Capital structure decisions

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  • Chapter 14 - Capital structure decisions. Learning objectives in chapter: Outline empirical evidence from recent studies on capital structure; assess the implications of the evidence for the trade-off, pecking order and free cash flow theories; explain how financing can be viewed as a marketing problem; outline the main factors that financial managers should consider when determining a company’s financing strategy.

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  • This chapter explore the valuation underpinnings to the question of capital structure. As we shall see, much controversy surrounds the issue. Despite the unsettled nature of the matter, we hope that this presentation will provide the conceptual backdrop necessary to guide the financial manager in capital structure decisions.

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  • In this chapter, you will learn: Explain the effects of financial leverage, distinguish between business risk and financial risk, understand the ‘capital structure irrelevance’ theory of Modigliani and Miller (MM), explain the roles of taxes and other factors that may influence capital structure decisions,…

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  • (BQ) Part 2 book "Financial management for decision makers" has contents: The cost of capital and the capital structure decision, making distributions to shareholders, managing working capital, measuring and managing for shareholder value, business mergers and share valuation.

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  • The connection between the capital structure decision and the value of the company was established in Chapter 4 with respect to financial risk. In this chapter, complexities are examined, including taxes, financial distress, and agency issues.

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  • This chapter explore the valuation underpinnings to the question of capital structure. As we shall see, much controversy surrounds the issue. Despite the unsettled nature of the matter, we hope that this presentation will provide the conceptual backdrop necessary to guide the financial manager in capital structure decisions.

    ppt38p hihihaha4 16-12-2016 6 1   Download

  • Chapter 1 introduces the concept of capital budgeting, and sets out the structure of the book. The important points are: Capital budgeting is the most significant financial activity of the firm. Capital budgeting determines the core activities of the firm over a long term future. Capital budgeting decisions must be made carefully and rationally.

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  • The book an emphasis on core financial principles to elevate individuals’ financial decision making. Using the unifying valuation framework based on the Law of One Price, top researchers Jonathan Berk and Peter DeMarzo have set the new canon for corporate finance textbooks.

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  • (BQ) Part 2 book "Applied corporate finance" has contents: Capital structure - sell it off; the rocky marriage of risk and return; capital budgeting decisions - The end of the roads meets the beginning of another, this is so WACC!

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  • (BQ) Part 2 book "Corporate finance and investment" has contents: Returning value to shareholders - the dividend decision, capital structure and the required return, does capital structure really matter, acquisitions and restructuring, managing currency risk,...and other contents.

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  • (BQ) Part 2 book "Corporate finance - A focused approach" has contents: The cost of capital, the basics of capital budgeting - evaluating cash flows, cash flow estimation and risk analysis, financial planning and forecasting financial statements, financial statements, capital structure decisions

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  • The role of inancial executives in any business has expanded signiicantly in recent years as companies become more accountable to their stakeholders and regulators. Combine this increase in accountability with the increasing sophistication of technology, risk management, inancial analysis, and inancial records processing, and we see that the responsibilities of inancial executives in any organization have expanded signiicantly. our goal with The Complete CFO Handbook is to provide inancial executives with the background and tools for managing a company’s inancial functions.

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  • Chapter 17 Capital Structure Decisions: Extensions a. MM Proposition I states the relationship between leverage and firm value. Proposition I without taxes is V = EBIT/rsU. Since both EBIT and rsU are constant, firm value is also constant and capital structure is irrelevant. With corporate taxes, Proposition I becomes V = Vu + TD.

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  • Chapter 16 Capital Structure Decisions: The Basics a. Capital structure is the manner in which a firm’s assets are financed; that is, the righthand side of the balance sheet. Capital structure is normally expressed as the percentage of each type of capital used by the firm--debt, preferred stock, and common equity.

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  • Residential leases are regulated by provincial legislation. In some cases, the applicable legislation will override the terms of the lease agreement, regardless of the intention of the parties. In some provinces, the ability of the landlord to increase residential rents is limited by provincial regulation. Financing Most real estate !nancing is arranged through institutional lenders such as banks, trust companies, pension funds, credit unions and insurance companies.

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  • Furthermore, when lenders institute non-interest charges such as fees to compensate for interest rate ceilings, they effectively raise the cost of credit for all successful borrowers. Therefore, while a ceiling may reduce the explicit price of credit (interest rate), it may not result in lower overall costs of borrowing even for those able to obtain loans. Additionally, non-interest charges make it more complicated for customers to comprehend the total cost of borrowing and more difficult to make well-informed credit decisions.

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  • This paper borrows from the empirical literature on non-financial firms to explain the capital structure of large, publicly traded banks. It uncovers empirical regularities that are inconsistent with a first order effect of capital regulation on banks’ capital structure. Instead, the paper suggests that there are considerable similarities between banks’ and non-financial firms’ capital structures.

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  • The recent financial crisis exposed a number of weaknesses in the housing finance sector in the United States (U.S.). The resulting problems can be sourced to incentives guiding decisions in the funding and loan management chains, to incentives driving households’ repayment and default decisions under the personal bankruptcy framework, and to incentives for loan servicers and investors to choose foreclosure over loan modification.

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  • School bond elections receive little attention in political science or education policy literature, and the research that does exist is based on the observations of a single or a hand full of elections. Given the importance of bond elections as a revenue generating mechanism for schools as well as being one of the only cases where citizens can directly make decisions in regard to school district policy, we believe that more attention should be paid to this important policy process.

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  • The main goals of this chapter are to: Explain capital structure choices and their impact on the MNC, describe the process of multilateral netting and its contribution to cash flow management, describe the importance of leading and lagging in cash flow management,...

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