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Internal capital markets and diversified firms : theory and practice

Gatzer, Sebastian; Hoang, Daniel; Ruckes, Martin E. - 2015 - This Version: June 15, 2015

We analyze a unique dataset from a survey of CFOs of diversified firms to examine four areas of diversification and internal capital markets: causes and financing effects of corporate diversification, capital budgeting processes, capital investment methods, and reallocation policies in internal...

Persistent link: https://www.econbiz.de/10011761145

Optimal financing for R􀓕D-intensive firms

Thakor, Richard T.; Lo, Andrew W. - 2017 - This draft: September, 2017

We develop a theory of optimal financing for R&D-intensive firms. With only market financing, the firm relies …

Persistent link: https://www.econbiz.de/10011749390

The impact of firm leverage on investment decisions : the new approach of hierarchical method

Mo Tran Thi; Ha Hoang Thi Thu; Diep Nguyen Thi Thanh - In: Cogent business & management 10 (2023) 2, pp. 1-19

This paper investigates the impact of firm leverage on its investment activities. Especially, the research is conducted in the context of the Vietnamese emerging market, an incomplete market in South East Asia with the existence of inefficient market problems such as information asymmetry and...

Persistent link: https://www.econbiz.de/10014504945

Risk Class Completion of the Modigliani and Miller Model – A New Framework for Discounted Cash Flow

Casey, Christopher - 2016

In this paper Modigliani and Miller's risk class including only one type of firm to date, namely a non-net investing … the Gordon and Shapiro policy, this paper is only to by regarded as a first step towards (risk class) completion of the … original Modigliani and Miller model. By doing so, the model becomes a challenger of current DCF theory …

Persistent link: https://www.econbiz.de/10012995722

Optimal Capital Structure, Subsidy and the Unexpected Debt-Equity Swap Policy

Yang, Ei - 2018

The government proposed an unexpected one-time debt-equity swap in China in response to the rapidly growing leverage ratio of non-financial firms after 2008. We study the effects of this policy on the firms' investment decisions and the optimal capital structure in a dynamic model. To...

Persistent link: https://www.econbiz.de/10012916197

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

Persistent link: https://www.econbiz.de/10014250143

Governance of PPP Infrastructure Projects : A Variable Capital Structure Valuation Approach

Pinto, João; Coutinho dos Santos, Mário; