Capital Structure Decisions in Insitutional Buyouts

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Capital Structure Decisions in Insitutional Buyouts
Christian Kühn
Manufacturer: DUV
ProductGroup: Book
Binding: Paperback

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ASIN: 3835002295

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Despite subsantial progress in understanding what affects corporate financing decisions, a surprising lack of consensus as prompted researchers to continue to refine and test existing capital structure theories in different settings.

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The Capital Structure Decision
Harold Bierman Jr.
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 1402072996

Book Description

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.

General Equilibrium Foundations of Finance: Structure of Incomplete Markets Models (Theory and Decision Library C:)

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General Equilibrium Foundations of Finance: Structure of Incomplete Markets Models (Theory and Decision Library C:)
Thorsten Hens , and Beate Pilgrim
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 1402073372

Book Description

The purpose of General Equilibrium Foundations of Finance is to give a sound economic foundation of finance based on the general equilibrium model with incomplete markets which embodies the famous CAPM as an important special case. This goal is achieved by giving reasonable restrictions on the agents' characteristics that lead to a well determined financial markets model having a unique competitive equilibrium. The innovation of this book is to transfer and to extend the theoretical results on the structure of competitive equilibria into the modern context of incomplete financial markets. General Equilibrium Foundations of Finance should be easily accessible by advanced Ph.D. students as well as by theorists of any subfield of mathematical economics. It should be interesting both for theorists who are looking for possible applications of rigorous theorizing as well as for practitioners who seek for a theoretical foundation of fruitful applications of financial markets' models.

Case Studies In Finance:Managing For Corporate Value Creation

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for advanced level classes
WARNING-These are only cases, almost NO content
Good Finance book
Bravo to Bruner!
Excellent, made the subject practical

Case Studies In Finance:Managing For Corporate Value Creation
Robert F. Bruner
Manufacturer: McGraw-Hill/Irwin
ProductGroup: Book
Binding: Hardcover

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ASIN: 0256166986

Book Description

The primary market for this book is the case course in finance which is generally taught to undergraduate finance majors as a capstone course and to graduate students in a first or second finance course.

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for advanced level classes.......2007-07-31

This is a great book. However if you want to get the most out of it
1. You need to already know corporate finance- intermediate to advanced level.
2. This book has only cases. Only if they are discussed in a classroom setting, you would be able to learn something.
The extent to which you would learn would depend upon how well the Professor conducts the discussion in the class. I had a great Prof. for this class so I really applied whatever I learn over 3 semesters of finance.

WARNING-These are only cases, almost NO content.......2004-03-18

I bought this book to read outside of a class hoping to read through some really good case studies in finance, and hopefully apply several semesters worth of finance classes to some real world examples. However after receiving the book I realized that these were only cases, not case studies, meant to be discussed in a class. There is almost no content, and college professors would actually be better off building their own cases from current business publications.

Good Finance book.......2004-01-28

The cases in this book will make one think more than other books in this area.

Bravo to Bruner!.......2003-02-10

Case Studies in Finance and its instructors manual are absolutely the BEST of their kind in all the years I've been teaching finance and strategy. Bravo to Bruner! I've never seen an instructor's manual so complete. The At-a-Glance section has been very helpful when structuring a course design. Case Studies in Finance and its supplements are being used by the finance faculty at ESADE Business School, in Spain, as a guide to restructure their first year core finance course in the Full-Time MBA programme.

Excellent, made the subject practical.......1999-02-22

The book was excelleant, but I never knew if the answers I provided were correct, is there no model answers on the case studies that one could check one's answers against. I am a final year MBA student in South Africa with no real previous Finance experience and this book really assisted me in gaining a practical understanding. Please let me know about model answers

Capital structure decisions under classical and imputation tax systems: a natural test for tax effects in Australia.: An article from: Australian Journal of Management

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Capital structure decisions under classical and imputation tax systems: a natural test for tax effects in Australia.: An article from: Australian Journal of Management
Kerry Pattenden
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Australian Journal of Management, published by Thomson Gale on June 1, 2006. The length of the article is 12817 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Capital structure decisions under classical and imputation tax systems: a natural test for tax effects in Australia.
Author: Kerry Pattenden
Publication: Australian Journal of Management (Magazine/Journal)
Date: June 1, 2006
Publisher: Thomson Gale
Volume: 31 Issue: 1 Page: 67(26)

