Dynamical Corporate Finance
An Equilibrium Approach
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ISBN-13:
9783030778552
Veröffentl:
2022
Einband:
Paperback
Erscheinungsdatum:
30.07.2022
Seiten:
212
Autor:
Roberto Savona
Gewicht:
330 g
Format:
235x155x12 mm
Serie:
Contributions to Finance and Accounting
Sprache:
Englisch
Beschreibung:
The way in which leverage and its expected dynamics impact on firm valuation is very different from what is assumed by the traditional static capital structure framework. Recent work that allows the firm to restructure its debt over time proves to be able to explain much of the observed cross-sectional and time-series variation in leverage, while static capital structure predictions do not. The purpose of this book is to re-characterize the firm¿s valuation process within a dynamical capital structure environment, by drawing on a vast body of recent and more traditional theoretical insights and empirical findings on firm evaluation, also including asset pricing literature, offering a new setting in which practitioners and researchers are provided with new tools to anticipate changes in capital structure and setting prices for firm¿s debt and equity accordingly.
Offers a concise analysis of the theoretical foundations and modelling of corporate finance
Chapter 1. Introduction.- Chapter 2. The Value of the Firm and its Securities.- Chapter 3. Borrowing Constraints, Debt Dynamics and Investment Decisions.- Chapter 4. Imperfect Competition, Working Capital and Tobin's Q.- Chapter 5. Continuous Time Models, Unsecured Debt and Commitment.- Chapter 6. Dynamic Capital Structure without Commitment.- Chapter 7. Extensions.
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