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.
Содержание
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: The Modigliani-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 Corporate Mergers and Acquisitions 419
Wolfgang Bessler, Wolfgang Drobetz, and Jan Zimmermann
Answers to Chapter Discussion Questions 445
Index 475
Об авторе
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.
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