The mix of debt and equity called capital structure,
representing major claims against a corporation's assets, has been
the subject of a long debate focusing on its determination,
evaluation, and accounting. Riahi-Belkaoui uses both theoretical
and contingency approaches to examine the question of whether
capital structure really can be determined. Using a bond rating
model he looks at the evaluation of capital structure and the
resolution of issues pertaining to equity and liabilities and their
contribution to the quality of capital structure reports. The book
will be of special value to corporate financial officers and to
graduate students and their teachers in accounting and finance.
Riahi-Belkaoui presents, first, the popular theories underlying
the potential optimality of capital structure, the most popular of
which is based on agency costs, asymmetric information,
product/input market interactions and corporate control
considerations. He then examines the same problem, first under a
contingency of diversification and then a contingency of
multinationality and investment opportunity. Since the evolution of
capital structure rests on the ratings of a corporation's bonds,
Riahi-Belkaoui offers a model that can be used for the prediction
of industrial bond ratings. He concludes with an examination for
equity and accounting for long-term liabilities.
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