Theoretical foundations of corporate finance:
Gespeichert in:
Beteilige Person: | |
---|---|
Format: | Buch |
Sprache: | Englisch |
Veröffentlicht: |
Princeton, NJ [u.a.]
Princeton Univ. Press
2001
|
Schlagwörter: | |
Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009688075&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009688075&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
Beschreibung: | Literaturverz. S. 285 - 295 |
Umfang: | XVII, 302 S. graph. Darst. |
ISBN: | 0691087946 |
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245 | 1 | 0 | |a Theoretical foundations of corporate finance |c João Amaro de Matos |
264 | 1 | |a Princeton, NJ [u.a.] |b Princeton Univ. Press |c 2001 | |
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Datensatz im Suchindex
DE-BY-TUM_call_number | 0002 WIR 680f 18.2002 A 67 |
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DE-BY-TUM_katkey | 1273146 |
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adam_text | Contents
list of Figures
xi
Preface
xiii
0.1
Intended Audience
.............................. xiv
0.2
Organization of the Text
......................... xv
0.3
Acknowledgments
............................... xvi
Part I Foundations
1
1
Valuation
3
1.1
Valuation under Certainty
......................... 5
1.1.1
The Robinson Crusoe Economy
............... 5
1.1.2
Time Preferences
.......................... 7
1.1.3
Production Opportunities
................... 8
1.1.4
The Role of Capital Markets
................. 9
1.1.5
Consumption and Investment with
Capital Markets
........................... 11
1.1.6
The Value of an Investment Project
............ 14
1.1.7
Multiperiod Economy with Capital Markets
...... 15
1.1.8
Exercises
................................. 17
1.2
Valuation under Uncertainty
...................... 18
1.2.1
One-Period Model
......................... 18
1.2.2
Value and the Absence of Arbitrage
........... 22
1.2.3
Arbitrage Opportunities and Investment
........ 23
1.2.4
Value and the Martingale Measure
............ 24
1.2.5
Beta Values
............................... 26
1.2.6
Exercises
................................. 28
1.3
Multiperiods and Flexibility under Uncertainty
........ 29
1.3.1
The Multiperiod Setting
..................... 30
1.3.2
Real Options
............................. 33
1.3.3
Some General Properties of Options
........... 34
1.3.4
Exercises
................................. 37
2
Optimal Capital Structure
39
2.1
The MM Propositions
............................ 40
2.1.1
The Irrelevancy Statement
................... 40
2.1.2
Cost of Capital
............................ 42
2.1.3
The MM Propositions with Taxes
.............. 44
2.1.4
Empirical Evidence
........................ 46
2.1.5
Exercises
................................. 47
2.2
Personal and Corporate Taxation
................... 48
2.2.1
Demand for Bonds
......................... 49
2.2.2
Supply of Bonds
........................... 50
2.2.3
The Equilibrium
........................... 51
2.2.4
Comparing with MM
....................... 53
2.2.5
Changes in Taxations: An Alternative
Equilibrium
.............................. 54
2.2.6
Empirical Evidence
........................ 57
2.2.7
Exercises
................................. 58
Part II Agency and Information
59
3
Implications for Capital Structure
61
3.1
The Role of Agency Costs
......................... 62
3.1.1
Agency Costs of Outside Equity
............... 64
3.1.2
Principal-Agent Problems
................... 66
3.1.3
Agency Costs of Debt
....................... 71
3.1.4
Empirical Evidence
........................ 75
3.1.5
Exercises
................................. 77
3.2
Informational Asymmetries
........................ 78
3.2.1
Managers Signaling because of Fee Schedules.
. . 79
3.2.2
When Managers Are Also Investors
............ 82
3.2.3
Signals Conditioned by Investment
Opportunities
............................. 85
3.2.4
Stock Repurchase as a Signal
................. 89
3.2.5
Empirical Evidence
........................ 93
3.2.6
Exercises
................................. 95
4
Payout Policy
97
4.1
Dividend Policy
................................. 98
4.1.1
Another Irrelevancy Proposition
.............. 98
4.1.2
Alternative Valuations
....................... 100
4.1.3
Growth Rates
............................. 102
4.1.4
Relaxing Certainty
......................... 103
4.1.5
Dividends and Taxes
....................... 104
4.1.6
Empirical Evidence
........................ 105
4.1.7
Exercises
................................. 109
4.2
Dividends and Information
........................ 110
4.2.1
The Informational Content of Dividends
........ 110
4.2.2
A Signaling Model
.........................
