The Theory Of Capital Structure How Theory Meets Practice In The German Market
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The Theory Of Capital Structure How Theory Meets Practice In The German Market
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Author : Benjamin Friedrich
language : en
Publisher:
Release Date : 2012
The Theory Of Capital Structure How Theory Meets Practice In The German Market written by Benjamin Friedrich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Target Leverage And Capital Structure Adjustment Speed Across German Industries
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Author : Christian Weidinger
language : en
Publisher: GRIN Verlag
Release Date : 2011-12-14
Target Leverage And Capital Structure Adjustment Speed Across German Industries written by Christian Weidinger and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-14 with Business & Economics categories.
Seminar paper from the year 2010 in the subject Economics - Finance, grade: 1.3, University of Regensburg, language: English, abstract: Since Modigliani/Miller’s famous theorem (1958) that capital structure is irrelevant for firm valuation, firms’ capital structure choice has been one of the most significant subjects in the modern finance theory. The subsequent theoretical literature has found evidence to negate the irrelevance theorem. Most empirical studies applied a static framework and are capable to explain differences in the optimal leverage ratios across firms, using observed leverage ratios as proxies for the optimal target leverage, but do not explain observed differences in firms’ leverage ratios itself. One broadly accepted reason for a firm’s deviation from their target leverage ratio is the existence of adjustment costs. In the presence of adjustment costs, firms may deviate from their target leverage and find it not cost effective to adjust their leverage ratio frequently or fully within one period, even if they recognize that their existing capital structure is not optimal. This shows the need for developing and using a dynamic approach in order to examine firms’ capital structure. The paper is organized as follows. Section 2 provides a brief overview of the three main theories of capital structure. Section 3 specifies the dynamic partial-adjustment model and describes the variables that may affect the target capital structure as well as the adjustment speed. Section 4 reports the empirical results and Section 5 concludes the paper
The Theory And Practice Of Exchange Control In Germany
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Author : NA Child
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-13
The Theory And Practice Of Exchange Control In Germany written by NA Child 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 2013-03-13 with Business & Economics categories.
The Classical economist of the 19th century, with his faith in the ultimate efficiency and equity of free, impersonal markets, would certainly be amazed and dismayed by the developments in foreign exchange markets during the last thirty-five years. With the exception of the United States no important trading nation in the world of today maintains a freely convertible currency. On the contrary, each nation maintains a more or less comprehensive system of controls over the receipts and payments which can be effected in international markets. Recent efforts to reduce the extent and rigor of exchange regu lation, notably in Western Europe, have yielded modest results; it seems unlikely, however, that foreign exchange transactions will ever again be completely free of controL Foreign exchange control, with a greater or lesser degree of bilateralism, is a product born largely of necessity. Two world wars and a major world-wide depression so distorted the pattern of world trade and investment that free markets were simply unable to achieve their "normal" automatic adjustment. Ex change control, on the other hand, has demonstrated its efficiency as a means of maintaining a semblance of order in disorganized international markets. Unfortunately, however, exchange con trol also has great possibilities for further distortion of the pat tern of world trade, for discrimination, and for economic ex ploitation - for economic effects generally considered undesirable.
Korrelationen Von Aktienindizes
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Author : Florian Ganser
language : de
Publisher: BoD – Books on Demand
Release Date : 2008-05-05
Korrelationen Von Aktienindizes written by Florian Ganser and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-05 with Business & Economics categories.
Risikodiversifikation ist ein zentrales Grundprinzip der Vermögensanlage. Dabei werden Einzelwertrisiken durch Portfoliobildung reduziert und damit eine Verbesserung des Rendite/Risiko-Verhältnisses erreicht. Deshalb investieren nicht wenige Anleger in Aktienindizes ihres Heimatlandes und zusätzlich in internationale Aktienindizes, um eine möglichst breite Risikostreuung zu erzielen. Ausgehend von diesem Anlageverhalten bestimmt Florian Ganser die Korrelationen internationaler Aktienindizes und untersucht, ob und inwieweit diese Art von internationaler Diversifikation tatsächlich die gemeinhin angenommenen Vorteile mit sich bringt. Im Zuge der zunehmenden Globaliserung der Märkte einerseits und der Internationalisierung der in nationalen Aktienindizes vertretenen Unternehmen andererseits haben sich entscheidende und bislang kaum untersuchte Veränderungen in den Korrelationen der internationalen Aktienmärkte ergeben, welche die angestrebte Risikodiversifikation von Vermögensanlagen erheblich erschweren.Florian Ganser liefert einen grundlegenden Erklärungsbeitrag zu der aktuellen Thematik, wobei er im Rahmen seiner Analyse insbesondere auch zu dem Ergebnis gelangt, daß Korrelationen von nationalen Large-Cap-Aktienindizes und Rohstoffindizes als Vertreter alternativer Assetklassen eine neue Bedeutung zukommt.
Insolvenzen Am Neuen Markt Vorhersehbar
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Author : Christian Fiesser
language : de
Publisher: BoD – Books on Demand
Release Date : 2006-06-26
Insolvenzen Am Neuen Markt Vorhersehbar written by Christian Fiesser and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06-26 with Business & Economics categories.
