Assignment No. 2 Determinants of capital structure In finance‚ capital structure refers to the way a corporation finances its assets through some combination of equity‚ debt‚ or hybrid securities. A firm ’s capital structure is then the composition or ’structure ’ of its liabilities. Simply‚ capital structure refers to the mix of debt and equity used by a firm in financing its assets. The capital structure decision is one of the most important decisions made by financial management. The capital
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Influence of Capital Structure on Leverage of Cement Sector in Pakistan CONTACT NUMBERS: ACKNOWLEDGEMENT First of all we would like to thank Allah Almighty for granting us the capability and courage to work on this report with my best efforts‚ and for the patience and perseverance endowed by Him. We would also like to thank Mr. H. JAMAL ZUBAIRI for giving us the chance to work on this report and for his guidance‚ advice and examples during regular sessions which
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relationship. Brander and Lewis (1986)‚ Maksimovic (1988)‚ Ravid (1988) and Bolton variously offer a theoretical framework for the linkage between capital structure and market structure. On a broader front‚ Harris and Raviv (1991) and Phillips (1995) provide surveys of both the theoretical and empirical research on the relationship between capital structure and market structure. In a recent study‚ Rathinasamy‚ Krishnaswamy and Mantripragada (2000) Rathinasamy‚ Krishnaswamy and Mantripragada (2000)
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December‚ 2008]. Miller‚ M. (1977) ‘Debt and Taxes’‚ Journal of Finance‚ Vol.32‚ pp. 261-276. Modigliani‚ F. and Miller‚ M. (1963) ‘Corporate Income Taxes and the Cost of Capital: A Correction’‚ American Economic Review‚ Vol.53‚ pp. 433-443. Rajan‚ R. and Zingales‚ L. (1995) ‘What do we know about capital structure? Some evidence from international data’‚ Journal of Finance‚ Vol.50‚ pp. 1421–1460. Telser‚ L. (1966) ‘Cutthroat competition and the long purse’‚ Journal of Law and Economics‚ Vol.9‚ pp. 259–277
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Tri Vi Dang Email: td2332@columbia.edu Columbia University Spring 2013 Corporate Finance (ECON W4280) Meeting time: Tu‚ Th 4.10-5.25 Meeting place: Hamilton 503 Office address: IAB 1032 Office hours: Th 11.00-12.00 and other times by appointment Course Description The aim of this introductory course in corporate finance is to provide students with fundamental concepts for understanding firms’ financing decisions and the basic tools for the valuation of a corporation. This course
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characteristic. According to his theory‚ in order to finance a project‚ a firm first uses internal cash or retained earnings; if not sufficient then the firm issues debt and lastly issues equity (Myers & Majiluf‚ 1984; Friend & Lang‚ 1988; Rajan & Zingales‚ 1995). Retained earnings are on top of the list as they are not as costly as debt and equity; besides requires no information disclosure for the
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Financing And Investment Decisions‚ When Firms Proceedings of 2nd International Conference on Business Management (ISBN: 978-969-9368-06-6) Pinches And Mingo K‚ (1973)‚ Multivariate Analysis Of Industrial Bond Ratings‚ Journal Of Finance‚ Vol Rajan And Zingales‚ (1995)‚ What Do We Know About Capital Structure? Some Evidence From International Data‚ Journal Of Finance‚ Vol Robichecks A And Meyers S (1966)‚ Problems In The Theory Of Optimal Capital Structure‚ Journal Of Financial And Quantitative Analysis
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Finance‚ Firm Size‚ and Growth Thorsten Beck‚ Asli Demirguc-Kunt‚ Luc Laeven and Ross Levine* June 7‚ 2006 Abstract: This paper provides empirical evidence that financial development boosts the growth of small firms more than large firms and hence provides information on conflicting theoretical predictions about the distributional effects of financial development. Using cross-industry‚ cross-country data‚ the results are consistent with the view that financial development exerts a disproportionately
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Retrieved on 19th April 2013 ‚from jstor database Nyamora‚ I.(2013) Shibru W. (2012). Determinants of capital structure: An Empirical Study on Ethiopian Banking Industry. Unpublished master’s thesis‚ Addis Ababa University‚ Addis Ababa. Rajan‚ R. G. & Zingales‚ L.‚ 1995. What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance‚ 50(5)‚ pp. 1421-1460. Titman‚S & Wessels‚R.(1988) Determinants of Capital Structure Choice. Journal of Finance‚ volume 43‚ (pp. 1-19)
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Paradigm. vol XIII‚ No 2‚ July December‚ 2009. Myers‚ S.‚ and N Myers‚ S.C.‚ 1977‚ “Determinants of Corporate Borrowing”‚ Journal of Financial Economics‚ Vol. 5. Myers‚ S.C. 2001. Capital structure. Journal of Economic Perspectives‚ 15(2):81–102 Rajan‚ R Ross‚ S.A.‚ 1977‚ “The determination of financial structure: the incentive signaling approach”‚ Bell Journal of Economics 23-40. Shah‚ Atta‚ and Hijazi S.‚ 2005‚ “The Determinants of Capital Structure in Pakistani Listed Non-Financial Company’s”
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