mnc s capital structure decision

capital structure decision

capital structure decision
Ngày tải lên : 12/07/2014, 19:09
... factors for non-responses for us to consider 2.9 Previous capital structure thesises Andersson and Williamsson (2001) concluded in their study on six family businesses that the choice of capital structure ... a strategic question for SMEs, how risk affects the capital structure decision and how this decision is made in a family business These theories are presented to shed light on the capital structure ... How is management s risk-taking propensity affecting the capital structure decision? • Is capital structure decision a strategic and/or a financial issue? • What factors influence the capital structure...
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27.Cost of Capital and Capital Structure Decision

27.Cost of Capital and Capital Structure Decision
Ngày tải lên : 06/04/2015, 18:04
... Structure Decisions HISTORICAL WEIGHTS Historical weights are based on a firm s existing capital structure The use of these weights is based on the assumption that the firm s existing capital structure ... Capital Structure Decisions 529 CAPITAL STRUCTURE DECISIONS How are capital structure decisions made in practice? How companies decide in practice which route to go in raising capital? It is ... companies having similar business risk Companies used in this comparison may be those in the same industry If the firm is contemplating a capital structure significantly out of line with that of similar...
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FM11 Ch 17 Capital Structure Decisions_Extensions

FM11 Ch 17 Capital Structure Decisions_Extensions
Ngày tải lên : 06/04/2015, 19:41
... first paper (1958) assumed zero taxes Later papers added taxes  No agency or financial distress costs  These assumptions were necessary for MM to prove their propositions on the basis of investor ... business risk  Investors have identical expectations about firms’ future earnings  There are no transactions costs (More ) 17 -  All debt is riskless, and both individuals and corporations ... there is growth So we assume rTS = rsU 17 - 34 Levered cost of equity  In this case, the levered cost of equity is rsL = rsU + (rsU – rd)(D /S)  This looks just like MM without taxes even though...
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FM11 Ch 16 Capital Structure Decisions _The Basics

FM11 Ch 16 Capital Structure Decisions _The Basics
Ngày tải lên : 06/04/2015, 19:41
... Thus, they would:  Sell stock if stock is overvalued  Sell bonds if stock is undervalued  Investors understand this, so view new stock sales as a negative signal  Implications for managers? ... to stockholders  Debtholders’ “fixed” claim increases risk of stockholders’ “residual” claim  Cost of stock, rs, goes up  Firm s can deduct interest expenses  Reduces the taxes paid  Frees ... benefits  An optimal capital structure exists that balances these costs and benefits 16 - 39 Signaling Theory  MM assumed that investors and managers have the same information  But, managers often...
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Thuyết trình tài chính doanh nghiệp Capital Structure DecisionsWhich factors are reliabiy important

Thuyết trình tài chính doanh nghiệp Capital Structure DecisionsWhich factors are reliabiy important
Ngày tải lên : 14/07/2015, 11:45
... tangible assets makes equity issuances less costly Thus, leverage ratios should be lower for firms with higher tangibility => Measures: I ) Tangibility, 2) R&D expense/sales, 3) Uniqueness dummy, ... ratings should use less debt and more equity But this is ambiguous since less adverse selection risk increases the frequency with which the external capital market is accessed, which would result ... expansions, all else equal If corporate profits have shown an increase in the recent past, agency problems between shareholders and managers are less severe Consequently, firms should issue less...
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Bài tập tình huống Quản trị tài chính trong MNC’s

Bài tập tình huống Quản trị tài chính trong MNC’s
Ngày tải lên : 10/11/2012, 10:56
... đầu 19 phân hạng điều tra chất lượng s n phẩm năm s dụng J.D Power & Associates tiến hành - vượt trội nhà s n xuất Cũng đợt khảo s t này, thương hiệu Lexus Toyota giành vị trí mác xe có chất ... đối tác cũ GM Fuji Heavy Industries (tập đoàn mẹ Subaru) Isuzu Thậm chí, cuối năm 2007 Toyota s dụng nhà máy Subaru Indiana để lắp ráp mẫu Camry -2- Quản trị tài MNC s Nhóm 3_ KDQT47A GM cổ đông ... tái cấu s n xuất.Hiện nay, Toyota cổ đông lớn sau mua lại 8,7% cổ phần Fuji với trị giá 315 triệu USD Tháng trước, tháng sau GM bán toàn 7,9% cổ phần Isuzu, Toyota mua lại 5,9% cổ phần Isuzu Cùng...
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Tình huống về quản trị nhân sự trong các MNC’s: Động viên nhân viên – bài học từ Ritz-carlton

