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Estructura Optima De Capital Y Estructura De Varias Empresas Optimal Capital Structure
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Book Synopsis Estructura óptima de capital y estructura de varias empresas (Optimal Capital Structure). by : Pablo Fernandez
Download or read book Estructura óptima de capital y estructura de varias empresas (Optimal Capital Structure). written by Pablo Fernandez and published by . This book was released on 2018 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spanish Abstract: Para que exista estructura óptima es preciso suponer que el valor global de la empresa (deuda acciones valor actual de los impuestos) disminuye con el apalancamiento (esto es, que existen los costes del apalancamiento). Esto puede suceder por dos motivos: porque el FCF esperado disminuya con el endeudamiento o bien, porque el riesgo de los activos (el riesgo del FCF y la probabilidad de quiebra) aumente con el apalancamiento (o por una combinación de ambos). Se realiza el análisis de la estructura óptima basándonos en dos ejemplos propuestos en notas de Harvard Business School y de Damodaran.Se muestra la estructura de capital de varias empresas (Chevron, Coca Cola, GE, Google, IBM, Intel, J&Johnson, Mcdonalds, Microsoft, Pepsico, Procter, Sealed Air, Sealy, Wal-Mart, Walt Disney) que no parecen perseguir la “estructura óptima”
Book Synopsis Estructura Optima de Capital Para Flujos de Caja Finitos (Optimal Capital Structure for Finite Cash Flows). by : Felipe Mejia-Pelaez
Download or read book Estructura Optima de Capital Para Flujos de Caja Finitos (Optimal Capital Structure for Finite Cash Flows). written by Felipe Mejia-Pelaez and published by . This book was released on 2018 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has an English version and can be downloaded from: "http://ssrn.com/abstract=1799605" http://ssrn.com/abstract=1799605En este trabajo se muestra cómo encontrar la estructura óptima de capital y el valor con un endeudamiento constante y variable período a período, cuando la tasa de descuento para el ahorro de impuestos es Ke, el costo de capital apalancado. Se presentan procedimientos numéricos y expresiones recursivas compactas no circulares para los casos de períodos finitos y perpetuidades, lo que facilita el cálculo y el análisis, incluyendo simulaciones de Monte Carlo. Asimismo, se ilustra el procedimiento en hoja de cálculo con Solver como una verificación.Ver las diapositivas que acompañan y complementan este documento en: "http://papers.ssrn.com/abstract=2214703" El Juego De La Gallina Ciega: Buscando La Estructura Óptima De Capital This paper shows how to proceed to find the optimal capital structure and value with period-to-period constant and variable leverage, when the discount rate for Escudo fiscal is Ke, the cost of levered equity. Numerical procedures and recursive closed-form non-circular expressions for the finite-period and perpetuity cases are presented, which facilitate any kind of implementation including Monte Carlo simulations. In addition, we illustrate the optimizing procedure with Solver for checking purposes.See the PowerPoint slides that accompany and complement this paper at: "http://papers.ssrn.com/abstract=2214703" El Juego De La Gallina Ciega: Buscando La Estructura Óptima De Capital.
Book Synopsis Blind Man's Bluff by : Ignacio Velez-Pareja
Download or read book Blind Man's Bluff written by Ignacio Velez-Pareja and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: La versión española de este artículo se puede encontrar en: "http://ssrn.com/abstract=2214703" http://ssrn.com/abstract=2214703.In these slides we discuss the practical and conceptual difficulty of finding an Optimal Capital Structure. We propose a normative approach we call Implicit Bankruptcy Costs Theory and how to proceed to find the optimal capital structure and value with period-to-period constant and variable leverage, when the discount rate for tax shields is Ke, the cost of levered equity. Numerical procedures and a recursive closed-form non-circular expressions for the finite-period and perpetuity cases are presented, which facilitate any kind of implementation including Monte Carlo simulations.These slides complement the paper on Optimal Capital Structure at: " http://papers.ssrn.com/abstract=1799605" Optimal Capital Structure for Finite Cash Flows.En estas diapositivas se discute la dificultad práctica y conceptual de encontrar la estructura óptima de capital EOC. Se propone un modelo normativo que se ha llamado la Teoría de los costos de quiebra implícitos y cómo proceder para encontrar la EOC y el valor con endeudamiento constante y variable cuando la tasa de descuento de los Ahorros en impuestos es Ke, el costo esperado del patrimonio de una firma con deuda. Se presnetan ejemplos numéricos y una fórmula recursiva y cerrada para el caso de flujos finitos y perpetuidades para determinar ese endeudamiento óptimo. Esto facilitata cualquier tipo de implementación, incluida la Simulación de Monte Carlo. Estas diapositivas complementan el paper sobre Estructura Optima de Capital en " http://papers.ssrn.com/abstract=1799605" Optimal Capital Structure for Finite Cash Flows.
