Debt In The Corporate Financial Structure

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Capital Structure And Corporate Governance

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Author : Lorenzo Sasso
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2013-08-01

Capital Structure And Corporate Governance written by Lorenzo Sasso and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-01 with Law categories.

Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.

Corporate Debt Management

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Author : Alberto Dell'Acqua
language : en
Publisher: EGEA spa
Release Date : 2019-02-20T00:00:00+01:00

Corporate Debt Management written by Alberto Dell'Acqua and has been published by EGEA spa this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-20T00:00:00+01:00 with Business & Economics categories.

This book combines theoretical knowledge and practical applications in the field of corporate capital structure and debt policy. Corporate debt management is a discipline and practice in and of itself with respect to the general principles of financial management of businesses. The book is organized in four building blocks: the main approaches for choices regarding corporate debt; the practical application through the implementation of a debt management plan; the analysis of the set of debt instruments available to satisfy the corporate financial needs; the strategies and borrowing styles for managing corporate debt. This book has been designed for a wide range of professionals involved in corporate financing and corporate and investment banking, financial analysis, management control, and corporate strategic management. Moreover it can be useful for the acquisition of in-depth knowledge by scholars and participants in Master’s degree courses in Finance and Financial Management.

Theory Of The Firm S Cost Of Capital A How Debt Affects The Firm S Risk Value Tax Rate And The Government S Tax Claim

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Author : Ramesh K S Rao
language : en
Publisher: World Scientific
Release Date : 2007-03-12

Theory Of The Firm S Cost Of Capital A How Debt Affects The Firm S Risk Value Tax Rate And The Government S Tax Claim written by Ramesh K S Rao and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-12 with Business & Economics categories.

The cost of capital concept has myriad applications in business decision-making. The standard methodology for deriving cost of capital estimates is based on the seminal Modigliani-Miller analyses. This book generalizes this framework to include non-debt tax shields (e.g., depreciation), interactions between the borrowing rate and tax shields, and default considerations. It develops several new results and shows how better cost of capital and marginal tax rate estimates can be generated. The book's unified cost of capital theory is discussed with comprehensive numerical examples and graphical illustrations.This book will be of interest to corporate managers, academics, investment bankers, governmental agencies, and private companies that generate cost of capital estimates for public consumption.

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.

The Debt Equity Choice

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Author : Ronald W. Masulis
language : en
Publisher:
Release Date : 1988

The Debt Equity Choice written by Ronald W. Masulis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.

Corporate Financial Management

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Author : A.K. Das Mohapatra
language : en
Publisher: Discovery Publishing House
Release Date : 1999

Corporate Financial Management written by A.K. Das Mohapatra and has been published by Discovery Publishing House this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

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.

Debt In The Corporate Financial Structure

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Author : Joseph Tovey
language : en
Publisher:
Release Date : 1969

Debt In The Corporate Financial Structure written by Joseph Tovey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1969 with categories.

Corporate Financial Structure And Value Of The Firm

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Author : Dr. M.c.t. Shanmugapriya Dr. C. Vethirajan
language : en
Publisher: Archers & Elevators Publishing House
Release Date :

Corporate Financial Structure And Value Of The Firm written by Dr. M.c.t. Shanmugapriya Dr. C. Vethirajan and has been published by Archers & Elevators Publishing House this book supported file pdf, txt, epub, kindle and other format this book has been release on with Antiques & Collectibles categories.

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

Corporate Finance And Capital Structure

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Author : Kentaro Asai
language : en
Publisher: Routledge
Release Date : 2020-12-30

Corporate Finance And Capital Structure written by Kentaro Asai and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-30 with Business & Economics categories.

A concise guide for students to quickly grasp the essentials of capital structure theory, providing them with a “shortcut” to the comprehension of important frameworks and a “story” that allows them to see what each model is motivated by and aimed at, especially in relation to competing models. Thereby, the book exclusively allows readers to learn capital structure theory in an efficient and unified manner. In this book, the author captures, in a succinct way, the key frameworks that persistently appear in the corporate finance arena, such as the neutrality of capital structure in a frictionless capital market, trade-off theory, agency theory, security design, and information asymmetry. Suitable both as a core textbook for post-graduate or doctoral level students and as a concise guide for practitioners and regulators.