Some Extensions Of Capital Structure Theory
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Some Extensions Of Capital Structure Theory
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Author : W. G. Lewellen
language : en
Publisher:
Release Date : 1975
Some Extensions Of Capital Structure Theory written by W. G. Lewellen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with categories.
Capital Structure And Firm Performance
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Author : Arvin Ghosh
language : en
Publisher: Routledge
Release Date : 2017-07-05
Capital Structure And Firm Performance written by Arvin Ghosh and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-05 with Business & Economics categories.
Capital structure theory is one of the most dynamic areas of finance and forms the basis for modern thinking on the capital structure of firms. Much controversy has resulted from comparisons of the theory of capital structure originally developed by Franco Modigliani and Merton Miller to real-world situations. Two competing theories have emerged over the years, the optimal capital structure theory and the pecking order theory.Arvin Ghosh begins with an overview of the controversies regarding capital structure theories, and then statistically tests both the optimal capital structure and pecking order theories. Using the binomial approach he analyzes the determinants of capital structure while discussing the role of market power in determining capital structure decisions. Ghosh probes the questions of new stock offerings and stockholders' returns, and analyzes capital structure and executive compensation. He then looks into debt financing ownership structure, and the controversal relationship between capital structure and firm profitability. Finally, he discusses the latest developments in the field of capital structure.A concise overview of a major issue in business economics and finance, this volume provides a fuller understanding of capital structure influence on the financial performance of firms, and will certainly stimulate further debate. While hundreds of scholarly articles have been written on the subject this is the first book to test competing theories against measurements of firms' performance and their underlying capital structure.
Financial Structure In Small Business
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Author : Dominicus van der Wijst
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Financial Structure In Small Business written by Dominicus van der Wijst 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.
46 4. 2 Assumptions and definitions 48 4. 3 Single period models 4. 3. 1 Introduction: the MM-position 48 4. 3. 2 The effect of risk of default and limited liability 50 53 4. 3. 3 The effect of bankruptcy costs 4. 3. 4 The effect of agency costs 58 4. 3. 5 The effect of informational differences 60 4. 4 Multi-period models 63 4. 4. 1 Introduction: additional assumptions and redefinitions 63 65 4. 4. 2 The MM-position 67 4. 4. 3 The effect of limited liability and the risk of default 4. 4. 4 The effect of bankruptcy costs 70 4. 4. 5 The Scott model 72 4. 4. 6 Some extensions of the Scott model 76 4. 5 Conclusions 79 Appendix to chapter 4 82 83 5 Determinants from the practice of small business finance 83 5. 1 Introduction and overview 5. 2 Determinants related to the firm's internal characteristics 85 5. 3 Determinants related to the firm's external relationships 91 6 A comparison and evaluation of both sources 94 6. 1 Comparison and evaluation 94 6. 2 Summary and empirical implications 98 PART III : EMPIRICAL ANALYSES IN SMALL BUSINESS 7 Analyses of samples of individual firms 103 7. 1 Introduction 103 7. 2 Data 104 7. 3 Hypotheses and variables 107 7. 4 Specification and estimation results 113 IV 8 Analyses of industry averages in retailing 131 8. 1 Introduction 131 8. 2 Data 132 8.
A Critical Literature Review Of Capital Structure Theories
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Author : Mr. Douglas Wafula Simiyu
language : en
Publisher:
Release Date : 2020
A Critical Literature Review Of Capital Structure Theories written by Mr. Douglas Wafula Simiyu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Capital structure is a vital component of any business entity. The success and or failure of many business enterprises arise from their capital structures. Many financial institutions adopt different approaches regarding their capital structure arrangement. Some depend entirely on debt financing, others depend more on equity financing and others still mix the two approaches. The question has been which capital structure is the best for financial institutions? For those firms which prefer mixing the two approaches, what would be the best portion for the two approaches? This paper critically reviews the capital structure theories, which include Franco Modigliani and Merton Miller theorem, Trade-off theory of capital structure and taxes, Pecking order theory, The market timing theory and Agency cost theory. This paper suggests that any financial institution should carefully analyze its operations before making its capital structure decision.
A Synthesis Of Some Results In Capital Structure Theory
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Author : Richard D. MacMinn
language : en
Publisher:
Release Date : 1984
A Synthesis Of Some Results In Capital Structure Theory written by Richard D. MacMinn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Capital And Its Structure
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Author : Ludwig M. Lachmann
language : en
Publisher: Ludwig von Mises Institute
Release Date : 1956
Capital And Its Structure written by Ludwig M. Lachmann and has been published by Ludwig von Mises Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1956 with Capital categories.
Empirical Capital Structure
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Author : Christopher Parsons
language : en
Publisher: Now Publishers Inc
Release Date : 2009
Empirical Capital Structure written by Christopher Parsons and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Money Interest And The Structure Of Production
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Author : Mateusz Machaj
language : en
Publisher: Lexington Books
Release Date : 2017-10-05
Money Interest And The Structure Of Production written by Mateusz Machaj and has been published by Lexington Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-05 with Business & Economics categories.
Is macroeconomic equilibrium possible under capitalism? How do economic bubbles develop? How does a monetary system influence the market mechanism? Is the return on capital a beneficial feature of the economic system? How does complexity of a capitalist organization influence the market process? Can output under capitalism be easily measured and modeled? Such questions and many others relate to the central concept discussed in the book: heterogeneous structure of production, an envisioned theoretical connection between stages of the capitalist process. An inquiry into the functioning of a capital structure is necessary to understand the workings of the interest rate, savings, aggregate demand, and economic growth. Additionally it provides a theoretical framework to recognize consequences of monetary regimes and interest rate policies performed by the central banks. Capital structure concepts have their place at the center of economic theory as they can provide a broad range of insights into our understanding of the real world. Money, Interest, and the Structure of Production offers key insights in that direction.
Capital Structure Theory
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Author : Dilrukshi Yapa Abeywardhana
language : en
Publisher:
Release Date : 2017
Capital Structure Theory written by Dilrukshi Yapa Abeywardhana and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Capital structure is still a puzzle among finance scholars. Purpose of this study is to review various capital structure theories that have been proposed in the finance literature to provide clarification for the firms' capital structure decision. Starting from the capital structure irrelevance theory of Modigliani and Miller (1958) this review examine the several theories that have been put forward to explain the capital structure. Three major theories emerged over the years following the assumption of the perfect capital market of capital structure irrelevance model. Trade off theory assumes that firms have one optimal debt ratio and firm trade off the benefit and cost of debt and equity financing. Pecking order theory (Myers, 1984, Myers and Majluf, 1984) assumes that firms follow a financing hierarchy whereby minimize the problem of information asymmetry. But neither of these two theories provide a complete description why some firms prefer debt and others prefer equity finance under different circumstances. Another theory of capital structure has introduced recently by, Baker and Wurgler (2002), market timing theory, which explains the current capital structure as the cumulative outcome of past attempts to time the equity market. Market timing issuing behaviour has been well established empirically by others already, but Baker and Wurgler (2002) show that the influence of market timing on capital structure is regular and continuous. So the predictions of these theories sometimes acted in a contradictory manner and Myers (1984) 32 years old question “How do firms choose their capital structure?” still remains.
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.