Corporate finance theory:
Corporate Finance Theory provides a thorough synthesis of the most important current research in corporate finance in a clear, non-mathematical writing style. It breaks new ground both in the organization of the text material and its "comparative corporate finance" approach, which integrat...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Reading, Mass. [u.a.]
Addison-Wesley
1997
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | Corporate Finance Theory provides a thorough synthesis of the most important current research in corporate finance in a clear, non-mathematical writing style. It breaks new ground both in the organization of the text material and its "comparative corporate finance" approach, which integrates international and American capital market theory and empirical evidence. The 1,400 academic and practitioner articles cited in full-length references provide the reader with an understanding of the "intellectual architecture" underlying modern finance. Coupled with extensive footnotes throughout, these citations should prove useful to professionals who want or need references for specific finance topics, since multiple references (in both academic and popular publications) are provided for each topic addressed. |
| Beschreibung: | XXI, 506 S. graph. Darst. Author index |
| ISBN: | 0673997650 |
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| 520 | 3 | |a Corporate Finance Theory provides a thorough synthesis of the most important current research in corporate finance in a clear, non-mathematical writing style. It breaks new ground both in the organization of the text material and its "comparative corporate finance" approach, which integrates international and American capital market theory and empirical evidence. The 1,400 academic and practitioner articles cited in full-length references provide the reader with an understanding of the "intellectual architecture" underlying modern finance. Coupled with extensive footnotes throughout, these citations should prove useful to professionals who want or need references for specific finance topics, since multiple references (in both academic and popular publications) are provided for each topic addressed. | |
