In this chapter, theoretical aspects of the debt financing decision are studied by constructing some models of capital structure choice. In these models, major recent developments in the theory of optimal capital structure are systematically restated in mathematical form, based on a uniform framework ...
Testing static tradeoff against pecking order models of capital structure: a critical comment Singha, “Testing Static Tradeoff Against Pecking Order Models of Capital Structure: A Critical Comment.” Journal of Financial Economics 58(3), 417–425,... RS Chirinko,AR Singha - 《Journal of Financia...
This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater time-series explanatory power than a static trad...
against pecking order models of capital structure Lakshmi Shyam-Sunder , Stewart C. Myers * International Finance Corporation, Washington, DC 20433, USA Sloan School of Management, Massachusetts Institute of Technology, Cambridge, MA 02139, USA Received 15 April 1994; received in revised form 9 ...
Testing static tradeoff against pecking order models of capital structure 1 This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massachusetts Institute of Technology, University of Massachusetts, Ohio State University, University of ...
aTheoretically most models discussing capital structure of firms identify tax savings, bankruptcy costs, transaction costs, adverse selection and agency cost etc as the dominant factors influencing a firm’s choice of debt and also its impact on firm performance. 多数模型谈论企业资本结构理论上辨认税...
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5、Target Capital Structure and Beta 6、Present value of free cash flow 7、Calculate Terminal Value 8、Enterprise Value 9、CF Sensitivity Analysis ▼DCF范例▼ 2Merger Model 适用于公司并购的Project 并购模型是对通过并购过程走到一起的两家公司进行分析。当一家公司提出以现金或股份收购另一家公司时,就会...
College of Business AdministrationRoutledgeApplied EconomicsYu, D. and Aquino, R. (2009), "Testing capital structure models on Philippine listed firms", Applied Economics, Vol. 41 No. 15, pp. 1973-1990.Yu, D., & Aquino, R. (2009). Testing Capital Structure Models on Philippine Listed ...
On the basis of Sharp’s CAPM,the thesis gets a new form of CAPM expression which includes the investors’asset structureand capital expenditure structure,and its outcome contains the original CAPM model. 本文在他建立的模型基础上,得到了考虑投资者的资产结构及资金使用结构的CAPM的表示形式,其结果包含...