Tình huống về quản trị nhân sự trong các MNC’s: Động viên nhân viên – bài học từ Ritz-carlton
Ngày tải lên : 24/04/2013, 21:04
... Website: http://www.docs.vn Email : lienhe@docs.vn Tel : 0918.775.368 Tình quản trị nhân MNC s: Động viên nhân viên – học từ Ritz-carlton I.Tóm tắt lý thuyết: Quản trị nguồn nhân lực trình s ... luận lợi ích máy hút bụi so với máy khác Đó tranh luận bình thường, giám s t viên lắng nghe chăm : gật gù, trì giao tiếp Website: http://www.docs.vn Email : lienhe@docs.vn Tel : 0918.775.368 ... quốc tế Website: http://www.docs.vn Email : lienhe@docs.vn Tel : 0918.775.368 Danh mục tài liệu tham khảo: Giáo trình quản trị dự án doanh nghiệp có vốn đầu tư nước – FDI Chủ biên: PGS TS Nguyễn...
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corporate capital structure full paper

corporate capital structure full paper
Ngày tải lên : 29/04/2013, 14:06
... January 2006 Costs of Financial Distress The discussions in the sections on irrelevance and taxes assumed that we keep the value of the assets of the business constant as debt financing is added (with ... tax shield on debt with possible costs such as financial distress, while the pecking order theory says that the cost of accessing the markets is so high that it dominates the financing decision ... Capital Structure Survey Results In this section we present the results of the survey pertaining to capital structure Defining Debt To start the capital structure section of the survey, we asked...
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Factors influencing borrower’s behavior and decision making patterns in the success of a micro finance model

Factors influencing borrower’s behavior and decision making patterns in the success of a micro finance model

Ngày tải lên : 06/09/2013, 05:48
... products, consult behavioral economists and consumer psychologists along with the potential customers to adequately visualize the possible repercussions and implications for achieving desired results ... customers about micro financing by realigning their marketing mechanisms and strategies to attract less educated masses through staff trainings and holding open sessions in these localities and ... Bolnick and Nelson (1990) observed that MFIs have an encouraging influence on small and labor intensive businesses, but it may vary across different sectors Copestake et al (2001) assessed the impact...
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ON THE DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF VIETNAMESE LISTED FIRMS

ON THE DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF VIETNAMESE LISTED FIRMS
Ngày tải lên : 09/09/2013, 23:46
... plans to sell shares, options to purchase shares, bonds and loans Optimal capital structure is the plan, which is now the smallest capital cost and highest stock prices A capital structure is consistent ... to use the profits to invest resources instead of using debt, this also reduces the financial risk for them In addition, businesses can decrease the cost of capital By summaries, businesses have ... training is offered to business pressures Funding from the share capital does not create user cost of capital for businesses However, shareholders may intervene in business activities operating...
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ON THE DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF VIETNAMESE LISTED FIRMS

ON THE DETERMINANTS OF CAPITAL STRUCTURE: AN EMPIRICAL STUDY OF VIETNAMESE LISTED FIRMS
Ngày tải lên : 09/09/2013, 23:50
... of organisational success also satisfies the personal needs of the stewards Stewardship theory suggests that managers should be given autonomy based on trust, which minimizes the cost of monitoring ... Companies (JSCs) • Must have at least shareholders but no maximum • Ownership is divided into ordinary shares and several types of classes of preferential shares • May issue securities for fund raising ... performance So, statistical analysis using SPSS software was conducted 3.3 Qualitative Research Qualitative research is a type of scientific research In general terms, scientific research consists of...
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Chapter 13 leverage & capital structure

Chapter 13 leverage & capital structure

Ngày tải lên : 16/12/2013, 14:57
... types of leverage and the relationships between them Describe the basic types of capital, external assessment of capital structure and capital structure theory Explain the optimal capital structure ... maximisation goal requires us to consider both return and risk when making capital structure decisions  We must link market value with the return and risk associated with alternative capital structures ... Involves selecting the capital structure that maximises EPS over the expected range of EBIT  Focuses on maximisation of earnings rather than maximisation of shareholder wealth  Five step process:...
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CAPITAL STRUCTURE AND FIRM PERFORMANCE IN VIETNAM

CAPITAL STRUCTURE AND FIRM PERFORMANCE IN VIETNAM

Ngày tải lên : 26/12/2013, 15:19
... represents the optimal capital structure if it results in the lowest possible WACC This optimal capital structure is sometimes called the firm s target capital structure as well However, it is not ... Government should consider lending without guarantee especially to SMEs It also should consider lowering interest rates to make ways for SMEs to access capital markets Conclusion This thesis studies the ... var Sum squared resid Durbin-Watson stat 0.989639 883.6740 1.348435 Weighted Statistics R-squared Adjusted Rsquared S. E of regression F-statistic Prob(F-statistic) Unweighted Statistics R-squared...
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CẤU TRÚC vốn với rủi RO đầu tư nước NGOÀI CAPITAL STRUCTURE WITH RISKY FOREIGN INVESTMENT

CẤU TRÚC vốn với rủi RO đầu tư nước NGOÀI CAPITAL STRUCTURE WITH RISKY FOREIGN INVESTMENT

