Dynamical Corporate Finance : An Equilibrium Approach
Sagliaschi, Umberto.
Dynamical Corporate Finance : An Equilibrium Approach by Umberto Sagliaschi, Roberto Savona - 1st ed. 2021. - 1 recurso en línea - Contributions to Finance and Accounting 2730-6046 .
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.
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.
9783030778538
10.1007/978-3-030-77853-8 doi
HG4001-4285 / 2021 EB
Dynamical Corporate Finance : An Equilibrium Approach by Umberto Sagliaschi, Roberto Savona - 1st ed. 2021. - 1 recurso en línea - Contributions to Finance and Accounting 2730-6046 .
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.
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.
9783030778538
10.1007/978-3-030-77853-8 doi
HG4001-4285 / 2021 EB