The Effect Of Capital Structure On The Cost Of Capital
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Effect Of Capital Structure On The Cost Of Capital
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Author : Alexander Barges
language : en
Publisher: Hassell Street Press
Release Date : 2023-07-18
Effect Of Capital Structure On The Cost Of Capital written by Alexander Barges and has been published by Hassell Street Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-18 with categories.
This book explores the relationship between capital structure and cost of capital. Barges delves into key concepts that help explain how a company's financing choices affect its overall cost of capital. Whether you are an investor, corporate finance professional, or student, this book is an essential read for understanding the intricacies of capital structure. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Effect Of Capital Structure On The Cost Of Capital
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Author : Alexander Barges
language : en
Publisher:
Release Date : 2012-04
The Effect Of Capital Structure On The Cost Of Capital written by Alexander Barges and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04 with categories.
Effect Of Capital Structure On The Cost Of Capital
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Author : ALEXANDER. BARGES
language : en
Publisher:
Release Date : 2018
Effect Of Capital Structure On The Cost Of Capital written by ALEXANDER. BARGES and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The Effect Of Capital Structure On The Cost Of Capital
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Author : Alexander Barges
language : en
Publisher:
Release Date : 1982
The Effect Of Capital Structure On The Cost Of Capital written by Alexander Barges and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.
The Capital Structure Decision
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Author : Harold Bierman Jr.
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Capital Structure Decision written by Harold Bierman Jr. 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.
In 1958 an academic paper on corporate finance written by two professors (Merton Miller and Frances Modigliani, who were later awarded the Nobel prize for their research efforts) was published in The American Economic Review. One prime conclusion of their paper was that the exact form of a firm's capital structure did not affect the firm's value. Later papers by the same two authors and by many others modified the assumptions and changed this conclusion. We now think that capital structure decisions do affect a firm's value and corporate managers should understand better the financing alternatives that are available. One of the most important financial decisions is the decision to buy or lease assets. The leasing industry is large and getting larger. Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12). The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders). Managers should increase their understanding of capital structure alternatives and remember that choosing the best capital structure is an art and not an exact simple calculation. But applying the art can be improved with understanding.
Cost Of Capital A Financial Tool To Create And Maximize Shareholder Value
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Author : EMMANUEL ATTAH KUMAH
language : en
Publisher: Lulu.com
Release Date : 2013-07-27
Cost Of Capital A Financial Tool To Create And Maximize Shareholder Value written by EMMANUEL ATTAH KUMAH and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-27 with Business & Economics categories.
The cost of capital is important in the financial management of every business. A measure of the cost of capital is required when evaluating various aspects of strategic business plans, e.g., selecting a financial leverage position, calculating the profitability of alternative investment opportunities, measuring economic value-added and comparing various merger and acquisition plans. The task of determining the appropriate cost of capital to use requires a careful analysis of the effect of alternative financing choices which are open to every business. This report considers the cost of capital of Royal Roots Company. Ways are examined to determine the cost of capital by Royal Roots Company. This book sequentially identifies: principles of cost of capital, the capital structure, the cost of debt, cost of equity, cost of preference shares and overall cost of capital (weighted average cost of capital).The cost of equity capital and debt determines the overall cost of capital of any company (public or private)
Cost Of Capital
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Author : Shannon P. Pratt
language : en
Publisher: John Wiley & Sons
Release Date : 2014-03-12
Cost Of Capital written by Shannon P. Pratt 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 2014-03-12 with Business & Economics categories.
A one-stop shop for background and current thinking on the development and uses of rates of return on capital Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates. The book includes new case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross-referenced to the chapters covering the theory and data. Addresses equity risk premium and the risk-free rate, including the impact of Federal Reserve actions Explores how to use Morningstar's Ibbotson and Duff Phelps Risk Premium Report data Discusses the global cost of capital estimation, including a new size study of European countries Cost of Capital, Fifth Edition puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book.
Does Capital Structure Influence Firms Value
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Author : Ulrike Messbacher
language : en
Publisher: GRIN Verlag
Release Date : 2005-12-20
Does Capital Structure Influence Firms Value written by Ulrike Messbacher and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-20 with Business & Economics categories.
Essay from the year 2004 in the subject Business economics - Investment and Finance, grade: 1, University of Applied Sciences Kempten (University of Ulster), language: English, abstract: In accordance with the Signalling model by Ross (1977) an increase in gearing represents, in term of a company’s prospective cash flows, a positive signal to external investors. Because, due to the higher risk of financial distress, companies with less optimistic market prospective tend to avoid additional financial obligations. This implies that an increasing indebtedness means a higher quality of business and therefore better valuation. This leads, in turn, to the assumption that the corporate management can influence a firm’s value by changing its capital structure. If capital structure can affect value, how can firms identify an optimal capital structure and what will it look like? It is that mix of debt and equity that maximises the value of a firm and, at the same time, minimise overall cost of capital. In their seminal article, published in 1958 and 1963, Modigliani and Miller argue that under certain assumptions the value of a firm i s independent of its capital structure, but with tax-deductible interest payments, they are positively related. Moreover, there are other approaches with partly contradictory perceptions. For instance, Myers (1998, cited in Fairchild 2003, p.6) argues that there is no universal optimal mix of debt and equity; in fact it depends on firms or industries, and therefore should be considered on a case-by-case basis. Other researchers have added market imperfections, such as bankruptcy costs, agency costs, and gains from leverage- induced tax shields to the analysis and have maintained that an optimal capital structure may exist (Hatfieldet al.1994, p.1). First, this paper shows the basic determinants of a firm’s value in association with the impact of financial leverage on payoffs to stockholders. Secondly, it considers some arguments of capital structure theories, particularly the Modigliani and Miller theorem and the Traditional approach and contrasts them. Finally, the underlying factors of the model assumptions are examined and shown that they are important in the choice of a firm’s debt-equity ratio.
Regulatory Risk And The Cost Of Capital
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Author : Burkhard Pedell
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-04-20
Regulatory Risk And The Cost Of Capital written by Burkhard Pedell 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 2006-04-20 with Business & Economics categories.
Austrian Controller Award 2005 This book develops a comprehensive concept of regulatory risk integrating existing theoretical and empirical research. The focus is on explaining how the design of the regulatory system influences the risk of a rate-regulated firm, as well as on elaborating appropriate methods for the determination of the regulatory rate base and the allowed rate of return. Regarding the regulatory rate base, the question of whether market value of capital or book value of assets should be employed and the choice of the depreciation scheme are at the center of the discussion. Specific methodical issues concerning cost of capital assessment for rate-regulated firms are analyzed, i.e. the circularity of rate regulation, the sharing of risks between capital owners and rate payers, the length of the regulatory review period, the regulation of the capital structure as well as the conversion of a post-tax to pre-tax weighted average cost of capital.
Cost Of Capital
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Author : Shannon P. Pratt
language : en
Publisher: John Wiley & Sons
Release Date : 2008-02-25
Cost Of Capital written by Shannon P. Pratt 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 2008-02-25 with Business & Economics categories.
In this long-awaited Third Edition of Cost of Capital: Applications and Examples, renowned valuation experts and authors Shannon Pratt and Roger Grabowski address the most controversial issues and problems in estimating the cost of capital. This authoritative book makes a timely and significant contribution to the business valuation body of knowledge and is an essential part of the expert's library.