Ngày tải lên : 26/12/2013, 15:19
... Arm 's Length Exports/(Arm 's Length Exports + Affiliate Sales) Arm 's Length Exports/(Arm 's Length Exports + Affiliate Local Sales) Arm 's Length Exports/(Arm 's Length Exports + Affiliate Sales- ... Affiliate Sales) 0.5704 0.4792 Arm 's Length Exports/(Arm 's Length Exports + Affiliate Local Sales) 0.6132 0.4704 Arm 's Length Exports/(Arm 's Length Exports + Affiliate Sales-Parent Exports to Affiliate) ... (0.0075) Log of Aggregate Affiliate Sales Parent Net PPE/Parent Assets Aggregate Affiliate Net PPE/Aggregate Affiliate Assets Parent EBITDA/Parent Assets Parent Industry q Nhóm 21 – Đêm TCDN – K20...
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Optimal security design and dynamic capital structure in a countinous time agency model DEMARZO & SANNIKOV

Optimal security design and dynamic capital structure in a countinous time agency model DEMARZO & SANNIKOV

Ngày tải lên : 12/01/2014, 22:16
... already shown that credit decreases as L increases, since liquidation is less inefficient and financial slack is less valuable If the agent s outside option R increases, the agent becomes more ... as soon as asset values fall below the face value of debt eliminate the asset substitution problem Here, there is no asset substitution despite the fact that debt may be risky 25 While we assume ... that as ∆t → ∞ and starting a new firm becomes impossible, R → 0, and as ∆t → and restarting is costless, R → R∗, the point at which b′(R∗) = (These are but two special cases – other cost structures...
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Tài liệu A Leader’s Framework for Decision Making ppt

Tài liệu A Leader’s Framework for Decision Making ppt
Ngày tải lên : 17/02/2014, 21:20
... leaders sense, categorize, and respond That is, they assess the facts of the situation, categorize them, and then base their response on established practice Heavily processoriented situations, such ... the spokesperson listens quietly Each team s spokesperson visits other tables in turn; by the end of the session, all the ideas have been well dissected and honed Taking turns listening in silence ... major consequences • The system is dynamic, the whole is greater than the sum of its parts, and solutions can’t be imposed; rather, they arise from the circumstances This is harvard business review...
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BCKH DETERMINANTS OF CAPITAL STRUCTURE OF LISTED MANUFACTURING THE CASE IN VIETNAM

BCKH DETERMINANTS OF CAPITAL STRUCTURE OF LISTED MANUFACTURING THE CASE IN VIETNAM
Ngày tải lên : 26/02/2014, 14:28
... Capital structure in small and medium-sized enteprises: the case of Vietnam” ASEAN Economic Bulletin Nguyễn Ngọc Vũ (2003) “Determinants of capital structure for listed firms in the Vietnam stock ... stock Exchange Market” Danang University Press, Danang, Vietnam Stata Web Book University of California, Los Angeles Panel data analysis using Stata Princeton University Khanh Email : 0976 123 987 ... (1958), “The Cost of Capital, Corporate Finance,and the Theory of Investment” American Economic Review Rajan, R G & Zingales, L, (1995), “What we know about capital structure? Some evidence from...
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Credit Ratings and Capital Structure doc

Credit Ratings and Capital Structure doc
Ngày tải lên : 06/03/2014, 08:20
... Impact on Capital Structure Decisions—Plus or Minus Tests Coefficients and standard errors from pooled time-series cross-section regressions of net debt raised for the year minus net equity raised ... Tests Table VI shows results of the Credit Score tests and POM tests by Broad Rating Credit rating effects persist throughout the ratings spectrum The power of these tests is reduced as the sample ... ratings are significant for capital structure decisions The CR-CS is distinct from financial distress arguments CR-CS implies that firms near either an upgrade or a downgrade will issue less debt...
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Working Paper Series no 1096 / September 2009: The determinants of Bank capital structure potx

Working Paper Series no 1096 / September 2009: The determinants of Bank capital structure potx
Ngày tải lên : 15/03/2014, 10:20
... (2009), stable capital structures arise from stable asset structures Banks chose an optimal capital structure given a customer-determined structure of their assets This difference may be a promising ... Paper Series No 1096 Septembre 2009 41 se se se se se se se se se se Number of observations R2 constant Coverage(Deposits) Coverage(GDP) Log(Risk) Dividends Collateral Log(Size) Profits Market-to-book ... bankruptcy costs for firms and banks, Mason s (2005) results suggest that bankruptcy costs for banks are not systematically lower than for firms Due to the opacity of banks’ assets and other factors, the...
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Brazil''''s Capital Market: Current Status and Issues for Further Development pot

Brazil''''s Capital Market: Current Status and Issues for Further Development pot
Ngày tải lên : 23/03/2014, 12:21
... was no share issuance––several public offerings were canceled or postponed due to investors’ concerns on contagion risks from the euro zone Cross-country analysis also shows that foreigners’ share ... low base The most active instrument is the FIDC (Asset Backed Securities), used to securitize a variety of assets including trade receivables and loans, as well as expected revenues in infrastructure ... For instance, mutual funds’ asset allocation has been concentrated in safe and liquid assets such as government bonds and repo transactions Pension funds, whose return target is typically set to...
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