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Datensatz im Suchindex
| _version_ | 1804125656548638720 |
|---|---|
| adam_text | Contents
PREFACE xix
ABOUT THE AUTHOR xxii
Chapter 1 The Role of Financial Theory and Evidence ... 1
1.1 Building Blocks of Financial Theory 4
1.1.1 Savings and Investment In Perfect Capital
Markets 4
1.1.2 Portfolio Theory 5
1.1.3 Capital Structure Theory 6
1.1.4 Dividend Policy 9
1.1.5 Asset Pricing Models 10
1.1.6 Efficient Capital Market Theory 13
1.1.7 Option Pricing Theory 15
1.1.8 Agency Theory 17
1.1.9 Signaling Theory 19
1.1.10 The Modern Theory of Corporate Control 21
1.1.11 The Theory of Financial Intermediation 23
1.1.12 Market Microstrucrure Theory 24
Using the building blocks to solve real business
problems 27
SUMMARY 30
QUESTIONS 30
REFERENCES 31
Chapter 2 Ownership, Control, and Compensation 37
2.1 Introduction 37
2.2 Legal Forms of Business Organization in
the United States 38
2.2.1 The Sole Proprietorship Form 39
2.2.2 The Partnership Form 40
2.2.3 The Corporate Form 41
Benefits 42
Tax and cost disadvantages 43
Governance problems 44
2.2.4 The Limited Partnership Form 46
2.2.5 The S Corporation Form 47
2.2.6 Organizational Choices Confronting U.S.
Business Owners 50
2.3 Forms of Business Organization Used by
Non U.S. Companies 51
2.3.1 Worldwide Patterns 51
2.3.2 State Owned Enterprises and Privatization 52
2.4 Ownership Structure and Corporate Policy 53
x TABLE OF CONTENTS 2.4.1 The Open Corporate Model 54
Weaknesses 55
Strengths 58
2.4.2 The Closed (Entrepreneurial) Corporate Form... 59
Geographic distribution 59
Strengths 62
Weaknesses 62
2.4.3 Large Industrial Groupings 63
Historical evolution 64
Characteristics 66
2.5 How Corporate Control is Exercised 68
2.5.1 Internal Corporate Governance Mechanisms
in the United States 68
Rights and responsibilities of corporate
boards 69
2.5.2 The U.S. Market for Corporate Control 69
Patterns 70
Alternative means of exercising corporate
control 73
2.5.3 Non U.S. Corporate Governance Systems 73
2.5.4 Governance Systems Employed by U.S.
Venture Capitalists 74
2.6 Compensation and Incentives: Theory and
Evidence 74
2.6.1 Components of Standard Compensation
Packages in U.S. Firms 75
2.6.2 Specialized Compensation Techniques and
Instruments 77
SUMMARY 77
QUESTIONS 78
REFERENCES 79
Chapter 3 Risk, Return, and Market Efficiency 93
3.1 Introduction 93
3.2 Risk and Return Fundamentals 95
3.2.1 Risk Defined 95
3.2.2 Return Denned 95
3.2.3 Basic Risk Concepts: A Single Asset 97
3.2.4 Standard Deviation 97
3.3 Portfolio Risk and Return 101
3.3.1 Portfolio Return and Standard Deviation 102
3.3.2 Diversifiable and Nondiversifiable Risk 103
3.3.3 The Efficient Frontier of Risky Portfolios 104
3.4 The Capital Asset Pricing Model (CAPM) 107
3.4.1 Development of the CAPM 108
3.4.2 Early Empirical Tests of the CAPM 110
3.4.3 Theoretical Extensions of the CAPM 112
TABLE OF CONTENTS xi
3.4.4 Roll s Critique 113
3.4.5 Recent Empirical Tests and Theoretical
Extensions 114
Mainstream empirical tests and theoretical
extensions 114
Multivariate tests 115
Tests of the consumption CAPM 116
Tests allowing for time varying betas and
risk premiums 117
Nonnormality of security returns and the
relationship between conditional variance
and expected return 118
Seasonal and size anomalies 120
Tests of the after tax CAPM 121
Tests of international asset pricing models and
degree of market integration 122
3.5 The Arbitrage Pricing Theory 123
3.5.1 Development of the Basic Pricing Model 124
An APT pricing example using the ECU 125
3.5.2 Benefits and Drawbacks of the APT 126
3.5.3 Early Tests of the APT 127
3.5.4 Recent Empirical Tests of the APT 128
The observable variables approach 129
3.5.5 The Current State of Asset Pricing Theory 130
3.6 Market Efficiency 130
3.6.1 The Three Forms of Market Efficiency 131
3.6.2 Tests for Return Predictability 133
Simple trading rule tests 133
Tests for short horizon return predictability. ... 134
Overreaction tests 135
Long horizon return predictability 137
Derivedpredictability tests 138
3.6.3 Tests for Rapid Price Adjustment 139
Event Studies 140
Tests of rational information processing 142
3.6.4 Tests for Private Information 143
Early tests of private information 143
Tests of the profitability of insider trading 144
The value line enigma 144
Mutual fund studies documenting superior
investment performance 145
Tests showing no superior performance 146
Pension fund fanager investment performance. . 146
3.6.5 Tests for Rational Fundamental Valuation 147
Variance bounds tests 147
