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Theoretical Foundations of Corporate Finance
João Amaro de Matos
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
Corporate finance is the area of finance that studies the determinants of firms' values, including capital structure, financing, and investment decisions. Although there are several excellent texts in corporate finance, this is the first to focus on the theoretical foundations of the subject in a consistent and integrated way at the Ph.D. level. In addition to a textbook for advanced graduate students, it can also serve as a general reference to researchers and sophisticated practitioners.
The material presented is carefully selected with an eye to what is essential to understanding the underlying theory, ensuring that this text will remain useful for years to come. The book is divided into three parts. The first section presents the basic principles of valuation based on the absence of arbitrage, including a discussion of the determinants of the optimal capital structure based on the seminal results of Modigliani and Miller. The second section discusses the implications of agency problems and information asymmetries to capital structure, giving particular attention to payout policy and to debt contract design. The concluding portion presents different ways of restructuring capital, including going public, going private using stock repurchases or leveraged buyouts, and mergers and acquisitions. Each chapter includes exercises that vary in difficulty, with suggested solutions provided in an appendix.
This book will assuredly be the standard doctoral- and professional-level explication of corporate finance theory and its appropriate applications.
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Public finance, Corporate action, Tax advantage, Leverage (finance), Trade-off theory of capital structure, Investment, Supply (economics), Investor, Cash, Tax, Market value, Venture capital, The Wealth Effect, Valuation (finance), Capital market, Shareholder value, Investment policy, Equity issuance, Tax reform, Tax shield, Capital gain, High-yield debt, Growth stock, Bond (finance), Net present value, Debt, Dividend policy, Real options valuation, Wealth, Shareholder rights plan, Corporate governance, Leveraged buyout, Capital asset pricing model, Credit rating, Option (finance), Investment fund, Market liquidity, Corporate tax, Dividend payout ratio, Money market, Tax deduction, Economic bubble, Liability (financial accounting), Market Value Of Equity, Real versus nominal value (economics), Credit risk, Capital structure, Equity Market, Shareholder, Share repurchase, Traditional Theory Of Capital Structure, Institutional investor, Rate of return, Corporate finance, Cost of equity, Dividend, Equity carve-out, Financial management, Equity (finance), Tax Arbitrage, Bidding, Economic equilibrium, Tax incidence, Arbitrage, Cost of capital, Trader (finance), Buyback, Creditor, Operating Earnings, Capital gains tax