Book Synopsis La Estructura De Capital Óptima (The Optimum Capital Structure). by : Juan Mascareñas
Download or read book La Estructura De Capital Óptima (The Optimum Capital Structure). written by Juan Mascareñas and published by . This book was released on 2013 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: En esta monografía se estudia la búsqueda de la estructura de capital óptima de una empresa. En concreto: El problema de la estructura del capital, la visión del mercado eficiente sobre la estructura del capital, el efecto de los impuestos I: El impuesto sobre la renta de las sociedades y de las personas, el efecto de los costes de agencia, el efecto de los costes de insolvencia y de quiebra, la teoría del equilibrio de la estructura del capital, la teoría de la jerarquía de las fuentes de financiación, las teorías del equilibrio y de la jerarquía en un mundo “no anglosajón”, la gestión de la estructura de capital: el análisis BAIT-BPA, la valoración de proyectos de inversión apalancados.This monograph shows the searching of the firm's optimum capital structure. It shows the capital structure problem, the capital structure under the light of the efficient market theory, the way taxes affect the structure and how costs of agency, costs of default and bankruptcy affect it. Also examined are: the trade-off theory, the pecking order theory and what about these theories in a "non-Anglo-Saxon" world; the management of the capital structure; the EBIT-EPS analysis; and the valuation of leveraged investment projects.
Book Synopsis Capital Structure and Firm Performance by : Arvin Ghosh
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.
Book Synopsis El Juego De La Gallina Ciega by : Ignacio Velez-Pareja
Download or read book El Juego De La Gallina Ciega written by Ignacio Velez-Pareja and published by . This book was released on 2013 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The English version of this article is available at: "http://ssrn.com/abstract=2214674" http://ssrn.com/abstract=2214674.En estas diapositivas se discute la dificultad práctica y conceptual de la búsqueda de una estructura óptima de capital EOC. Se propone un enfoque normativo que llamamos quiebra implícito teoría de los costos y la forma de proceder para encontrar la estructura óptima de capital y el valor de período a período constante y el apalancamiento variable, cuando la tasa de descuento para los escudos fiscales es Ke, el costo del patrimonio apalancado. Los procedimientos numéricos y un recursivas de forma cerrada no circulares expresiones para el período finito y perpetuidad de los casos se presentan, lo que facilita cualquier tipo de implementación, incluyendo simulaciones de Monte Carlo.Se discute también el efecto de los impuestos personales en el escudo fiscal y la EOC.Esta presentación complementa el documento sobre estructura óptima de capital: "http://papers.ssrn.com/abstract=1826264" Estructura Optima de Capital Para Flujos de Caja Finitos In these slides we discuss the practical and conceptual difficulty of finding an Optimal Capital Structure, OCS. We propose a normative approach we call Implicit Bankruptcy Costs Theory and how to proceed to find the optimal capital structure and value with period-to-period constant and variable leverage, when the discount rate for tax shields is Ke, the cost of levered equity. Numerical procedures and a recursive closed-form non-circular expressions for the finite-period and perpetuity cases are presented, which facilitate any kind of implementation including Monte Carlo simulations.We also discuss the effect of personal taxes upon tax shields and OCS.These slides complement the paper on optimal capital structure: "http://papers.ssrn.com/abstract=1826264" Estructura Optima de Capital Para Flujos de Caja Finitos.