Ill
4.2.3
A Consistent Signaling Model
................ 114
4.2.4
Empirical Evidence
........................ 116
4.2.5
Exercises
................................. 119
4.3
Stock Repurchases
.............................. 119
4.3.1
Trends in Payout Policies
.................... 120
4.3.2
Reasons for Stock Repurchases
............... 121
4.3.3
Empirical Evidence
........................ 122
5
Financial Contracting
125
5.1
Contracting and Allocation of Control
............... 126
5.1.1
The Model
............................... 127
5.1.2
Entrepreneur Control
...................... 129
5.1.3
Investor Control
........................... 131
5.1.4
Contingent Control
........................ 133
5.1.5
Financing Contracts
........................ 133
5.1.6
Exercises
................................. 134
5.2
Debt Contract Design
............................ 134
5.2.1
Extending the Model
....................... 134
5.2.2
The Case of Many Creditholders
.............. 137
5.2.3
The Choice of the Duration
................. 139
5.2.4
The Effect of Seniority
...................... 146
5.2.5
Exercises
................................. 148
Part III Capital Restructuring
149
6
Going Public
151
6.1
The Going Public Decision
........................ 152
6.1.1
The Model
............................... 152
6.1.2
The Equilibrium
........................... 154
6.1.3
Empirical Evidence
........................ 160
6.1.4
Exercises
................................. 160
6.2
Underpricing and Information Asymmetries
.......... 160
6.2.1
Asymmetry between Issuers and Underwriters.
. . . 162
6.2.2
Asymmetry between Investors
................ 163
6.2.3
Reputation of Bankers and Uncertainty
......... 165
6.2.4
How Underwriters Become Informed
.......... 167
6.2.5 Legal
Liabilities
........................... 171
6.2.6
Empirical Evidence
........................ 172
6.2.7
Exercises
................................. 175
7
Going Private
177
7.1
Stock Repurchases
.............................. 177
7.2
Leveraged Buyouts
.............................. 179
7.2.1
The Mechanism of Leveraged Buyouts
......... 179
7.2.2
A Model for MBOs
......................... 181
7.2.3
Empirical Evidence
........................ 186
7.2.4
Exercises
................................. 189
8
Mergers and Acquisitions
191
8.1
Tender Offers and the Free-Rider Problem
........... 192
8.1.1
Largely Diffused Ownership
.................. 193
8.1.2
The Role of a Large Shareholder
............. 196
8.1.3
Uncertain Outcome of a Takeover
............. 199
8.1.4
The Optimal Size of a before a Takeover
....... 201
8.1.5
Exercises
................................. 205
8.2
Merger Bids
................................... 205
8.2.1
Competition between Bidders
................ 206
8.2.2
Choosing the Means of Payment
.............. 207
8.2.3
Cash as a Preemptive Instrument with
Many Bidders
............................. 212
8.2.4
The Choice of Takeover Methods
............. 214
8.2.5
Empirical Evidence
........................ 218
8.2.6
Exercises
................................. 223
Part IV Appendices
225
A Optimization Principles
227
A.1 Unconstrained Optimization
...................... 227
A.2 Constrained Optimization
......................... 228
A.2.1 Equality Constraints
........................ 228
A.2.2 Inequality Constraints
...................... 231
В
Notions of Game Theory
233
B.I Introduction
................................... 233
B.2 Informational Equilibrium
........................ 234
B.3 The Revelation Principle
......................... 238
Contents ix
С
Suggested Solutions
241
C.I Valuation
...................................... 241
C.I.I Valuation under Certainty
................... 241
С
1.2
Valuation under Uncertainty
................. 244
C.1.3 Valuation of Flexibility
...................... 250
C.2 Optimal Capital Structure
......................... 251
C.2.1 The MM Propositions
...................... 251
C.2.
2
Personal and Corporate Taxation
............. 255
C.3 Implications for Capital Structure
.................. 255
C.3.1 The Role of Agency Costs
................... 255
C.3.
