Xem 1-20 trên 172 kết quả Capital structure
  • Chapter 13 - Leverage and capital structure. In this chapter you will understand the effect of financial leverage on cash flows and cost of equity, understand the impact of taxes and bankruptcy on capital structure choice, understand the basic components of bankruptcy.

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  • Our study investigates how ultimate ownership structure and the corporate tax rate affect the equilibrium trade-off relation between manager ownership and debt in reducing agency costs. Considering the presence of the controlling shareholder, we find that higher corporate tax rates strengthen the trade-off relation between manager ownership and debt while higher control rights held by the controlling shareholder weaken it as well as the strengthening effect of corporate tax rate.

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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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  • 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 one way or another, business activity must be financed. Without finance to support their fixed assets and working capital requirements, businesses could not exist. There are three primary sources of finance for companies: ● a cash surplus from operating activities ● new equity funding ● borrowing from bank and non-bank sources. Non-bank sources are mainly investors in the capital markets who subscribe for bonds and other securities issued by companies.

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  • The process of bank deleveraging is expected to increase in 2012 with a pipeline of opportunities, such as large loan portfolios, continuing to materialize. With bank capital structures supported through unconventional means, it may require a further uncontrolled external shock to significantly accelerate the deleveraging process. Opportunities for investors will, however, continue to emerge with capital strategy expected to be a key driver of an increase in transaction activity.

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  • First, standard cross-sectional determinants of firms’ capital structures also apply to large, publicly traded banks in the US and Europe, except for banks close to the minimum capital requirement. The sign and significance of the effect of most variables on bank capital structure are identical to the estimates found for non-financial firms. This is true for both book and market leverage, Tier 1 capital, when controlling for risk and macro factors, for US and EU banks examined separately, as well as when examining a series of cross-sectional regressions over time. ...

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  • After studying this chapter in the lecture, you should be able to: Explain how financial leverage affects earnings per share (EPS) and return on equity (ROE), compute the degree of financial leverage, define and compute the indifference earnings before interest and taxes (EBIT) and explain its importance in selecting between alternative financing opportunities, define and explain the term homemade leverage, explain why determining the optimal capital structure is important,...

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  • Bài giảng Management theory and practice Financial: Chapter 12 với các nội dung cơ bản như: Overview and preview of capital structure effects; Business versus financial risk; The impact of debt on returns; Capital structure theory, evidence, and implications for managers;... Mời các bạn cùng tìm hiểu và tham khảo nội dung thông tin tài liệu.

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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 allbymyself_08 22-02-2016 4 2   Download

  • 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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  • Strategic Corporate Finance provides a ‘‘real-world’’ application of the principles of modern corporate finance, with a practical, investment banking advisory perspective. Building on 15 years of corporate finance advisory experience, this book serves to bridge the chronic gap between corporate finance theory and practice. Topics range from weighted average cost of capital, value-based management and M&A, to optimal capital structure, risk management and dividend/buyback policy.

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  • Tham khảo sách 'grammar, punctuation, and capitalization - a handbook for technical writers and editors', ngoại ngữ, ngữ pháp tiếng anh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

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  • The 1980s and 1990s have been critical periods for Thailand’s development. After an initial period of instability in the early 1980s, Thailand’s economy expanded at an average pace of 9 percent p.a. during 1987–96, while the number of households below the poverty line dropped from 32.6 percent in 1988 to 16.3 percent in 1996. During this period, Thailand’s economy also underwent deep structural changes, including the liberalization of its financial sector and the integration of its economy with global financial and product markets.

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  • The teaching and the practicing of corporate finance are more challenging and exciting than ever before. The last decade has seen fundamental changes in financial markets and financial instruments. In the early years of the 21st century, we still see announcements in the financial press about such matters as takeovers, junk bonds, financial restructuring, initial public offerings, bankruptcy, and derivatives. In addition, there is the new recognition of “real” options (Chapters 21 and 22), private equity and venture capital (Chapter 19), and the disappearing dividend (Chapter 18).

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  • Strategic Corporate Finance provides a ‘‘real-world’’ application of the principles of modern corporate finance, with a practical, investment banking advisory perspective. Building on 15 years of corporate finance advisory experience, this book serves to bridge the chronic gap between corporate finance theory and practice. Topics range from weighted average cost of capital, value-based management and M&A, to optimal capital structure, risk management and dividend/buyback policy.

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  • 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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  • Already about two decades ago, Robert Lucas (1990) asked: “Why Doesn’t Capital Flow from Rich to Poor Countries?”, wondering why only very little capital in net term was flowing from the industrial world to developing economies. In the past years, this trend has even aggravated: Nowadays, in many cases, net capital flows have reversed and are now flowing from developing and emerging countries towards the rich world, especially towards the United States, United Kingdom, Australia and Spain.

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  • Contracts tend to use a single earnings number that is either the reported earnings or a transformation of reported earnings. For example, private debt contracts use reported earnings with some GAAP measurement rules "undone" (e.g., equity accounting for subsidiaries -see Leftwich, 1983, p. 25). And, CEO bonus plans use earnings (or transformations of earnings such as returns on invested capital) to determine 80% of CEO bonuses (Hay, 1991; Holthausen, Larcker and Sloan, 1995).

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