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Author : Bruce William Schnitzer
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (836 download)
Download or read book The optimum capital structure written by Bruce William Schnitzer and published by . This book was released on 1967 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arvin Ghosh
Publisher : Routledge
ISBN 13 : 135153016X
Total Pages : 143 pages
Book Rating : 4.3/5 (515 download)
Download or read book Capital Structure and Firm Performance written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.
Author : Aswath Damodaran
Publisher : FT Press
ISBN 13 : 0137036558
Total Pages : 604 pages
Book Rating : 4.1/5 (37 download)
Download or read book The Dark Side of Valuation written by Aswath Damodaran and published by FT Press. This book was released on 2009-06-19 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses. In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. ·
Author : Om Prakash Chokriwala
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.:/5 (142 download)
Download or read book Determining the Optimum Capital Structure of Municipal Projects Financed by Debt and Equity written by Om Prakash Chokriwala and published by . This book was released on 1985 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lutfa Ferdous
Publisher : GRIN Verlag
ISBN 13 : 3668945705
Total Pages : 59 pages
Book Rating : 4.6/5 (689 download)
Download or read book Optimum Capital Structure written by Lutfa Ferdous and published by GRIN Verlag. This book was released on 2019-05-23 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thesis (M.A.) from the year 2009 in the subject Business economics - Economic Policy, grade: M.B.A, University of Dhaka, course: Master of Finance, language: English, abstract: Capital structure is one of the most converse and vital issues both in finance literature and practical research. This research deals with the theoretical and empirical aspects of capital structure decision. It is observed that the determination of debt ratio is subtle and sophisticated to determine, and its estimation is still a matter of debate, and yet there is no entirely satisfactory theoretical model for forecasting the optimal debt ratio in the firm's capital structure. There is little consensus on how firms choose their capital structure and how the firm-specific factors influence the shape of the capital structure. This research develops a link between theory and practice of capital structure. This study has supported a set of sample firms to show the impact of six factors determinants on the financial leverage and how they comply with the findings derived by different previous theories regarding these factors. Least Square method has been used to assess the influence of defined explanatory variables on the capital structure by using the dataset of Bangladeshi manufacturing firms for the period 2000 to 2004. Out of Six examined explanatory variables-agency-equity, agency debt, Bankruptcy, profitability are statistically significant determinants of financial leverage. Otherwise, growth rate and operating leverage are found to be insignificant. Agency-equity, agency debt, bankruptcy operating leverage, profitability, growth rate, all these are showing a negative relation with the dependent variable. Also, this paper suggests that the institutional context and macroeconomic events play an essential role in the capital structure decisions of Bangladeshi companies. It would seem appropriate that further research should focus on the role played by the institutional framework, such as the impact of taxation, the practice of good corporate governance, legal and regulatory structure.
Author : Harold Bierman Jr.
Publisher : Springer Science & Business Media
ISBN 13 : 1461510376
Total Pages : 230 pages
Book Rating : 4.4/5 (615 download)
Download or read book The Capital Structure Decision written by Harold Bierman Jr. and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1958 an academic paper on corporate finance written by two professors (Merton Miller and Frances Modigliani, who were later awarded the Nobel prize for their research efforts) was published in The American Economic Review. One prime conclusion of their paper was that the exact form of a firm's capital structure did not affect the firm's value. Later papers by the same two authors and by many others modified the assumptions and changed this conclusion. We now think that capital structure decisions do affect a firm's value and corporate managers should understand better the financing alternatives that are available. One of the most important financial decisions is the decision to buy or lease assets. The leasing industry is large and getting larger. Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12). The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders). Managers should increase their understanding of capital structure alternatives and remember that choosing the best capital structure is an art and not an exact simple calculation. But applying the art can be improved with understanding.
Author : Edgar Wayne Ray
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (467 download)
Download or read book Some viewpoints on the optimum capital structure for the firm written by Edgar Wayne Ray and published by . This book was released on 1964 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Javier Vega Fernandez
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (819 download)
Download or read book The Optimal Capital Structure written by Javier Vega Fernandez and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dr. Syed Shabib ul Hasan
Publisher :
ISBN 13 :
Total Pages : 2 pages
Book Rating : 4.:/5 (13 download)
Download or read book Critique on Optimal Capital Structure written by Dr. Syed Shabib ul Hasan and published by . This book was released on 2013 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt: The existence of an optimal capital structure for a firm has always remained a matter of serious discussion among financial analysts and academia. The conventional approach advocates the existence of optimal capital structure based on the relationship between the cost of capital and the capital structure of the firm. According to this approach the weighted average cost of capital falls initially with leverage as the increase in required return on equity does not completely offset the cheaper debt financing. However, later on when the increase in required return on equity is more than what it offset in the use of cheaper debt financing in the capital structure, the weighted average cost of capital starts to ascend which further increases once the cost of debt financing starts to go up as well. The conventional approach therefore holds that there is the possibility of the existence of “optimal capital structure” based on the relationship between cost of capital and the capital structure of the firm. However Modigliani & Miller in their significant and influential work on the effects of capital structure on the firm's value, conclude that where there is a perfect financial market “capital structure is irrelevant” considering no-tax case, which can be literally understood as the firm's value, being independent of its financial structure having no optimal capital structure. This paper aspires to evaluate the Modigliani and Miller corporate capital structure model and critically examine its validity in the context of its application in a real life situation, using the example of the UK. Another point of concern is what a firm takes into consideration when evaluating the financing options and why it prefers one alternative over the other, or else looks for optimal capital structure. Other things remaining equal, the rapid growth of borrowing increases the probability of the corporate sector facing difficulties in servicing its debt. Therefore it seems unlikely that corporate capital structure can be fully explained by any one theory, especially given that the theories are not mutually exclusive.
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.
Author : Paul Anthony Burke
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (277 download)
Download or read book Optimal Capital Structure written by Paul Anthony Burke and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Garland Demarcus Simmons
Publisher :
ISBN 13 :
Total Pages : 430 pages
Book Rating : 4.:/5 (182 download)
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:
Author : Edmund E. Sperry
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (672 download)
Download or read book Optimal Capital Structure written by Edmund E. Sperry and published by . This book was released on 2010 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John W. Pettijohn
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (467 download)
Download or read book The practicality of current theories explaining the optimum capital structure of a firm written by John W. Pettijohn and published by . This book was released on 1965 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Timothy Franklin Dann
Publisher :
ISBN 13 :
Total Pages : 146 pages
Book Rating : 4.:/5 (176 download)
Download or read book Optimal Capital Structure and Other Topics in Finance written by Timothy Franklin Dann and published by . This book was released on 1987 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul K. Lackey
Publisher :
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.:/5 (468 download)
Download or read book A mathematical explanation of the variable optimum capital structure, utilizing canonical analysis techniques written by Paul K. Lackey and published by . This book was released on 1967 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
