Capital Structure And Corporate Financing Decisions

Capital Structure and Corporate Financing Decisions PDF
Author: H. Kent Baker
Publisher: John Wiley & Sons
ISBN: 0470569522
Size: 46.15 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 504
View: 2386

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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.

A Stakeholder Rationale For Risk Management

A Stakeholder Rationale for Risk Management PDF
Author: Gregor Gossy
Publisher: Springer Science & Business Media
ISBN: 9783834997586
Size: 75.40 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 210
View: 4619

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Gregor Gossy develops a stakeholder rationale for risk management arguing that firms which are more dependent on implicit claims from their non-financial stakeholders, such as customers, suppliers, and employees, prefer conservative financial policies.

Corporate Financial Management

Corporate Financial Management PDF
Author: A.K. Das Mohapatra
Publisher: Discovery Publishing House
ISBN: 9788171414802
Size: 52.94 MB
Format: PDF, Kindle
Category :
Languages : en
Pages : 176
View: 5109

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Contents: Introduction, Research Methodology, Growth and Significance of Corporate Sector in India, Analysis of Major Financing Trends, Determinants of Corporate Financial Structure, Summary of Major Findings and Conclusions.

Real Determinants Of Corporate Leverage

Real Determinants of Corporate Leverage PDF
Author: Alan J. Auerbach
Publisher:
ISBN:
Size: 14.53 MB
Format: PDF, Mobi
Category :
Languages : en
Pages :
View: 219

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The U.S. corporate tax distorts the behavior of both real and financial decisions. With respect to the former, the variation in depreciation allowances and investment tax credit provisions across types of investments leads to widely vazying effective tax rates, especially since 1981. Financial policy is distorted by the differential treatment of debt and equity. The purpose of this paper is to examine, using firm-level panel data, the relationship between real and financial decisions by corporations, in part to determine the extent to which these biases off set or reinforce each other.Our results are tentative and suggest that patterns of real and financial behavior are only partially consistent with predictions of various capital structure models (e.g. bankruptcy/agency cost, limited taxshield)and that there is no obvious offset on the financial side to the tax bias against investment in structures

Shareholder Value Und Fremdfinanzierung

Shareholder Value und Fremdfinanzierung PDF
Author: Domagoj Mandaric
Publisher: diplom.de
ISBN: 3832456724
Size: 62.27 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : de
Pages : 95
View: 2745

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Inhaltsangabe:Gang der Untersuchung: Franco Modigliani und Merton Miller (1958) haben den ersten Meilenstein auf dem Gebiet der Finanzierungstheorie gelegt, indem sie in ihrem klassischen Aufsatz gezeigt haben, dass unter bestimmten Annahmen der Wert des Unternehmens unabhängig von der Kapitalstruktur ist, und nur von den Beständen und Prozessen auf der Aktivseite des Unternehmens abhängt. Unabhängig davon, dass die Annahmen, die sie getroffen haben, sehr restriktiv waren, und die MM-Welt, die dadurch erschaffen wurde, sehr künstlich war, war das Ergebnis für den Großteil der damaligen Finanzierungstheoretiker schockierend und wurde stark angezweifelt. Nachdem das Ergebnis schließlich allgemein akzeptiert wurde, erfolgte die weitere Entwicklung des Modells, wobei versucht wurde, die Annahmen realitätsnäher zu gestalten. In dieser Arbeit wird ähnlich vorgegangen, indem, von der MM-Theorie ausgehend, die Annahmen schrittweise gelockert werden. Im Abschnitt 2 wird das Shareholder-Value-Konzept vorgestellt und die Beziehung der Ziele Unternehmenswertmaximierung und Shareholder-Value-Maximierung untersucht. Im darauffolgenden Abschnitt 3 wird zuerst das Modigliani-Miller-Theorem in seiner klassischen Form unter Originalannahmen bewiesen, und es werden auch einige alternative Beweise vorgestellt, die mit einer geringeren Anzahl von Annahmen auskommen. Die anschließenden Abschnitte beschäftigen sich mit den essentiellen Annahmen bzw. mit den treibenden Kräften der eventuellen Relevanz der Kapitalstruktur. Es sind dies jeweils die Existenz von Steuern, asymmetrischer Information und Agency-Problemen. Am Ende diskutiert Abschnitt 8 potenzielle Begründungen für die optimale Kapitalstruktur, die der neueren Literatur entstammen und nicht so direkt in Verhältnis mit den MM-Annahmen gesetzt werden können. Es geht um die Modelle, die auf Produktmarktinteraktionen basieren. Jeder Abschnitt beginnt mit einer kurzen Beschreibung des Modells entweder anhand eines kurzen Beispiels oder aufbauend auf dem Modell, dass im klassischen Aufsatz dieses Forschungszweiges vorgestellt wurde. Die Teilaspekte eines Modells werden in getrennten Unterkapiteln vorgestellt und danach in einem eigenen Kapitel zusammengefasst. Jedes Modell wird einer Kritik unterworfen, und es werden die Ergebnisse empirischer Studien bezüglich seiner Relevanz vorgestellt. Da sich die Literatur hauptsächlich mit der optimalen Kapitalstruktur im Sinne von Unternehmenswertmaximierung [...]