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Financing decisions when managers are risk averse [An article from: Journal of Financial Economics]

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Financing decisions when managers are risk averse [An article from: Journal of Financial Economics]
K. Lewellen
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000PC09RW

Book Description

This digital document is a journal article from Journal of Financial Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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Leverage raises stock volatility, driving a wedge between the cost of debt to shareholders and the cost to undiversified, risk-averse managers. I quantify these ''volatility costs'' of debt and examine their impact on financing decisions. I find that: (1) the volatility costs of debt can be large for executives exposed to firm-specific risk; (2) for a range of empirically relevant parameters, higher option ownership tends to increase, not decrease, the volatility costs of debt; and (3) for managers with stock options, a stock price increase typically raises volatility costs. For a large sample of US firms, I find evidence that volatility costs affect both the level of and short-term changes in debt, and that volatility costs help explain a firm's choice between debt and equity.

Interactions of corporate financing and investment decisions: The effects of agency conflicts [An article from: Journal of Financial Economics]

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Interactions of corporate financing and investment decisions: The effects of agency conflicts [An article from: Journal of Financial Economics]
P.D. Childs , D.C. Mauer , and S.H. Ott
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR46OM

Book Description

This digital document is a journal article from Journal of Financial Economics, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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We examine interactions between flexible financing and investment decisions in a model with stockholder-bondholder conflicts over investment policy. We find that financial flexibility encourages the choice of short-term debt thereby dramatically reducing the agency costs of under- and overinvestment. However, the reduction in agency costs may not encourage the firm to increase leverage, since the firm's initial debt level choice depends on the type of growth options in its investment opportunity set. The model has a number of testable predictions for the joint choice of leverage and maturity, and how these choices interact with a firm's growth opportunities.

Leverage decision and manager compensation with choice of effort and volatility [An article from: Journal of Financial Economics]

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Leverage decision and manager compensation with choice of effort and volatility [An article from: Journal of Financial Economics]
A. Cadenillas , J. Cvitanic , and F. Zapatero
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR158C

Book Description

This digital document is a journal article from Journal of Financial Economics, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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We study the incentive effects of granting levered or unlevered stock to a risk-averse manager. The stock is granted by risk-neutral shareholders who choose leverage and compensation level. The manager applies costly effort and selects the level of volatility, both of which affect expected return. The results are driven by the attempt of the risk-neutral shareholders to maximize the value of their claims net of the compensation package. We consider a dynamic setting and find that levered stock is optimal for high-type managers, firms with high momentum, large firms, and firms for which additional volatility only implies a modest increase in expected return.

The linkage between the firm's financing decisions and real market performance: A panel study of Indian corporate sector [An article from: Journal of Economics and Business]

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The linkage between the firm's financing decisions and real market performance: A panel study of Indian corporate sector [An article from: Journal of Economics and Business]
A. Bandyopadhyay , and S.K. Das
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR2ZOA

Book Description

This digital document is a journal article from Journal of Economics and Business, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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We examine the relationship between quality and reputation signals and firm's product market performance at empirical level. Using data of 533 Indian listed firms over the period 1989-2000, we compare the behavior of top 50 business group firms with the small group and private standalone firms. The empirical results suggest that real market signals like advertisement, marketing, distribution, research and development, ISO third party quality certifications significantly affect firms' performance. Financial decisions by firms in the capital market like issue of commercial paper and debentures may also act as additional signals of firm specific qualities in the product market. For instance, the total sales go up by 2.4% for top 50 business group firms and by 2.5% for non-top 50 firms with a one standard deviation increase in commercial paper as a fraction of assets. Similarly, an increase in debentures relative to assets leads to 9.5% increase in sales for non-top 50 firms in comparison to a 4.7% increase for top 50 firms. We also find that DFI lending helps firms increase expenditure on advertising for product promotion, build distribution networks, increase marketing efforts and research and development, and thereby, boost sales growth significantly in the long run. From regression results and various univariate tests, we find strong empirical evidence that firms' financial decisions drive product market outcomes.

