Capital structure theory is one of the most dynamic areas of
finance and forms the basis for modern thinking on the capital
structure of firms. Much controversy has resulted from comparisons
of the theory of capital structure originally developed by Franco
Modigliani and Merton Miller to real-world situations. Two
competing theories have emerged over the years, the optimal capital
structure theory and the pecking order theory. Arvin Ghosh begins
with an overview of the controversies regarding capital structure
theories, and then statistically tests both the optimal capital
structure and pecking order theories. Using the binomial approach
he analyzes the determinants of capital structure while discussing
the role of market power in determining capital structure
decisions. Ghosh probes the questions of new stock offerings and
stockholders' returns, and analyzes capital structure and executive
compensation. He then looks into debt financing ownership
structure, and the controversal relationship between capital
structure and firm profitability. Finally, he discusses the latest
developments in the field of capital structure. A concise overview
of a major issue in business economics and finance, this volume
provides a fuller understanding of capital structure influence on
the financial performance of firms, and will certainly stimulate
further debate. While hundreds of scholarly articles have been
written on the subject this is the first book to test competing
theories against measurements of firms' performance and their
underlying capital structure.
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