-removal policy: removal of the subsidy if the swap is taken. Unlike the previous subsidy-stay policy, subsidized firms now face a tradeoff between the swap and subsidy. By comparing government benefits, the subsidy-removal policy dominates the subsidy-stay policy for firms with weak fundamentals. The opposite is true for firms with better fundamentals. These firms will pass on the swap under the subsidy-removal arrangement while taking the swap under the subsidy-stay arrangement. Therefore, a well-designed government policy is a mixture of these two policies.
Book Synopsis Loan Workouts and Debt for Equity Swaps by : Subhrendu Chatterji
Download or read book Loan Workouts and Debt for Equity Swaps written by Subhrendu Chatterji and published by John Wiley & Sons. This book was released on 2002-07-12 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: The key to a successful loan workout is to identify the problems accurately and address them early. It is critical that the company's underlying business and financial problems are resolved and not merely the symptoms. Loan Workouts and Debt for Equity Swaps examines how a successful loan workout can be managed. It detail the processes and participants involved, whilst providing frameworks and practical step- by-step approaches that allow for a coherent and cohesive policy to give the best possible chance of success. The book assists in the ultimate aim of providing a firm base for the future health of the company involved and maximizing the lenders' returns. This work is not merely restricted to companies and banks involved in the process, but other important participants in loan workouts. Areas featured in the book are: * What loan workouts are and why they are needed * Non-performing loans related strategies, organization and systems * Participants involved in loan workouts and their motivations * Symptoms of corporate distress and corporate turnaround strategies * Major steps involved in a typical loan workout transaction * Special issues relating to debt for equity swap transactions * A case study illustrating many of the issues covered in the book
Book Synopsis Capital Structure and Corporate Financing Decisions by : H. Kent Baker
Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Book Synopsis Capital Investment & Financing by : Chris f Agar
Download or read book Capital Investment & Financing written by Chris f Agar and published by Elsevier. This book was released on 2005-05-06 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: The requirement to maximise value for shareholders is at the core of any corporate investment or financing decision. The intrinsic value of proposed investments should be assessed before deciding how much capital to allocate; the benefits and risks associated with each available source of finance should be considered when capital is being raised; and capital, and any associated financial risks, should be managed in a way that continues to maximise value. At every stage, an analysis should be carried out to ensure the decision is optimal for shareholders and other capital providers.This book provides practical guidance on the application of financial evaluation techniques and methods (mainly covered in Appendices), as well as comprehensive coverage of traditional corporate finance topics, discussed in the context of capital investment, raising and management and financial risk management (using derivatives). Models, formulae and other quantitative techniques are illustrated in over 100 examples (using only basic mathematics). Topics discussed include the following:* business appraisal using financial ratios* corporate valuation (mainly discounted cash flow and real options)*investment appraisal techniques* acquisition structuring and evaluation* the nature of loans and loan agreements* features and pricing of bonds (straight and convertible)* leasing (including leveraged leasing)* equity raising (Initial Public Offerings)* long and short term capital management* basic pricing of derivatives (forwards, futures, options, swaps)* interest rate and currency risk management using derivativesCapital Investment & Financing provides a comprehensive, in-depth coverage of concepts, methods and techniques involved when evaluating acquisitions and other investments, assessing financing opportunities, and managing capital. The core chapters provide practical guidance on key corporate finance topics; the Appendices contain more quantitative material, focusing on pricing techniques. Examples are used throughout, and an integrated case study (fictional) in the final Appendix uses many of the techniques discussed.*Discusses all key areas of corporate investing and financing, focusing on key financial issues *Concise, thorough and technical, it enables to reader to acquire knowledge effectively *Can be used in everyday analysis and decision making
Book Synopsis The Interior Optimum Capital Structure by : Garland Demarcus Simmons
Download or read book The Interior Optimum Capital Structure written by Garland Demarcus Simmons and published by . This book was released on 1987 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Long-Term Financial Contracting with Privately Observed Cash Flows by : Peter M. DeMarzo
Download or read book Optimal Long-Term Financial Contracting with Privately Observed Cash Flows written by Peter M. DeMarzo and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We characterize the optimal long-term financial contract in a setting in which a risk-neutral agent with limited capital seeks financing for a project that pays stochastic cash flows over many periods. These cash flows are observable to the agent but not to investors. The agent can be induced to pay investors via the threat of the loss of control of the project. After solving for the contract as an optimal mechanism, we demonstrate that it can be implemented by a combination of equity, long-term debt and a line of credit - very simple, standard securities. Thus our model provides a theory of capital structure, capturing both optimal debt maturity and debt vs. equity financing. Equity is issued to investors and is also used for the agent's compensation. In equilibrium, the agent may default on the debt and control of the project may pass to debt holders. The optimal capital structure is robust in the sense that it is independent of the amount financed and under certain circumstances, independent of the severity of the moral hazard problem. We also show how our characterization applies to settings in which the agent undertakes hidden effort, or can alter the risk of cash flows.
