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…mehr
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.
H. KENT BAKER, PHD, CFA, CMA, is University Professor of Finance and Kogod Research Professor at the Kogod School of Business at American University, Washington, D.C. He has published extensively in leading academic and professional finance journals including the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. Recognized as one of the most prolific authors in finance during the past fifty years, Professor Baker has consulting and training experience with more than 100 organizations and has been listed in fifteen biographies. GERALD S. MARTIN, PHD, is an Associate Professor of Finance at the Kogod School of Business at American University, Washington, D.C. He has published in top scholarly journals, including the Journal of Financial Economics and Journal of Financial and Quantitative Analysis. Before embarking on his academic career, Professor Martin spent seventeen years in the private sector as president and CEO of TMI Aircraft Finance/TMI Leasing, LLC, financing aircraft and aviation products worldwide for Textron Financial Corporation, as well as in marketing and research at Bell Helicopter Textron Inc.
Inhaltsangabe
Acknowledgments ix 1 Capital Structure: An Overview 1 H. Kent Baker and Gerald S. Martin PART I The Elements of Capital Structure 15 2 Factors Affecting Capital Structure Decisions 17 Wolfgang Bessler, Wolfgang Drobetz, and Robin Kazemieh 3 Capital Structure and Corporate Strategy 41 Maurizio La Rocca 4 Capital Structure and Firm Risk 59 Valentin Dimitrov 5 Capital Structure and Returns 75 Yaz Gulnur Muradoglu and Sheeja Sivaprasad 6 Capital Structure and Compensation 93 Alan Victor Scott Douglas 7 Worldwide Patterns in Capital Structure 111 Carmen Cotei and Joseph Farhat PART II Capital Structure Choice 127 8 Capital Structure Theories and Empirical Tests: An Overview 129 Stein Frydenberg 9 Capital Structure Irrelevance: TheModigliani-Miller Model 151 Sergei V. Cheremushkin 10 Trade-Off, Pecking Order, Signaling, and Market Timing Models 171 Anton Miglo 11 Estimating Capital Costs: Practical Implementation of Theory's Insights 191 Robert M. Conroy and Robert S. Harris 12 Economic, Regulatory, and Industry Effects on Capital Structure 211 Paroma Sanyal 13 Survey Evidence on Financing Decisions and Cost of Capital 229 Franck Bancel and Usha R. Mittoo 14 Survey Evidence on Capital Structure: Non-U.S. Evidence 249 Abe de Jong and Patrick Verwijmeren PART III Raising Capital 261 15 The Roles of Financial Intermediaries in Raising Capital 263 Neal Galpin and Heungju Park 16 Bank Relationships and Collateralization 281 Aron A. Gottesman and Gordon S. Roberts 17 Rating Agencies and Credit Insurance 299 John Patrick Hunt 18 Secured Financing 319 Hugh Marble III 19 Sale and Leasebacks 335 Kyle S. Wells PART IV Special Topics 351 20 Financial Distress and Bankruptcy 353 Kimberly J. Cornaggia 21 Fiduciary Responsibility and Financial Distress 371 Remus D. Valsan and Moin A. Yahya 22 The Lease versus Buy Decision 387 Sris Chatterjee and An Yan 23 Private Investment in Public Equity 401 William K. Sjostrom Jr. 24 Financing CorporateMergers and Acquisitions 419 Wolfgang Bessler, Wolfgang Drobetz, and Jan Zimmermann Answers to Chapter Discussion Questions 445 Index 475
Acknowledgments ix 1 Capital Structure: An Overview 1 H. Kent Baker and Gerald S. Martin PART I The Elements of Capital Structure 15 2 Factors Affecting Capital Structure Decisions 17 Wolfgang Bessler, Wolfgang Drobetz, and Robin Kazemieh 3 Capital Structure and Corporate Strategy 41 Maurizio La Rocca 4 Capital Structure and Firm Risk 59 Valentin Dimitrov 5 Capital Structure and Returns 75 Yaz Gulnur Muradoglu and Sheeja Sivaprasad 6 Capital Structure and Compensation 93 Alan Victor Scott Douglas 7 Worldwide Patterns in Capital Structure 111 Carmen Cotei and Joseph Farhat PART II Capital Structure Choice 127 8 Capital Structure Theories and Empirical Tests: An Overview 129 Stein Frydenberg 9 Capital Structure Irrelevance: TheModigliani-Miller Model 151 Sergei V. Cheremushkin 10 Trade-Off, Pecking Order, Signaling, and Market Timing Models 171 Anton Miglo 11 Estimating Capital Costs: Practical Implementation of Theory's Insights 191 Robert M. Conroy and Robert S. Harris 12 Economic, Regulatory, and Industry Effects on Capital Structure 211 Paroma Sanyal 13 Survey Evidence on Financing Decisions and Cost of Capital 229 Franck Bancel and Usha R. Mittoo 14 Survey Evidence on Capital Structure: Non-U.S. Evidence 249 Abe de Jong and Patrick Verwijmeren PART III Raising Capital 261 15 The Roles of Financial Intermediaries in Raising Capital 263 Neal Galpin and Heungju Park 16 Bank Relationships and Collateralization 281 Aron A. Gottesman and Gordon S. Roberts 17 Rating Agencies and Credit Insurance 299 John Patrick Hunt 18 Secured Financing 319 Hugh Marble III 19 Sale and Leasebacks 335 Kyle S. Wells PART IV Special Topics 351 20 Financial Distress and Bankruptcy 353 Kimberly J. Cornaggia 21 Fiduciary Responsibility and Financial Distress 371 Remus D. Valsan and Moin A. Yahya 22 The Lease versus Buy Decision 387 Sris Chatterjee and An Yan 23 Private Investment in Public Equity 401 William K. Sjostrom Jr. 24 Financing CorporateMergers and Acquisitions 419 Wolfgang Bessler, Wolfgang Drobetz, and Jan Zimmermann Answers to Chapter Discussion Questions 445 Index 475
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