Capital structure and product market behavior, an examination of plant exit and investment decisions (Center for Economic Studies discussion paper)

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Capital structure and product market behavior, an examination of plant exit and investment decisions (Center for Economic Studies discussion paper)
Daniel J Kovenock
Manufacturer: Bureau of the Census
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006QEEDM

Book Description

CAPITAL EQUIPMENT BUYING HANDBOOK

Billions of dollars are spent every year on capital investments -- upgrading plant capacity, purchasing new technology, maintaining the old equipment. And each buying decision is critical and complex. If you purchase an obsolete machine or one that is not cost-effective to operate or one that simply can not handle the demands made on it ... and the financial impact is more than serious. It can be disastrous.

Capital Equipment Buying Handbook is the biggest, most comprehensive reference available to every aspect of the buying process. from design to disposal. With a focus on gathering input and making smart, integrated decisions, the handbook explores sourcing * the purchase order * negotiating * leasing * buying used equipment * maintenance support * assessing total cost of ownership, and more.

Book Description

This digital document is an article from National Tax Journal, published by National Tax Association on September 1, 1992. The length of the article is 4749 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The Tax Reform Act of 1986 (TRA 86) repealed the investment tax credit, extended depreciation lifetimes and lowered the tax rate for corporations. The repeal of the investment tax credit did away with some of the tax preference for new investment, especially investment in equipment. However, a model designed to study the impact of TRA 86 on investment, designed so as to avoid the problems in measurement of earlier models, still shows a significant connection between the cost of capital and equipment investment, and also between the former and structures investment.

Citation Details
Title: The effects of taxation on investment: new evidence from firm level panel data. (National Tax Association Symposium: Taxes and Spending in the Age of Deficits)
Author: Jason G. Cummins
Publication: National Tax Journal (Refereed)
Date: September 1, 1992
Publisher: National Tax Association
Volume: 45 Issue: n3 Page: 243-251

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Equipment financing: buying? leasing?(wineries): An article from: Wines & Vines

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Equipment financing: buying? leasing?(wineries): An article from: Wines & Vines
Larry Walker
Manufacturer: Hiaring Company
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

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Book Description

This digital document is an article from Wines & Vines, published by Hiaring Company on April 1, 1999. The length of the article is 1024 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Equipment financing: buying? leasing?(wineries)
Author: Larry Walker
Publication: Wines & Vines (Magazine/Journal)
Date: April 1, 1999
Publisher: Hiaring Company
Volume: 80 Issue: 4 Page: 34(2)

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Evaluating capital equipment: overcome the challenges of purchasing surface-mount production equipment.(Problem Solved): An article from: Circuits Assembly

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Evaluating capital equipment: overcome the challenges of purchasing surface-mount production equipment.(Problem Solved): An article from: Circuits Assembly
Peter Bollinger , and Vince Cook
Manufacturer: UP Media Group, Inc.
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Circuits Assembly, published by UP Media Group, Inc. on June 1, 2004. The length of the article is 591 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Evaluating capital equipment: overcome the challenges of purchasing surface-mount production equipment.(Problem Solved)
Author: Peter Bollinger
Publication: Circuits Assembly (Magazine/Journal)
Date: June 1, 2004
Publisher: UP Media Group, Inc.
Volume: 15 Issue: 6 Page: 48(1)

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The financing puzzle. (financing machine tool purchases)(includes related article on evaluating capital investments): An article from: Tooling & Production

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The financing puzzle. (financing machine tool purchases)(includes related article on evaluating capital investments): An article from: Tooling & Production
James A. Lorincz
Manufacturer: Nelson Publishing
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Tooling & Production, published by Nelson Publishing on August 1, 1996. The length of the article is 2825 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Metalworking manufacturers should consider a number of factors when selecting financing for their machine tool acquisitions. The first step is to determine their in-house manufacturing capacity and equipment usage. Financing options can then be evaluated based on company size. A decision whether to lease or buy must be made while financing companies with expertise in the machine tool business should also be consulted.