Book Synopsis Estructura Óptima de Capital by : Javier Vega Fernandez
Download or read book Estructura Óptima de Capital 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:
Book Synopsis Optimal Capital Structure by : Edmund E. Sperry
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:
Book Synopsis Factores Determinantes de la Estructura by : Rafael Ortega De La Poza
Download or read book Factores Determinantes de la Estructura written by Rafael Ortega De La Poza and published by ESIC Editorial. This book was released on 2009-02-10 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Las decisiones relacionadas con la estructura financiera de la empresa tienen importantes consecuencias para el futuro de la firma. La combinación de deuda y recursos propios de una empresa, que se precisa para financiar las necesidades de inversión, se denomina estructura financiera. Las sociedades pueden emitir decenas de títulos con numerosas combinaciones con la finalidad de conseguir una combinación que maximice el valor de mercado de la firma. Los trabajos de investigación que analizan los factores determinantes de la relación de endeudamiento de empresas pertenecientes a diferentes países, no son abundantes, si bien, artículos publicados en revistas de relevancia científica recomiendan esta línea de investigación. Posiblemente, esta escasez se deba a la dificultad que representa el análisis de los estados financieros de cada una de las empresas europeas que cotizan en un determinado mercado bursátil. En este libro se identifican los factores determinantes de la relación de endeudamiento de empresas no financieras que cotizan en mercados bursátiles de la Unión Europea. Considerando los trabajos de investigación realizados sobre este tema y publicados en revistas de relevancia científica, se analizan los factores relacionados con variables financieras que se deducen de datos que figuran en el Balance de Situación y en la Cuenta de Pérdidas y Ganancias auditados y publicados por entidades oficiales. Se analizan empresas cotizadas no financieras porque las ratios de endeudamiento de las empresas financieras están reguladas por las autoridades económicas y monetarias, y en consecuencia, los factores determinantes del endeudamiento son muy diferentes para ambos tipos de sociedades, teniendo los directivos de las empresas no financieras más flexibilidad para establecer la relación de endeudamiento. Utilizando técnicas de análisis multivariante, fundamentalmente el análisis factorial y la regresión lineal, se identifican los factores determinantes de la estructura financiera de las empresas que cotizan en el Mercado Continuo y de las sociedades que forman parte del índice Euro Stoxx 50, y también se realiza un análisis financiero de datos y variables durante el periodo 2003-2005.
Book Synopsis The Optimal Capital Structure by : Javier Vega Fernandez
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:
Book Synopsis Optimal Capital Structure and Regulary Control by : Carlos Pérez Montes
Download or read book Optimal Capital Structure and Regulary Control written by Carlos Pérez Montes and published by . This book was released on 2011 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Structure Puzzle by : Stewart C. Myers
Download or read book Capital Structure Puzzle written by Stewart C. Myers and published by . This book was released on 1984 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contrasts the "static tradeoff" and "pecking order" theories of capital structure choice by corporations. In the static tradeoff theory, optimal capital structure is reached when the tax advantage to borrowing is balanced, at the margin, by costs of financial distress. In the pecking order theory, firms preferinternal to external funds, and debt to equity if external funds are needed. Thus the debt ratio reflects the cumulative requirement for external financing. Pecking order behavior follows from simple asymmetric information models. The paper closes with a review of empirical evidence relevant to the two theories.
Book Synopsis Optimal Capital Structure and Regulatory Control by : Carlos Pérez Montes
Download or read book Optimal Capital Structure and Regulatory Control written by Carlos Pérez Montes and published by . This book was released on 2011 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Synopsis of Optimal Capital Structure Theories by : Murray. Michael J.
Download or read book Synopsis of Optimal Capital Structure Theories written by Murray. Michael J. and published by . This book was released on 1977 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Note on the Theory of Optimal Capital Structure by : William E. Fruhan (Jr)
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:
Book Synopsis The Theory of Capital Structure - How theory meets practice in the German market by : Benjamin Friedrich
Download or read book The Theory of Capital Structure - How theory meets practice in the German market written by Benjamin Friedrich and published by ibidem-Verlag / ibidem Press. This book was released on 2012-02-03 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of capital structure is one of the most exciting and complex topics in corporate finance. After many years of debate it is still extremely difficult to provide a conclusive answer to the question which capital structure maximises the value of a company and what factors determine the optimal mix of debt and equity capital.This book provides a comprehensive introduction to capital structure theory and investigates its practical relevance in the German market. The main objectives are to explore the link between capital structure theory and corporate practice and to test determinants of capital structure choice empirically.The book has been written for students, researchers, and academics, but also for practitioners seeking empirical evidence of capital structure theory and an empirical model that can be used to estimate the optimal level of debt for an individual company in relation to an existing industry optimum.
Book Synopsis The Capital Structure Decision by : Harold Bierman
Download or read book The Capital Structure Decision written by Harold Bierman and published by Springer Science & Business Media. This book was released on 2003 with total page 240 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.