The noise trader approach to finance 149
The efficient markets rebuttal 149
xii TABLE OF CONTENTS SUMMARY 150
QUESTIONS 151
REFERENCES 152
Chapter 4 Bond and Stock Valuation 161
4.1 Introduction 164
4.2 Valuation Fundamentals 165
4.2.1 Required Return (risk) 165
4.2.2 The Basic Valuation Model 165
4.3 Bond Valuation 166
4.3.1 Bond Fundamentals 166
4.3.2 Basic Bond Valuation 167
4.3.3 Bond Value Behavior 167
4.3.4 Time to Maturity and Bond Values 168
Changing required returns 168
4.3.5 Yield to Maturity (YTM) 169
4.3.6 Semiannual Interest and Bond Values 171
4.4 Advanced Bond Valuation Techniques 171
4.4.1 The Fisher Effect and Expected Inflation 172
4.4.2 The Term Structure of Interest Rates 173
The unbiased expectations hypothesis 175
The liquidity premium theory 176
The preferred habitat hypothesis 177
The market segmentation theory 177
4.4.3 Duration and Immunization 177
Immunization 179
4.4.4 Debt Maturity Structure Choice 179
Contracting cost models of maturity structure ..180
Signaling models of debt maturity choice 181
Empirical evidence on the choice of debt
maturity structure 182
4.4.5 Bond Covenants 183
Restrictions on the firm s production/investment
policy 183
Restrictions on the payment of dividends 184
Restrictions on subsequent financing policies . . 184
Covenants modifying the pattern of payoffs
to bondholders 185
Covenants specifying bonding activities by
the firm 186
4.4.6 Liquidity and Tax Effects in Bond Pricing 186
Liquidity and bond valuation 186
Tax effects in bond valuation 187
4.4.7 Valuing Mortgage backed and Floating Rate
Securities 187
4.4.8 Other Bond Valuation Issues 188
TABLE OF CONTENTS xiii
The role of bond rating agencies 188
The pricing of corporate bonds 189
4.5 Common Stock Valuation 189
4.5.1 The Importance of Market Efficiency 189
4.5.2 The Basic Stock Valuation Equation 191
Zero growth 192
Constant growth 192
Variable growth 193
4.5.3 Other Approaches to Common Stock Valuation. 195
Book value 195
Liquidation value 195
Price/Earnings (P/E) multiples 196
4.5.4 Preferred Stock Valuation 196
4.6 Advanced Common Stock Valuation Topics. ... 197
4.6.1 Stock Prices and Corporate Earnings 197
Earnings responsiveness studies 197
Financial analysts earnings forecasts vs. time
series predictions 198
Other earnings related studies 198
4.6.2 Stock Prices and Inflation 199
4.6.3 Stock Returns and Macroeconomic News 199
4.6.4 Stock Prices and Liquidity 200
4.6.5 Taxes and Stock Valuation 201
4.7 Market Microstructure Theory and Evidence. .. 202
4.7.1 Price Formation Models 204
4.7.2 Price volume Models 206
4.7.3 Bid ask Spread Models 207
4.7.4 Market Structure Models 208
4.7.5 Non stock Market Microstructure Models and
Applications 210
4.7.6 Optimal Security Market Regulation Models... 210
SUMMARY 211
QUESTIONS 211
REFERENCES 213
Chapter 5 Option Valuation 226
5.1 Introduction 226
5.2 Terminology and Payoff Diagrams for Options
Trading 227
5.2.1 Terminology 227
5.2.2 Payoff Diagrams for Option Writers and
Buyers 229
5.2.3 Put call Parity 231
5.3 The Black Scholes Option Pricing Model 233
5.3.1 Assumptions and Development of the
Black Scholes Model 234
5.3.2 Determinants of Option Values 236
xiv TABLE OF CONTENTS 5.3.3 Restrictions on Rational Option Pricing 238
5.3.4 Equity as a Call Option 240
5.4 Empirical Tests of the Black Scholes OPM
and Its Extensions 240
5.4.1 Empirical Tests of the Black Scholes Model . . . 240
Recent Empirical Tests 241
5.4.2 Nonconstant Volatility and the Black Scholes
OPM 242
Theoretical models of stock volatility 242
Stochastic volatility and other recent
theoretical models 243
5.4.3 The Implied Standard Deviation Methodology
and Its Use 244
5.5 Extensions and Applications of the
Black Scholes OPM 245
5.5.1 Valuing Dividend paying Stocks 246
5.5.2 Valuing Put Options 246
5.5.3 Valuing Options on Debt Securities 246
5.5.4 Valuing Currency Options 247
5.5.5 Valuing Index Options 248
5.5.6 Valuing other Options Contracts 248
SUMMARY 249
QUESTIONS 249
REFERENCES 250
Chapter 6 Capital Budgeting and Investment Decisions. 256
6.1 Introduction 256
6.2 The Capital Budgeting Decision Process 257
6.2.1 Capital Expenditure Motives 257
6.2.2 Basic Terminology 258
Independent vs. mutually exclusive projects . . . . 258
Unlimited funds vs. capital rationing 260
Accept reject vs. ranking approaches 260
Conventional vs. nonconventional cash flow
patterns 261
Annuity vs. mixed stream cash flows 261
6.3 Identifying the Relevant (Incremental) Cash
Flows 261
6.3.1 Major Cash Flow Components 261
6.3.2 Expansion vs. Replacement Cash Flows 262
