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Author: Benjamin Friedrich
Publisher: ibidem-Verlag / ibidem Press
ISBN: 3838255399
Category : Business & Economics
Languages : en
Pages : 138
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Book Description
The theory of capital structure is one of the most exciting and complex topics in corporate finance. After many years of debate it is still extremely difficult to provide a conclusive answer to the question which capital structure maximises the value of a company and what factors determine the optimal mix of debt and equity capital.This book provides a comprehensive introduction to capital structure theory and investigates its practical relevance in the German market. The main objectives are to explore the link between capital structure theory and corporate practice and to test determinants of capital structure choice empirically.The book has been written for students, researchers, and academics, but also for practitioners seeking empirical evidence of capital structure theory and an empirical model that can be used to estimate the optimal level of debt for an individual company in relation to an existing industry optimum.
Author: Benjamin Friedrich
Publisher: ibidem-Verlag / ibidem Press
ISBN: 3838255399
Category : Business & Economics
Languages : en
Pages : 138
Get Book Here
Book Description
The theory of capital structure is one of the most exciting and complex topics in corporate finance. After many years of debate it is still extremely difficult to provide a conclusive answer to the question which capital structure maximises the value of a company and what factors determine the optimal mix of debt and equity capital.This book provides a comprehensive introduction to capital structure theory and investigates its practical relevance in the German market. The main objectives are to explore the link between capital structure theory and corporate practice and to test determinants of capital structure choice empirically.The book has been written for students, researchers, and academics, but also for practitioners seeking empirical evidence of capital structure theory and an empirical model that can be used to estimate the optimal level of debt for an individual company in relation to an existing industry optimum.
Author: Susanne Hakuba
Publisher: ibidem-Verlag / ibidem Press
ISBN: 3838256816
Category : Business & Economics
Languages : en
Pages : 121
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Book Description
In the 1990s, the global stock market experienced the birth of the new technology sector and an extraordinary increase in values. However, the surge of stock values came to an end in 2000 when stock markets dropped significantly. Especially the technology sector suffered greatly, and a high amount of wealth was erased by sharply falling markets. Could it have been possible to predict stock prices in such a market environment and, therefore, enable the equity investor to invest in undervalued stocks, if there were any? The key question for an investor in this context is whether an investment is fairly priced at the time of investment. This is of importance if one believes that stock prices can be overvalued or undervalued at times but adjust to their true values in the long-term. To form an opinion on whether an investment is fairly priced or not, i.e. overvalued or undervalued, an investor needs a valuation model. Such a model provides a theoretically correct value which can be used as a benchmark for the decision. In her study, Sussane Hakuba examines the forecasting capability of two selected valuation models for long-term equity investments over a nine-quarter time horizon (from the 4th quarter of 1999 to the 4th quarter of 2000): a) the two-stage free cash flow to equity (FCFE) model andb) the dividend discount model (DDM) as applied by JPMorgan Fleming. Susanne Hakuba looks at the application of the two equity valuation models analyzed including theory on the models, their inputs, and assumptions made. In addition, she provides discussion of the stock valuations performed and comes to conclusions and recommendations for future valuations applying the models examined.
Author: NA Child
Publisher: Springer Science & Business Media
ISBN: 9401553017
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
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.
Author: Richard K. Lenz
Publisher: Springer Science & Business Media
ISBN: 3834986003
Category : Business & Economics
Languages : en
Pages : 549
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Book Description
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.
Author: Dennis Schlegel
Publisher: Springer
ISBN: 3319151355
Category : Business & Economics
Languages : en
Pages : 255
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Book Description
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.
Author: Domen Bajde
Publisher: Emerald Group Publishing
ISBN: 1787542858
Category : Business & Economics
Languages : en
Pages : 217
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Book Description
The twentieth volume of Research in Consumer Behavior presents twelve chapters, selected from the best papers submitted at the 13th annual Consumer Culture Theory Conference 2018. The book explores three narrative lines that were prevalent during the conference: 'Objects and their doings', 'Glocalization', and 'Constituting Markets'.
Author: Jean Tirole
Publisher: Princeton University Press
ISBN: 1400830222
Category : Business & Economics
Languages : en
Pages : 657
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Book Description
"Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.
Author: Sherman Folland
Publisher: Taylor & Francis
ISBN: 1000985288
Category : Business & Economics
Languages : en
Pages : 921
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Book Description
The Economics of Health and Health Care is the market-leading health economics textbook, providing comprehensive coverage of all the key topics, and balancing economic theory, empirical evidence, and public policy. The ninth edition offers updated material throughout, including two new chapters: Disparities in Health and Health Care (Chapter 7) examines issues of race, ethnicity, income, gender, and geography with respect to health care access, health inputs, and health outcomes; Pandemic Economics (Chapter 9) introduces a new and simplified economic treatment of epidemics and pandemics within the context of COVID-19. We also include applications from the growing literature on digital medicine. The book further highlights the impacts of the Affordable Care Act (ACA) and updates its path-breaking comparative analyses across countries to focus on the differences in access and costs. The book continues to provide a clear, step-by-step understanding of health economics, making economic principles accessible to students, supported by boxed examples, figures and tables. Each chapter contains concise summaries, discussion questions, and quantitative exercises to promote student learning. There is also a glossary of key terms and an extensive reference list. Instructors are supported by a range of digital supplements. It is the perfect textbook for students and practitioners taking undergraduate and postgraduate courses in health economics, health policy, and public health.
Author: Obiyathulla Ismath Bacha
Publisher: World Scientific
ISBN: 9813274654
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
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.
Author:
Publisher:
ISBN:
Category : Management
Languages : en
Pages : 364
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Book Description