2
Informational Asymmetries
.................. 260
C.4 Payout Policy
................................... 261
C.4.1 Dividend Policy
........................... 261
C.4.2 Dividend and Information
................... 263
C.5 Financial Contracting
............................ 266
С.б.і
Contracting and Allocation of Control
......... 266
C.5.2 Debt Contract Design
....................... 267
C.6 Going Public
................................... 268
C.6.1 The Going Public Decision
.................. 268
C.6.2 Underpricing and Information Asymmetries
..... 268
C.7 Going Private
.................................. 270
C^.l Leveraged Buyouts
......................... 270
C.8 Mergers and Acquisitions
......................... 271
Ce.l Tender Offers and Free-Rider Problem
......... 271
C.8.2 Merger Bids
.............................. 276
Notes
279
Bibliography
285
Index
297
Corporate finance is the area of fi¬
nance that studies the determinants of
firms values, including capital struc¬
ture, financing, and investment deci¬
sions. Although there are several texts
in corporate finance, this is the first to
focus on the theoretical foundations
of the subject in a consistent and inte¬
grated way at the Ph.D. level. In addi¬
tion to being a textbook for advanced
graduate students, it can also serve as
a general reference to researchers and
sophisticated practitioners.
The material presented is carefully
selected with an eye to what is essen¬
tial to understanding the underlying
theory, ensuring that this text will re¬
main useful for years to come. The
book is divided into three parts. The
first section presents the basic princi¬
ples of valuation based on the absence
of arbitrage, including a discussion of
the determinants of the optimal capi¬
tal structure based on the seminal re¬
sults of
Modigliani
and Miller. The
second section discusses the implica¬
tions of agency problems and informa¬
tion asymmetries to capital structure,
giving particular attention to payout
polic:}-
and to debt contract design.
The concluding portion presents dif¬
ferent ways of restructuring capital,
including going public, going private
using stock repurchases or leveraged
buyouts, and mergers and acquisi¬
tions. Each chapter includes exercises
|
any_adam_object | 1 |
author | Matos, João Amaro de 1961- |
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dewey-search | 658.15 338.6/041 |
dewey-sort | 3658.15 |
dewey-tens | 650 - Management and auxiliary services 330 - Economics |
discipline | Wirtschaftswissenschaften |
format | Book |
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id | DE-604.BV014138464 |
illustrated | Illustrated |
indexdate | 2024-12-20T10:59:55Z |
institution | BVB |
isbn | 0691087946 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009688075 |
oclc_num | 46835554 |
open_access_boolean | |
owner | DE-12 DE-703 DE-473 DE-BY-UBG DE-91 DE-BY-TUM DE-19 DE-BY-UBM DE-739 DE-634 DE-11 DE-355 DE-BY-UBR DE-706 DE-M382 |
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physical | XVII, 302 S. graph. Darst. |
publishDate | 2001 |
publishDateSearch | 2001 |
publishDateSort | 2001 |
publisher | Princeton Univ. Press |
record_format | marc |
spellingShingle | Matos, João Amaro de 1961- Theoretical foundations of corporate finance Bedrijfsfinanciering gtt Entreprises - Finances FINANÇAS DAS EMPRESAS larpcal Financieel management gtt Corporations Finance Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
subject_GND | (DE-588)4269795-5 (DE-588)4017182-6 |
title | Theoretical foundations of corporate finance |
title_auth | Theoretical foundations of corporate finance |
title_exact_search | Theoretical foundations of corporate finance |
title_full | Theoretical foundations of corporate finance João Amaro de Matos |
title_fullStr | Theoretical foundations of corporate finance João Amaro de Matos |
title_full_unstemmed | Theoretical foundations of corporate finance João Amaro de Matos |
title_short | Theoretical foundations of corporate finance |
title_sort | theoretical foundations of corporate finance |
topic | Bedrijfsfinanciering gtt Entreprises - Finances FINANÇAS DAS EMPRESAS larpcal Financieel management gtt Corporations Finance Corporate Finance (DE-588)4269795-5 gnd Finanzierung (DE-588)4017182-6 gnd |
topic_facet | Bedrijfsfinanciering Entreprises - Finances FINANÇAS DAS EMPRESAS Financieel management Corporations Finance Corporate Finance Finanzierung |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009688075&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009688075&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT matosjoaoamarode theoreticalfoundationsofcorporatefinance |
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