6.3.3 International Capital Budgeting and
Long Term Investments 263
The growing importance of international
investment 265
6.4 Capital Budgeting Techniques 266
6.4.1 Payback Period 266
Pros and cons of payback periods 268
TABLE OF CONTENTS xv
6.4.2 Net Present Value (NPV) 268
6.4.3 Internal Rate of Return (IRR) 269
6.5 Comparing NPV and IRR Techniques 271
6.5.1 Net Present Value Profiles 271
6.5.2 Conflicting Rankings 272
6.5.3 Multiple IRRs 274
6.5.4 Which Approach is Better? 275
6.6 Risk adjustment Techniques 275
6.6.1 Certainty Equivalents (CEs) 276
6.6.2 Risk adjusted Discount Rates (RADRs) 277
RADR and CAPM 277
Portfolio effects 280
CE vs. RADR in practice 281
6.7 Capital Budgeting Refinements 281
6.7.1 Comparing Projects with Unequal Lives 281
6.7.2 Annualized Net Present Value
(ANPV) Approach 283
6.7.3 Capital Rationing 284
6.7.4 Internal Rate of Return Approach 284
6.7.5 Net Present Value Approach 285
6.8 Advanced Capital Budgeting Issues: Interactions
Between Finance and Investment 286
6.8.1 The Investment Opportunity Set (IOS) and
Financing Policies 288
6.8.2 Agency Problems and Corporate Investment
Policy 288
6.8.3 Liquidity and Investment 289
6.8.4 Taxes and Investment 290
6.8.5 Signaling Models of Corporate Investment .... 291
6.8.6 Market Valuation of Capital Investment
Spending 291
6.8.7 Economic Value Added (EVA) 292
6.9 Contingent Claims Analysis in Capital
Budgeting 292
6.9.1 Real Option Analysis 293
6.9.2 Timing Options 293
6.9.3 Flexibility Options 294
SUMMARY 294
QUESTIONS 295
REFERENCES 299
Chapter 7
Capital Structure Theory 305
7.1 Introduction 305
7.2 Observed Capital Structure Patterns 306
7.2.1 Theoretical Explanations for Observed Capital
Structures 314
The Agency Cost/Tax Shield Trade Off Model ..315
xvi TABLE OF CONTENTS The Pecking Order Hypothesis 315
The Signaling Model of Financial Structure. ... 315
7.3 The Modigliani and Miller Capital Structure
Irrelevance Propositions 316
7.3.1 Assumptions of the M M (1958) Capital
Structure Model 316
7.3.2 M M s Proposition I 317
Computing returns to levered and unlevered
shareholders 317
7.3.3 Proving Proposition I Using Homemade
Leverage 318
7.3.4 Proposition II 320
7.3.5 Capital Structure Irrelevance in Real Financial
Markets 321
7.3.6 What Can Make Capital Structure Relevant in
the M M Model? 323
7.4 The Agency Cost/Tax Shield Trade Off
Model of Corporate Leverage 323
7.4.1 Capital Structure with Corporate Income Taxes. 324
7.4.2 Capital Structure with Corporate and
Personal Income Taxes 325
Bond market equilibrium in the Miller (1977)
model 326
Empirical evidence on the Miller model 328
Further tax effect models 328
7.4.3 Costs of Bankruptcy and Financial Distress.... 329
What makes bankruptcy costs matter? 330
Asset characteristics and bankruptcy costs 331
The asset substitution problem 332
The underinvestment problem 332
Direct and indirect costs of bankruptcy 333
Empirical evidence on bankruptcy costs 333
7.4.4 Agency Costs and Capital Structure 334
Using debt to overcome the agency costs of
outside equity 335
Capital market monitoring of corporate
managers 336
Agency costs of outside debt 337
Balancing the agency costs of outside debt
and equity 338
7.5 The Pecking Order Hypothesis of Corporate Capital
Structure 338
7.5.1 Assumptions Underlying the Pecking
Order Hypothesis 339
7.5.2 Implications of the Pecking Order
Hypothesis 340
7.5.3 Limitations of the Pecking Order Hypothesis. . . 341
TABLE OP CONTENTS xvii
7.6 Signaling and other Asymmetric Information
Models of Corporate Leverage 342
7.6.1 How Signaling with Capital Structure Can
Convey Information 342
7.6.2 Empirical Evidence on Capital Structure
Signaling Models 342
SUMMARY 343
QUESTIONS 344
REFERENCES 346
Chapter 8 Dividend Policy 353
8.1 Introduction 353
8.2 Observed Dividend Policy Patterns 354
8.2.1 Theoretical Explanations for Observed Patterns 362
8.3 Dividend Policy in Frictionless Capital Markets 363
8.3.1 Dividends and Aggregate Firm Value 364
8.3.2 An Example of Dividend Irrelevance in the
M M Model 365
8.3.3 The Importance of Holding Investment Policy
Fixed 366
8.4 Effects of Market Imperfections 367
8.4.1 Personal Income Taxes 367
Stock Repurchases 368
8.4.2 Tests for Tax Effects 369
Ex Dividend dav studies 369
8.4.3 Transactions Costs 371
8.4.4 The Residual Theory of Dividend Payments ... 371
8.4.5 Dividends as Transmitters of Information 373
8.4.6 Ownership Structure and Dividend Policy 374
Control coalition cohesiveness 375
Dividends as bonding mechanisms 375
8.5 The Agency Cost/Contracting Model 377
