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Author: Alexander Allan Robichek
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 182
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Author: Alexander Allan Robichek
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 182
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Book Description
Author: Alexander A. Robichek
Publisher:
ISBN:
Category :
Languages : en
Pages : 166
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Book Description
Author: Alexander A. Robichek
Publisher:
ISBN:
Category :
Languages : de
Pages :
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![Optimal Financing Decisions [by] Alexander A. Robichek [and] Stewart C. Meyers PDF](https://books.google.com/books/content/images/frontcover/3zjrngEACAAJ?fife=w80-h100)
Author: Alexander A. Robichek
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 166
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Book Description
Author: Florian Voigt
Publisher: GRIN Verlag
ISBN: 3638445526
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
Seminar paper from the year 2004 in the subject Business economics - Investment and Finance, grade: 85%, Stellenbosch Universitiy, language: English, abstract: The financing strategy is the mix of capital chosen by each enterprise. This strategy is of extreme importance, because it can have a profound effect on the value of the enterprise. In general, firms have different possibilities to design its capital structure. Debt can be issued in a large quantity or only in a small amount. Furthermore, warrants, convertible bonds, caps, callers or preferred stock can be issued. Firms can use lease financing, bond swaps or forward contracts. The variations in capital structures are infinite, due to the endless number of financing instruments. Variables such as demand and supply, the capital requirement, the price of capital (interest rates), types of security, etc. are given at a particular point in time. We will discuss how a firm should finance in order to establish an optimal combination of equity and debt capital in the interests of the welfare of the owners. Uncertainty and risk are central to the financing problem and therefore financing must in essence be dynamic by nature. The single most important basis for making any financial decision is prognosis. The techniques used are mainly those of budgets and analysis by means of ratios. Prognosis, income expectations and developments in the money and capital markets, play a central role as the single most important basis of each financing decision. The optimal combinations of equity capital and debt to maximise the interest of the owners, are achieved by means of the sensible use of debt. The question thus arises to what extent this approach can be utilised and therefore the determining factors of the financial structure must be considered in more detail. This paper will focus on these factors. It will not discuss sources of financing in detail, which should be treated as a separate topic.
Author: H. Kent Baker
Publisher: John Wiley & Sons
ISBN: 1118022947
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
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.
Author: Andrew Joseph Senchack
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 434
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Author: Haejun Jeon
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
We investigate a firm's optimal investment, financing, and default decisions when it takes an uncertain amount of time and running costs to complete a project. A firm that makes an optimal financing decision delays investment in the presence of time-to-build, whereas a highly levered firm hastens such investment despite the lags. The optimal leverage ratio is inverted U-shaped with respect to the size of the lags. Although the equity holders can choose to default before the project is completed, the default probability is lower than that in the absence of time-to-build in most cases. The probability of default before the project's completion increases as the project becomes more profitable. When a firm can shorten expected time-to-build by bearing more costs, an unlevered firm strives to reduce the lags more than an optimally levered firm does. When the firm is highly levered, however, it invests more resources to shorten the lags than the all-equity firm does.
Author: Suzanne Farrar
Publisher: Routledge
ISBN: 0429789122
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
First published in 1999, this volume responds to the system of corporate taxation in the UK and aims to develop mathematical programming models which determine the optimum combination of investment decisions and financing methods for capital budgeting on a post-tax basis, incorporating specific important areas not previously examined in the literature. Suzanne Farrar also aims to achieve operational experience of these models, in order to gain insights into the impact of taxation on project appraisal in complex situations where several potentially distorting tax effects operate simultaneously, and the general practical feasibility of operational use. Beginning with capital investment and the UK Corporate Tax System, Farrar moves onto capital investment appraisal, tax and optimal financing, optimisation models in capital budgeting, the mathematical programming model and operational use of that model.
Author: Weerasak Suk-Anarak
Publisher:
ISBN:
Category : Public utilities
Languages : en
Pages : 358
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Book Description
