简介
Summary:
Publisher Summary 1
Beginning with a simple model of the debt/equity impact upon firm value and progressively adding complexity to this model, this book seeks to answer the question, "What is the frontier of knowledge with respect to debt/equity alternatives, and could a major paradigm shift affect debt/equity choices?"
Publisher Summary 2
Provides a comprehensive framework for examining debt/equity decisions.
Publisher Summary 3
Swanson (Emporia State U.), Srinidhi (Rutgers U.), and Seetharaman (St. Louis U.) describe the shifting paradigms used by economists to explain debt/equity structure choices in the firm. They follow the shift from the identification of the factors that affect debt/equity positions to the development of synthetic analysis that accounts for interactions between factors. They then offer suggestions for continuing research possibilities. Annotation (c) Book News, Inc., Portland, OR (booknews.com)
目录
Table Of Contents:
Preface xi
Central Tenet: The analysis of paradigm shifts provides a worthwhile means of thinking about capital structure decision making.
1. Introduction 1(12)
Central Tenet: "Why then do economists keep trying to develop models that assume rational behavior by firms?" -Merton Miller (1977)
2. Foundations-Is the Debt/Equity Decision Irrelevant? 13(16)
Central Tenet: Under MM (1958) assumptions including no taxes, the debt/equity decision is irrelevant.
3. Impact of Corporate Tax 29(14)
Central Tenet: With corporate taxes and no personal taxes, the optimum debt level shifts to 100 percent.
4. The Modifying Impact of Personal Taxes on Investors 43(24)
Central Tenet: With corporate and personal taxes, the optimum debt level shifts to one of two extremes-either 0 or 100 percent-but non-debt tax shields can move it to an interior optimum point.
5. Bankruptcy Cost's Effect 67(26)
Central Tenet: With bankruptcy cost and taxes, the optimal debt-to-equity ratio w铆11 be at an interior point, not at an extreme point.
6. Effect of Agency Costs 93(18)
Central Tenet: With agency costs, bankruptcy costs, and taxes, the relationships become more complicated and the proportion of equity in the optimal capital structure increases.
7. Signaling 111(18)
Central Tenet: With signaling, agency costs, bankruptcy costs, and taxes, the relationships become contingent on the full set of firm characteristics.
8. Capital Structure as One of Many Simultaneously Determined Variables 129(16)
Central Tenet: The firm is a nexus of contracts. Capital structure decisions are made simultaneously with other decisions that can be solved by simultaneous equations to compute maximum firm value.
9. Executive Survey Interview Information 145(10)
Central Tenet: The current practice of capital structure decision making has considerable variation.
10. Current State of Research Frontier and Opportunities 155(26)
Central Tenet: The current state of research still leaves many questions unanswered.
11. Summary and Conclusions 181(2)
Central Tenet: The major capital structure decision factors are known, but the complexity remains largely unresolved.
Appendixes
1. Does the Spread between the Cost of Debt and Equity Provide Incremental Information to Earnings-Returns Relations? 183(26)
Zane Swanson and John N. Kissinger
2. Analytical Agency Model of Debt/Equity Tradeoff 209(4)
3. Leverage Information for Stocks during a "Deleveraging" Period 213(12)
Zane Swanson
4. Interview Questions 225(6)
Index 231
Preface xi
Central Tenet: The analysis of paradigm shifts provides a worthwhile means of thinking about capital structure decision making.
1. Introduction 1(12)
Central Tenet: "Why then do economists keep trying to develop models that assume rational behavior by firms?" -Merton Miller (1977)
2. Foundations-Is the Debt/Equity Decision Irrelevant? 13(16)
Central Tenet: Under MM (1958) assumptions including no taxes, the debt/equity decision is irrelevant.
3. Impact of Corporate Tax 29(14)
Central Tenet: With corporate taxes and no personal taxes, the optimum debt level shifts to 100 percent.
4. The Modifying Impact of Personal Taxes on Investors 43(24)
Central Tenet: With corporate and personal taxes, the optimum debt level shifts to one of two extremes-either 0 or 100 percent-but non-debt tax shields can move it to an interior optimum point.
5. Bankruptcy Cost's Effect 67(26)
Central Tenet: With bankruptcy cost and taxes, the optimal debt-to-equity ratio w铆11 be at an interior point, not at an extreme point.
6. Effect of Agency Costs 93(18)
Central Tenet: With agency costs, bankruptcy costs, and taxes, the relationships become more complicated and the proportion of equity in the optimal capital structure increases.
7. Signaling 111(18)
Central Tenet: With signaling, agency costs, bankruptcy costs, and taxes, the relationships become contingent on the full set of firm characteristics.
8. Capital Structure as One of Many Simultaneously Determined Variables 129(16)
Central Tenet: The firm is a nexus of contracts. Capital structure decisions are made simultaneously with other decisions that can be solved by simultaneous equations to compute maximum firm value.
9. Executive Survey Interview Information 145(10)
Central Tenet: The current practice of capital structure decision making has considerable variation.
10. Current State of Research Frontier and Opportunities 155(26)
Central Tenet: The current state of research still leaves many questions unanswered.
11. Summary and Conclusions 181(2)
Central Tenet: The major capital structure decision factors are known, but the complexity remains largely unresolved.
Appendixes
1. Does the Spread between the Cost of Debt and Equity Provide Incremental Information to Earnings-Returns Relations? 183(26)
Zane Swanson and John N. Kissinger
2. Analytical Agency Model of Debt/Equity Tradeoff 209(4)
3. Leverage Information for Stocks during a "Deleveraging" Period 213(12)
Zane Swanson
4. Interview Questions 225(6)
Index 231
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