8.6 The Signaling Model 378
8.6.1 Empirical Assessments 379
SUMMARY 380
QUESTIONS 381
REFERENCES 382
Chapter 9 Understanding and Accessing Financial
Markets 388
9.1 Introduction 388
9.2 Observed Patterns in Financial Markets 389
9.3 Financial Market Classifications
and Terminology 394
9.3.1 Intermediated vs. Security Markets 394
9.3.2 Money vs. Capital Markets 398
Lviii TABLE OF CONTENTS 9.3.3 Debt vs. Equity Markets 399
Debt markets 402
Maturity 404
Security, seniority, and rating status of
corporate bonds 406
Covenants, conversion options, and other
special features 407
9.3.4 Primary vs. Secondary Markets 409
9.3.5 Markets for Hedging and Risk Management
Products 409
Why should public companies hedge? 413
9.4 The Role of Financial Intermediaries in Modern
Economies 413
9.4.1 Regulation and the Role of Intermediaries in
U.S. Corporate Finance 416
Competitive advantages of U.S. financial
intermediaries 422
Venture capitalists 424
9.4.2 The Role of Intermediaries Outside the United
States 424
Financial intermediation in developing
countries 427
9.4.3 International Banking 428
9.5 The Expanding Role of Securities Markets in the
Global Economy 431
9.5.1 Overview of Securities Issues Worldwide 431
Initial public offerings 434
Non U.S. security issues 435
U.S. security issues 436
International markets 440
9.5.2 Stock Price Response to Security Issue
Announcements 441
SUMMARY 444
QUESTIONS 444
REFERENCES 446
APPENDIX 465
INDEX 479
|
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| id | DE-604.BV011163640 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:05:02Z |
| institution | BVB |
| isbn | 0673997650 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007483068 |
| oclc_num | 34046468 |
| open_access_boolean | |
| owner | DE-703 DE-355 DE-BY-UBR DE-19 DE-BY-UBM |
| owner_facet | DE-703 DE-355 DE-BY-UBR DE-19 DE-BY-UBM |
| physical | XXI, 506 S. graph. Darst. Author index |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| publisher | Addison-Wesley |
| record_format | marc |
| spelling | Megginson, William L. Verfasser aut Corporate finance theory William L. Megginson Reading, Mass. [u.a.] Addison-Wesley 1997 XXI, 506 S. graph. Darst. Author index txt rdacontent n rdamedia nc rdacarrier Corporate Finance Theory provides a thorough synthesis of the most important current research in corporate finance in a clear, non-mathematical writing style. It breaks new ground both in the organization of the text material and its "comparative corporate finance" approach, which integrates international and American capital market theory and empirical evidence. The 1,400 academic and practitioner articles cited in full-length references provide the reader with an understanding of the "intellectual architecture" underlying modern finance. Coupled with extensive footnotes throughout, these citations should prove useful to professionals who want or need references for specific finance topics, since multiple references (in both academic and popular publications) are provided for each topic addressed. Bedrijfsfinanciering gtt Entreprises - Finances Corporations Finance Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf Corporate Finance (DE-588)4269795-5 gnd rswk-swf Corporate Finance (DE-588)4269795-5 s DE-604 Finanzierungstheorie (DE-588)4154418-3 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007483068&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Megginson, William L. Corporate finance theory Bedrijfsfinanciering gtt Entreprises - Finances Corporations Finance Finanzierungstheorie (DE-588)4154418-3 gnd Corporate Finance (DE-588)4269795-5 gnd |
| subject_GND | (DE-588)4154418-3 (DE-588)4269795-5 |
| title | Corporate finance theory |
| title_auth | Corporate finance theory |
| title_exact_search | Corporate finance theory |
| title_full | Corporate finance theory William L. Megginson |
| title_fullStr | Corporate finance theory William L. Megginson |
| title_full_unstemmed | Corporate finance theory William L. Megginson |
| title_short | Corporate finance theory |
| title_sort | corporate finance theory |
| topic | Bedrijfsfinanciering gtt Entreprises - Finances Corporations Finance Finanzierungstheorie (DE-588)4154418-3 gnd Corporate Finance (DE-588)4269795-5 gnd |
| topic_facet | Bedrijfsfinanciering Entreprises - Finances Corporations Finance Finanzierungstheorie Corporate Finance |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007483068&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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