Capital structuring

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  • 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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  • 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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  • Contents: The Capital Structure Question, The Effect of Financial Leverage, Capital Structure and EBIT, M&M Propositions I and II with Corporate Taxes, Bankruptcy Costs.

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  • Lecture Fundamentals of financial management - Chapter 13: Capital structure and leverage. This chapter presents the following content: Business vs. financial risk, optimal capital structure, operating leverage, capital structure theory.

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  • The study results have implications for investors and for managers in making decisions about optimal capital structure. The results are a basis for investors to predict the health of the companies in which they intend to invest, or delisted companies that have still the capability of developing.

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  • 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.

    ppt40p nomoney12 04-05-2017 3 1   Download

  • This chapter presents the following content: 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; example: choosing the optimal structure.

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  • Lecture "Fundamentals of finance management - Chapter 13: Capital structure and leverage" has contents: Business vs. financial risk, optimal capital structure, operating leverage, capital structure theory.

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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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  • (BQ) Part 2 book "Fundamentals of corporate finance" has contents: Return, risk, and the security market line; cost of capital, raising capital; financial leverage and capital structure policy; dividends and payout policy; cash and liquidity management; cash and liquidity management, international corporate finance,...and other contents.

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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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  • 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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  • (BQ) Part 2 book "Principles of managerial finance" has contents: Stock valuation, capital budgeting cash flows, capital budgeting techniques, risk and refinements in capital budgeting, the cost of capital, leverage and capital structure, dividend policy.

    pdf286p bautroibinhyen21 14-03-2017 6 2   Download

  • (BQ) Part 2 book "Corporate finance - Principles and practice" has contents: Investment appraisal - applications and risk, portfolio theory and the capital asset pricing model, the cost of capital and capital structure, dividend policy, mergers and takeovers, risk management.

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  • (BQ) Part 2 book "Corporate finance - Core principles & applications" has contents: Efficient capital markets and behavioral challenges; capital structure - basic concepts; capital structure - limits to the use, dividends and other payouts, options and corporate finance,...and other contents.

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  • (BQ) Part 2 book "Financial management - Concepts and applications" has contents: Assessing the cost of capital - What return investors require; understanding financing and payout decisions; designing an optimal capital structure; measuring and creating value,... and other contents.

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