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Author : Clecio Jose Bortoni Dias
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (357 download)
Download or read book Optimal Capital Structure with Partially Informed Investors written by Clecio Jose Bortoni Dias and published by . This book was released on 1995 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Praveen Kumar
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (13 download)
Download or read book Optimal Capital Structure and Investment with Real Options and Endogenous Debt Costs written by Praveen Kumar and published by . This book was released on 2017 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the joint optimization of financial leverage and irreversible capacity investment in a real options framework with risky debt and endogenous interest costs. Higher capacity, ceteris paribus, increases operating leverage and default probability, but lowers ex post adjustment costs and generates larger tax shields. A key insight is that financial leverage and capacity are substitutes in the debt market equilibrium. We develop novel predictions about the effects of capital adjustment costs, operating costs, and uncertainty on optimal financial leverage and capacity that may potentially help explain ambiguous empirical results in the literature regarding the determinants of capital structure and investment.
Author : Christopher Parsons
Publisher : Now Publishers Inc
ISBN 13 : 160198202X
Total Pages : 107 pages
Book Rating : 4.6/5 (19 download)
Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Author : Rune Stenbacka
Publisher :
ISBN 13 : 9789515555762
Total Pages : 29 pages
Book Rating : 4.5/5 (557 download)
Download or read book Investment, Capital Structure and Complementarities Between Debt and New Equity written by Rune Stenbacka and published by . This book was released on 1998 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anton Miglo
Publisher : Springer
ISBN 13 : 3319307134
Total Pages : 266 pages
Book Rating : 4.3/5 (193 download)
Download or read book Capital Structure in the Modern World written by Anton Miglo and published by Springer. This book was released on 2016-07-20 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are still not very well understood in the business community, such as Modigliani and Miller’s irrelevance result, trade-off theory, pecking-order theory, asset substitution, credit rationing and debt overhang. Chapters also cover capital structure issues that have become very important following the recent financial crisis. Miglo discusses the ways in which financial economists were forced to look critically at capital structure, as the problems faced by many companies stemmed from their financing policies following the crisis. The book also discusses links between capital structure and firm’s performance, corporate governance, firm’s strategy and flexibility, and covers such topics as life cycle approach to capital structure management, capital structure of small and start-up companies, corporate financing versus project financing and examples of optimal capital structure analyses for different companies. This comprehensive guide to capital structure theory will be of interest to all students, academics and practitioners seeking to understand this fast-developing and critical area of business management.
Author : Oliver D. Hart
Publisher : University of British Columbia, Department of Economics
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (31 download)
Download or read book Capital Structure Decisions of a Public Company written by Oliver D. Hart and published by University of British Columbia, Department of Economics. This book was released on 1994 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yongqiang Chu
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Optimal Capital Structure, Capacity Choice and Product Market Competition written by Yongqiang Chu and published by . This book was released on 2010 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a dynamic trade-off model to study the interaction between product market competition and capital structure. Firms make interdependent entry, investment, financing and default decisions. Trade-off between tax benefits, bankruptcy costs and strategic considerations in the product market determines optimal capital structure. The model delivers the following results that are consistent with empirical evidences: (1) Firms may have non-linear and non-monotonic reactions to their competitors' change of leverage, depending on their original levels of leverage; (2) The within-industry variation of leverage can be large, because incumbents and entrants use leverage strategically differently; (3) Entrants have higher leverage than incumbents in equilibrium, because the incumbents use lower leverage to gain strategic advantages over the entrants.
Author : Sergey Tsyplakov
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (129 download)
Download or read book A Dynamic Model of Optimal Capital Structure written by Sergey Tsyplakov and published by . This book was released on 2006 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a continuous time model of a firm that can dynamically adjust both its capital structure and its investment choices. The model extends the dynamic capital structure literature by endogenizing the investment choice as well as firm value, which are both determined by an exogenous price process that describes the firm's product market. Within the context of this model we explore interactions between financial distress costs and debtholder/equityholder agency problems and examine how the ability to dynamically adjust the capital structure choice affects both target debt ratios and the extent to which actual debt ratios deviate from their targets. In particular, we examine how financial distress and the firm's objectives, i.e., whether it makes choices to maximize total firm value versus equity value, influence the extent to which firms make financing choices that move them towards their target debt ratios.
Author : Martin J. Whitman
Publisher : John Wiley & Sons
ISBN 13 : 9780471398103
Total Pages : 302 pages
Book Rating : 4.3/5 (981 download)
Download or read book Value Investing written by Martin J. Whitman and published by John Wiley & Sons. This book was released on 2000-10-09 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die hier vorgestellte Methode des 'Value Investing' (Investitionsentscheidungen nach der Wertanalyse) lost die traditionelle Praxis ubertriebener Preisbeobachtungen ab. Die moderne Unternehmensbewertung wird von einem echten Value-Investor vorgestellt, der bekannt ist fur seine Treffsicherheit beim Kauf von unterbewerteten Unternehmen, die er spater wieder mit betrachtlichem Gewinn verkauft. "Value Investing" zeigt Ihnen, wie Sie von der Informationsvielfalt profitieren, z.B. von Fusionen und Akquisitionen und Unternehmens- oder offentlichen Finanzierungen. Whitman definiert die grundlegenden Faktoren, die den Unternehmenswert und ganze Markte beeinflussen konnen und befurwortet die Abkehr von der herkommlichen Analyse der Preisbewegungen und kurzfristigen Handelszielen.
Author : Charles J. Cuny
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Capital Structure Decision When Markets Have Information that Firms Do Not Have written by Charles J. Cuny and published by . This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore equilibrium corporate capital structure under the tradeoff that additional debt generates the familiar corporate tax benefit, while additional equity generates more information about the value of growth opportunities, allowing a more precise estimate of the return on real investment. This precision creates value by leading to better real investment decisions. Unlike agency costs of debt, whose magnitude can be expected to be small at low leverage levels, this information benefit of equity need not necessarily be small at low leverage levels. Therefore, an all-equity corner solution for optimal capital structure may reasonably arise. Such an outcome is most likely to occur for firms that are profitable, have many growth opportunities, or are relatively unique. The model provides valuable insight in the most important cases for which capital structure tradeoff theories have failed to predict corporate practice.
Author : William E. Fruhan (Jr)
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (318 download)
Download or read book Note on the Theory of Optimal Capital Structure written by William E. Fruhan (Jr) and published by . This book was released on 1979 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Aydin Ozkan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (593 download)
Download or read book A Re-examination of Optimal Capital Structure written by Aydin Ozkan and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)
Download or read book Investment Decisions, Managerial Discretion, and Optimal Capital Structure with Learning-Curve Technology written by and published by . This book was released on 2021 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Caio Machado
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (117 download)
Download or read book Optimal Investment and Capital Structure with Stock Market Feedback written by Caio Machado and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Leora Klapper
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4./5 ( download)
Download or read book Business Environment and Firm Entry written by Leora Klapper and published by World Bank Publications. This book was released on 2004 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.
Author : Hans Gersbach
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (174 download)
Download or read book The Optimal Capital Structure of an Economy written by Hans Gersbach and published by . This book was released on 2001 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470569522
Total Pages : 516 pages
Book Rating : 4.4/5 (75 download)
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 2011-05-03 with total page 516 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.