Christian Fießer geht empirisch der Frage nach, ob die zahlreichen Insolvenzen am Neuen Markt durch traditionelle und aussagekräftige Kennzahlen der Bilanz, Gewinn- und Verlustrechnung und der Kapitalflussrechnung hätten vorhersehbar sein können. Hätten sich die in vergangenen empirischen Studien als aussagekräftig und trennfähig identifizierten Kennzahlen als hilfreich erwiesen, potenzielle Insolvenzunternehmen auszumachen? Christian Fießer unternimmt den Versuch einer Antwort auf diese Frage durch die Analyse von Abschlusskennzahlen mit Hilfe der logistischen Regressionsanalyse.In der Mehrzahl der Fälle zeigt sich, dass jeweils bereits ein Jahr vor der Insolvenz hinreichend viele Warnsignale ausgemacht werden können. Christian Fießer nimmt sich nicht nur eines aktuellen und für Investoren hochgradig praktischen Problems an, sondern zeigt auch exemplarisch die Anwendung moderner multivarianter Verfahren auf. Damit richtet sich die Arbeit sowohl an die wissenschaftliche Community als auch an jeden Anleger, der sich über Möglichkeiten der Frühdiagnose von Insolvenzen praxisnah informieren will.
Werte Am Deutschen Aktienmarkt
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Author : Sarah Speicher
language : de
Publisher: BoD – Books on Demand
Release Date : 2006-05-08
Werte Am Deutschen Aktienmarkt written by Sarah Speicher and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-08 with Business & Economics categories.
Die Bewertung von Unternehmen, die an die Börse geführt werden sollen, war schon immer eine schwierige Aufgabe. Dies liegt nicht nur allein an den für die Bewertung von Unternehmen zur Verfügung stehenden Verfahren, sondern auch an der Tatsache, dass verschiedene Interessen koordiniert werden müssen. Dies sind zum einen die Interessen der Emittenten, die möglichst hohe Preise erzielen möchten, zum anderen die potentiellen Käufer, die das gegenteilige Interesse haben und dazwischen stehen die emissionsbegleitenden Banken, die maßgeblich an der Preisfindung beteiligt sind. Sie sind daran interessiert, hohe Emissionserlöse zu erzielen und gleichzeitig den Anlegern schnelle Kursgewinne zu bescheren. Dieser Interessenkonflikt kann dazu führen, dass die Anwendung der Bewertungsverfahren nicht immer objektiv vorgenommen wird. An dieser Stelle setzt die vorliegende Arbeit an und überprüft, welche Verfahren der Unternehmensbewertung in der Vergangenheit dazu geeignet waren, den Anlegern Kursgewinne zu bescheren. Die Analyse zeigt, dass trotz der Anwendung komplexer Bewertungsmodelle letztlich grundlegende betriebswirtschaftliche Zusammenhänge die beste Richtschnur für die Entscheidung zur Zeichnung von Neuemissionen sind.Die Schrift wendet sich sowohl an Wissenschaftler und Studierende, die sich einen Überblick über die praktische Anwendung von Bewertungsverfahren verschaffen wollen, als auch insbesondere auch an Praktiker und Anleger, die mit der vorliegenden Studie eine wertvolle Hilfestellung erhalten, welche Neuemissionen tendenziell zu meiden sind und bei welchen Neuemissionen eine Zeichnung sinnvoll erscheint.Prof. Dr. Ralf Jasny
Post Lbo Development
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Author : Richard K. Lenz
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-03-01
Post Lbo Development written by Richard K. Lenz 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 2010-03-01 with Business & Economics categories.
Richard K. Lenz analyses how LBOs evolve after the financial investors have exited. Based on three case studies of former LBOs in Germany, he shows that performance decline is often related to the weakening of the former performance-enhancing series of governance instruments.
Cost Of Capital In Managerial Finance
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Author : Dennis Schlegel
language : en
Publisher: Springer
Release Date : 2015-02-24
Cost Of Capital In Managerial Finance written by Dennis Schlegel and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-24 with Business & Economics categories.
This book examines cost-of-capital models and their application in the context of managerial finance. This includes the use of hurdle rates in capital allocation decisions, as well as target returns in performance management. Besides a review of classical finance models such as the Capital Asset Pricing Model (CAPM), other contemporary models and techniques to determine the cost-of-capital of business units and private companies are discussed. Based on a mixed methods approach, current cost-of-capital practices and their determinants are empirically analyzed among German companies.
The Transaction Cost Economics Project
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Author : Oliver E. Williamson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013
The Transaction Cost Economics Project written by Oliver E. Williamson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Industrial organization (Economic theory). categories.
Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.
Islamic Capital Markets A Comparative Approach Second Edition
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Author : Obiyathulla Ismath Bacha
language : en
Publisher: World Scientific
Release Date : 2019-02-27
Islamic Capital Markets A Comparative Approach Second Edition written by Obiyathulla Ismath Bacha and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-27 with Business & Economics categories.
Islamic Capital Markets: A Comparative Approach (2nd Edition) looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments. In addition to a full explanation of Islamic products, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate.Ideal for both students and current practitioners, the second edition of the highly successful Islamic Capital Markets: A Comparative Approach fills a large gap in the current literature on the subject, featuring case studies from Malaysia, Indonesia, Europe, and the Middle East. One of the few comprehensive, dedicated guides to the subject available, the book offers comprehensive and in-depth insights on the topic of Islamic finance for students and professionals alike.