Contingency Approaches To Corporate Finance

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World Scientific Reference On Contingent Claims Analysis In Corporate Finance In 4 Volumes

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Author : Michel Crouhy
language : en
Publisher: World Scientific
Release Date : 2019-01-21

World Scientific Reference On Contingent Claims Analysis In Corporate Finance In 4 Volumes written by Michel Crouhy and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-21 with Business & Economics categories.

Black and Scholes (1973) and Merton (1973, 1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the face value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities, equity, warrants, debt, contingent convertible debt, guarantees, etc.In the four volumes we present the major academic research on CCA in corporate finance starting from 1973, with seminal papers of Black and Scholes (1973) and Merton (1973, 1974). Volume I covers the foundation of CCA and contributions on equity valuation. Volume II focuses on corporate debt valuation and the capital structure of the firm. Volume III presents empirical evidence on the valuation of debt instruments as well as applications of the CCA to various financial arrangements. The papers in Volume IV show how to apply the CCA to analyze sovereign credit risk, contingent convertible bonds (CoCos), deposit insurance and loan guarantees. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: Corporate Debt Valuation with CCAVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Empirical Testing and Applications of CCAVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: Contingent Claims Approach for Banks and Sovereign DebtVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).

Capital Structure

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Author : Ahmed Riahi-Belkaoui
language : en
Publisher: Praeger
Release Date : 1999-02-28

Capital Structure written by Ahmed Riahi-Belkaoui and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-28 with Business & Economics categories.

This text uses theoretical and contingency approaches to examine the question of whether capital structure can be determined. Using a bond rating model it looks at the evaluation of capital structure, the resolution of issues pertaining to equity and liabilities, and their contribution to reports

Toward An Integrative Explanation Of Corporate Financial Performance

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Author : N. Capon
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Toward An Integrative Explanation Of Corporate Financial Performance written by N. Capon and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

This volume is a milestone on our journey toward developing a more comprehensive understanding of the underpinnings of corporate financial performance. Weare concerned with both the factors that cause the financial performance of some firms to be better than others at a point in time and those factors that influence the trajectory of firm financial performance over time. In addressing these issues, we consider theoretical and empirical work on financial performance, drawn from several literatures, as well as present the results from our own empirical study. The review of the theoretical and empirical work is contemporary; the major portion of data comprising the empirical study was collected in the early 1980s as part of the Columbia Business School project on corporate strategic planning, but some data sequences extend into the mid-1980s and early 1990s. Our goals are to improve understanding of firm financial performance by developing a more integrated framework and to develop a research agenda based on what we have learned. This volume consists of four chapters, 12 appendices that provide detailed technical support and development for various portions of the discussion and an extensive set of references. It interweaves results from published literature in various fields with our original empirical work and develops an integrative approach to the study of firm fmancial performance.

Corporate Finance

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Author : Michelle R. Clayman
language : en
Publisher: John Wiley & Sons
Release Date : 2012-03-06

Corporate Finance written by Michelle R. Clayman and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-06 with Business & Economics categories.

The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate finance In today's competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice-oriented distillation of the most important tools and concepts of corporate finance. Updated for a post-financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy: Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structure Current, real-world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth concepts Explanations and examples are rigorous and global, but make minimal use of mathematics Each chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possible Written by the experts at CFA Institute, the world's largest association of professional investment managers Created for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today's global corporate world.

The New Corporate Finance

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Author : Donald H. Chew
language : en
Publisher: McGraw-Hill Companies
Release Date : 1993

The New Corporate Finance written by Donald H. Chew and has been published by McGraw-Hill Companies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.

This book consists of 57 articles written by financial economists examining the implications of market efficiency for the following aspects of corporate management: evaluating capital investment opportunities; setting capital structure and dividend policies; raising capital and choosing among the spectrum of financial vehicles; managing corporate risks; corporate restructuring designed to increase stockholder value; and reorganization of financially troubled companies.

Dynamical Corporate Finance

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Author : Umberto Sagliaschi
language : en
Publisher: Springer Nature
Release Date : 2021-07-29

Dynamical Corporate Finance written by Umberto Sagliaschi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-29 with Business & Economics categories.

The way in which leverage and its expected dynamics impact on firm valuation is very different from what is assumed by the traditional static capital structure framework. Recent work that allows the firm to restructure its debt over time proves to be able to explain much of the observed cross-sectional and time-series variation in leverage, while static capital structure predictions do not. The purpose of this book is to re-characterize the firm’s valuation process within a dynamical capital structure environment, by drawing on a vast body of recent and more traditional theoretical insights and empirical findings on firm evaluation, also including asset pricing literature, offering a new setting in which practitioners and researchers are provided with new tools to anticipate changes in capital structure and setting prices for firm’s debt and equity accordingly.

Capital Structure And Corporate Financing Decisions

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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2011-03-31

Capital Structure And Corporate Financing Decisions written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-31 with Business & Economics categories.

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.

Corporate Finance

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Author : Aswath Damodaran
language : en
Publisher:
Release Date : 1997

Corporate Finance written by Aswath Damodaran and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.

A text with a thoroughly integrated applications orientation revolving around the philosophy that companies need to know how to finance organizations in order to reach optimal capital structure. Recognizing that every investment decision involves choosing the right amount of debt and equity, the text suggests readers look at data and ask, "What is relevant? Why is this detail important? How does it answer the question?"

The Theory Of Corporate Finance

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Author :
language : en
Publisher:
Release Date : 2009

The Theory Of Corporate Finance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

The Modern Theory Of Corporate Finance

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Author : Michael C. Jensen
language : en
Publisher: McGraw-Hill Companies
Release Date : 1984

The Modern Theory Of Corporate Finance written by Michael C. Jensen and has been published by McGraw-Hill Companies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.

This book of readings is an ideal supplement for courses in the theory of finance and corporate finance policy offered in MBA and Ph.D. programs, and for advanced courses in corporate finance offered in MBA or Ph.D. programs.