Citation Details
Title: The financing puzzle. (financing machine tool purchases)(includes related article on evaluating capital investments)
Author: James A. Lorincz
Publication: Tooling & Production (Magazine/Journal)
Date: August 1, 1996
Publisher: Nelson Publishing
Volume: v62 Issue: n5 Page: p37(5)

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Guidelines for purchasing capital equipment for foundries. (includes related article) (Management Report): An article from: Modern Casting

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Guidelines for purchasing capital equipment for foundries. (includes related article) (Management Report): An article from: Modern Casting
R. Joe Planson
Manufacturer: American Foundrymen's Society, Inc.
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Modern Casting, published by American Foundrymen's Society, Inc. on November 1, 1994. The length of the article is 3104 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Guidelines for purchasing capital equipment for foundries. (includes related article) (Management Report)
Author: R. Joe Planson
Publication: Modern Casting (Magazine/Journal)
Date: November 1, 1994
Publisher: American Foundrymen's Society, Inc.
Volume: v84 Issue: n11 Page: p31(4)

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How to choose a machine tool.: An article from: Tooling & Production

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How to choose a machine tool.: An article from: Tooling & Production
James A. Lorincz
Manufacturer: Nelson Publishing
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Management | Management & Leadership | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Tooling & Production, published by Nelson Publishing on October 1, 1993. The length of the article is 2181 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A decision-making matrix can be a useful tool when selecting capital equipment. A company's machine selection committee should establish specific functions for the machine required. They assign weights to these functions and derive the weighted average for all surveyed equipment. Management is able to make decisions from the recommendations submitted by the committee derived from the matrix.

Citation Details
Title: How to choose a machine tool.
Author: James A. Lorincz
Publication: Tooling & Production (Magazine/Journal)
Date: October 1, 1993
Publisher: Nelson Publishing
Volume: v59 Issue: n7 Page: p43(4)

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Recession can't slow business but impacts on capital investment; business is up everywhere, though construction and equipment purchasing seem to have slowed ... from: Quick Frozen Foods International

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Recession can't slow business but impacts on capital investment; business is up everywhere, though construction and equipment purchasing seem to have slowed ... from: Quick Frozen Foods International
J.J. Pierce
Manufacturer: E.W. Williams Publications, Inc.
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Quick Frozen Foods International, published by E.W. Williams Publications, Inc. on April 1, 2002. The length of the article is 4323 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Recession can't slow business but impacts on capital investment; business is up everywhere, though construction and equipment purchasing seem to have slowed in North America. Pace appears to be faster in Asia-Pacific region. (Refrigerated Services Survey).(Brief Article)
Author: J.J. Pierce
Publication: Quick Frozen Foods International (Magazine/Journal)
Date: April 1, 2002
Publisher: E.W. Williams Publications, Inc.
Volume: 43 Issue: 4 Page: 106(9)

Article Type: Brief Article

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SOLVING LARGE REPLACEMENT PROBLEMS WITH BUDGET CONSTRAINTS.(Statistical Data Included): An article from: Engineering Economist

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SOLVING LARGE REPLACEMENT PROBLEMS WITH BUDGET CONSTRAINTS.(Statistical Data Included): An article from: Engineering Economist
Nejat Karabakal , James C. Bean , and Jack R. Lohmann
Manufacturer: Institute of Industrial Engineers, Inc. (IIE)
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Engineering Economist, published by Institute of Industrial Engineers, Inc. (IIE) on December 22, 2000. The length of the article is 6116 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: SOLVING LARGE REPLACEMENT PROBLEMS WITH BUDGET CONSTRAINTS.(Statistical Data Included)
Author: Nejat Karabakal
Publication: Engineering Economist (Refereed)
Date: December 22, 2000
Publisher: Institute of Industrial Engineers, Inc. (IIE)
Volume: 45 Issue: 4 Page: 290

Article Type: Statistical Data Included

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Capital acquisition management (Technical document series / American Society for Hospital Engineering)

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Capital acquisition management (Technical document series / American Society for Hospital Engineering)
James Richardson
Manufacturer: American Society for Hospital Engineering of the American Hospital Association
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RSFA4

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