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Capital Structure and Corporate Financing Decisions
Theory, Evidence, and Practice
H. Kent Baker (Author), Gerald S. Martin (Author)
9780470569528, Wiley
Hardback, published 6 May 2011
512 pages, Drawings: 14 B&W, 0 Color; Tables: 19 B&W, 0 Color
25.7 x 18 x 4.1 cm, 1.066 kg
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. 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.
Acknowledgments ix 1 Capital Structure: An Overview 1 Part I The Elements of Capital Structure 15 2 Factors Affecting Capital Structure Decisions 17 3 Capital Structure and Corporate Strategy 41 4 Capital Structure and Firm Risk 59 5 Capital Structure and Returns 75 6 Capital Structure and Compensation 93 7 Worldwide Patterns in Capital Structure 111 Part II Capital Structure Choice 127 8 Capital Structure Theories and Empirical Tests: An Overview 129 9 Capital Structure Irrelevance: TheModigliani-Miller Model 151 10 Trade-Off, Pecking Order, Signaling, and Market Timing Models 171 11 Estimating Capital Costs: Practical Implementation of Theory’s Insights 191 12 Economic, Regulatory, and Industry Effects on Capital Structure 211 13 Survey Evidence on Financing Decisions and Cost of Capital 229 14 Survey Evidence on Capital Structure: Non-U.S. Evidence 249 Part III Raising Capital 261 15 The Roles of Financial Intermediaries in Raising Capital 263 16 Bank Relationships and Collateralization 281 17 Rating Agencies and Credit Insurance 299 18 Secured Financing 319 19 Sale and Leasebacks 335 Part IV Special Topics 351 20 Financial Distress and Bankruptcy 353 21 Fiduciary Responsibility and Financial Distress 371 22 The Lease versus Buy Decision 387 23 Private Investment in Public Equity 401 24 Financing CorporateMergers and Acquisitions 419 Answers to Chapter Discussion Questions 445 Index 475
H. Kent Baker and Gerald S. Martin
Wolfgang Bessler, Wolfgang Drobetz, and Robin Kazemieh
Maurizio La Rocca
Valentin Dimitrov
Yaz Gulnur Muradoglu and Sheeja Sivaprasad
Alan Victor Scott Douglas
Carmen Cotei and Joseph Farhat
Stein Frydenberg
Sergei V. Cheremushkin
Anton Miglo
Robert M. Conroy and Robert S. Harris
Paroma Sanyal
Franck Bancel and Usha R. Mittoo
Abe de Jong and Patrick Verwijmeren
Neal Galpin and Heungju Park
Aron A. Gottesman and Gordon S. Roberts
John Patrick Hunt
Hugh Marble III
Kyle S. Wells
Kimberly J. Cornaggia
Remus D. Valsan and Moin A. Yahya
Sris Chatterjee and An Yan
William K. Sjostrom Jr.
Wolfgang Bessler, Wolfgang Drobetz, and Jan Zimmermann
Subject Areas: Finance & accounting [KF]