Betriebliche Finanzierung

Betriebliche Finanzierung PDF
Author: Peter Swoboda
Publisher: Springer-Verlag
ISBN: 3642579868
Size: 21.65 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : de
Pages : 291
View: 6257

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Was das Lehrbuch auszeichnet? Der Stoff wird vor dem Hintergrund von sehr übersichtlichen und didaktisch geschickt gewählten Fallbeispielen präsentiert.

Corporate Capital Structures In The United States

Corporate Capital Structures in the United States PDF
Author: Benjamin M. Friedman
Publisher: University of Chicago Press
ISBN: 0226264238
Size: 80.40 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 397
View: 2938

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The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.

Corporate Finance

Corporate Finance PDF
Author: Stefan Cristian Gherghina
Publisher: MDPI
ISBN: 3036505709
Size: 26.63 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 408
View: 1508

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This book comprises 19 papers published in the Special Issue entitled “Corporate Finance”, focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă et al., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding et al., 2020), risk management (Chen et al., 2020; Nguyen Thanh, 2019; Štefko et al., 2020), financial reporting (Fossung et al., 2020), corporate brand and innovation (Barros et al., 2020; Błach et al., 2020), and corporate governance (Aluchna and Kuszewski, 2020; Dragotă et al.,2020; Gruszczyński, 2020; Kjærland et al., 2020; Koji et al., 2020; Lukason and Camacho-Miñano, 2020; Rashid Khan et al., 2020). It covers a broad range of companies worldwide (Cameroon, China, Estonia, India, Japan, Norway, Poland, Romania, Slovakia, Spain, United States, Vietnam), as well as various industries (heat supply, high-tech, manufacturing).

Multinationality And Firm Performance

Multinationality and Firm Performance PDF
Author: Ahmed Riahi-Belkaoui
Publisher: Praeger
ISBN:
Size: 78.33 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 135
View: 5622

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A better assessment of the multinationality factor in the financial analysis of U.S. multinational firms.

Handbook Of Empirical Corporate Finance

Handbook of Empirical Corporate Finance PDF
Author: B. Espen Eckbo
Publisher: Elsevier
ISBN: 9780080932118
Size: 68.14 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 608
View: 6481

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This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value Multinational comparisons underline the volume's empirical perspectives Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1

Handbook Of Research On Current Trends In Asian Economics Business And Administration

Handbook of Research on Current Trends in Asian Economics  Business  and Administration PDF
Author: Akkaya, Bülent
Publisher: IGI Global
ISBN: 1799884880
Size: 35.74 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 497
View: 5840

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Social sciences have always been an important tool that enables human beings to examine and understand society. Through social sciences, researchers gain understandings of social phenomena and changes by providing commentaries, producing explanations, and attempting to synthesize a diversity of information sets to formulate theories. Since the concept of change has been the hallmark of the new millennium, researchers have witnessed a transformation in every aspect of the modern world at an ever-increasing speed, particularly in the social facet of human life. Ways of thinking that had previously been upheld and taught may, therefore, no longer be appropriate or effective as tools to understand contemporary phenomena and changes. The Handbook of Research on Current Trends in Asian Economics, Business, and Administration is a critical reference source that examines different aspects of social sciences, management, sociology, and education to better understand today’s society and social life in the Asian context. The book identifies trends, impacts, and implications of disruptive technologies for business and socio-economic development as well as strategic advantage on different levels of business and administration. Covering topics that include e-commerce, green management, information technology, economic growth, and distance learning, this book is essential for economists, academicians, government officials, policymakers, social scientists, managers, leaders, behavioral scientists, academicians, researchers, and students.