Book Synopsis Issues in General Economic Research and Application: 2013 Edition by :
Download or read book Issues in General Economic Research and Application: 2013 Edition written by and published by ScholarlyEditions. This book was released on 2013-05-01 with total page 1193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in General Economic Research and Application: 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Theoretical Economics. The editors have built Issues in General Economic Research and Application: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Theoretical Economics in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in General Economic Research and Application: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing Hedge Fund Risk and Financing by : David P. Belmont
Download or read book Managing Hedge Fund Risk and Financing written by David P. Belmont and published by John Wiley & Sons. This book was released on 2011-09-13 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate guide to dealing with hedge fund risk in a post-Great Recession world Hedge funds have been faced with a variety of new challenges as a result of the ongoing financial crisis. The simultaneous collapse of major financial institutions that were their trading counterparties and service providers, fundamental and systemic increases in market volatility and illiquidity, and unrelenting demands from investors to redeem their hedge fund investments have conspired to make the climate for hedge funds extremely uncomfortable. As a result, many funds have failed or been forced to close due to poor performance. Managing Hedge Fund Risk and Financing: Adapting to a New Era brings together the many lessons learned from the recent crisis. Advising hedge fund managers and CFOs on how to manage the risk of their investment strategies and structure relationships to best insulate their firms and investors from the failures of financial counterparties, the book looks in detail at the various methodologies for managing hedge fund market, credit, and operational risks depending on the hedge fund's investment strategy. Also covering best practice ISDA, Prime Brokerage, Fee and Margin Lock Up, and including tips for Committed Facility lending contracts, the book includes everything you need to know to learn from the events of the past to inform your future hedge fund dealings. Shows how to manage hedge fund risk through the application of financial risk modelling and measurement techniques as well as the structuring of financial relationships with investors, regulators, creditors, and trading counterparties Written by a global finance expert, David Belmont, who worked closely with hedge fund clients during the crisis and experienced first hand what works Explains how to profit from the financial crisis In the wake of the Financial Crisis there have been calls for more stringent management of hedge fund risk, and this timely book offers comprehensive guidelines for CFOs looking to ensure world-class levels of corporate governance.
Book Synopsis Debt Swaps for Sustainable Development by : Dr. Jürgen Kaiser
Download or read book Debt Swaps for Sustainable Development written by Dr. Jürgen Kaiser and published by Iucn. This book was released on 1996 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is aimed at helping IUCN's members to understand the scope and mechanisms of debt conversion and to spot opportunities for their own action in this important field.
Book Synopsis Optimal Financing Decisions by : Alexander Allan Robichek
Download or read book Optimal Financing Decisions written by Alexander Allan Robichek and published by . This book was released on 1965 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Journal of Applied Corporate Finance by :
Download or read book Journal of Applied Corporate Finance written by and published by . This book was released on 2007 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Financial Decisions and Future Earnings Performance by : Paul M. Healy
Download or read book Corporate Financial Decisions and Future Earnings Performance written by Paul M. Healy and published by Forgotten Books. This book was released on 2018-01-31 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Corporate Financial Decisions and Future Earnings Performance: The Case of Initiating Dividends Dividend policy has several attractive aspects as an information transmission mechanism. Unlike the detailed focus of other announcements, dividends can be used as a simple, comprehensive signal of management's interpretation of the firm's recent performance and its future prospects. Unlike most announcements, dividend announcements must be backed with hard cold cash. The firm must either generate this cash or convince the capital markets to supply it. In addition to the credibility of cash signals, dividends are also highly visible compared with other announcements. (p.9é) A second dividend hypothesis proposed in the literature competes with the information signaling hypothesis and also predicts a positive stock price reaction to dividend announcements. Graham and Dodd Gordon and Gordon and Bradford suggest that the investors prefer returns in the form of dividends, possibly because of institutional constraints. This proposition is consistent with a positive wealth impact of dividend announcements and with the results of Long's (1978) examination of the returns on the dual series common stock of a single firm. A key distinction between the information signaling hypothesis and this other explanation of the dividend announcement effect is that, while the signaling hypothesis explicitly links the announcement of dividends and the firm's current and future performance, no such link is implied by the competing explanation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis The Oxford Guide to Financial Modeling by : Thomas S. Y. Ho
Download or read book The Oxford Guide to Financial Modeling written by Thomas S. Y. Ho and published by . This book was released on 2004 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Guide to Financial Modeling is accompanied by a companion web site that serves as an interactive workbook designed specifically for the book. This site is simple to use yet exceedingly robust with regard to its technological efficiency and purposeful usability. It is designed to further enhance understanding of the use and applications of the models referred to in the book and it is accessible free of charge at www.thomasho.com. This on-line workbook and resource tool contains more than 95 downloadable Excel models. The models provide clear expositions of the mathematical formulations and can be used along with the book. The companion web site is rich with a plethora of research and analytic tools designed for "doing finance" on-line.
Book Synopsis Fundamentals of Financial Management, 3/e by : Vyuptakesh Sharan
Download or read book Fundamentals of Financial Management, 3/e written by Vyuptakesh Sharan and published by Pearson Education India. This book was released on with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamentals of Financial Management by Sharan, Vyuptakesh.
