Optimal Capital Structure with Earnings Above a Floor PDF Download
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Author: Michi Nishihara
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Michi Nishihara
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Osmo Kolehmainen
Publisher:
ISBN: 9789516831094
Category :
Languages : en
Pages :
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Author: Clecio Jose Bortoni Dias
Publisher:
ISBN:
Category :
Languages : en
Pages : 74
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Author: Santiago Forte
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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We introduce a model in which risk-free interest rate, firm risk, bankruptcy costs, issuance costs, tax benefits on debt, and earnings ratio, determine the optimal choice of leverage and maturity. The model assumes that debt pays a regular flow of interests, allows the firm to rebalance its optimal capital structure at maturity issuing new debt at par, links tax deductions to the presence of taxable income, and considers default to be an endogenous and time-dependent decision. Simulation results are also provided, with standard leverage ratios, debt maturities, and credit spreads being replicated for reasonable parameter values.
Author: William E. Fruhan (Jr)
Publisher:
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Category :
Languages : en
Pages :
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Author: Patrick R. Delaney
Publisher: John Wiley & Sons
ISBN: 1118283384
Category : Study Aids
Languages : en
Pages : 1465
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The #1 CPA exam review self-study leader The CPA exam review self-study program more CPA candidates turn to take the test and pass it, Wiley CPA Exam Review 39th Edition contains more than 4,200 multiple-choice questions and includes complete information on the Task Based Simulations. Published annually, this comprehensive two-volume paperback set provides all the information candidates need to master in order to pass the new Uniform CPA Examination format. Features multiple-choice questions, new AICPA Task Based Simulations, and written communication questions, all based on the new CBT-e format Covers all requirements and divides the exam into 47 self-contained modules for flexible study Offers nearly three times as many examples as other CPA exam study guides With timely and up-to-the-minute coverage, Wiley CPA Exam Review 39th Edition covers all requirements for the CPA Exam, giving the candidate maximum flexibility in planning their course of study—and success.
Author: Timothy Franklin Dann
Publisher:
ISBN:
Category :
Languages : en
Pages : 146
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Author: Edmund E. Sperry
Publisher:
ISBN:
Category : Business (DPS)
Languages : en
Pages : 236
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Author: Murray. Michael J.
Publisher:
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Category : Capital
Languages : en
Pages : 82
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Author: CMA(Dr.) Ashok Panigrahi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Capital structure is one of the most important decisions that every finance manager has to carefully take since it affects the value of the firm. As the objective of every firm is to maximize the shareholders' wealth, it should select such a financing-mix which facilitates the organization to reach its objective.Description - The term capital structure of the company refers to the mix of the long-term finances used by the firm. It is the financing plan for the company. Perhaps, no area of financial management has commanded as much attention as the capital structure problem. The capital structure problem, then, deals with the firm's choice of the types of securities it has to issue. In the current market-oriented policies, the corporate financial managers have been motivated to use more debt-financing for several powerful reasons. On one hand, owners, including the ever more powerful institutional investors, have confronted the management with increased demands for performance, generally expressed as a desire for a continuous increase in the earnings per share.On the other hand, low-debt usage companies are extremely attractive to leverage- minded conglomerate managers. Increased use of leverage often offers a way to improve a company's earnings and at the same time remove some of the attractiveness of the firm as a takeover target. Given the objective of maximization of shareholders' wealth, the need for an optimal capital structure cannot, therefore, be overemphasized. Thus, it is one of the formidable tasks of every finance manager to design an optimum capital structure. But what should be the precise percentage of debt and equity that will maximize price per share is nowhere defined in the theory of finance. Hence, until today, it has remained an unsolved mystery for financial experts.
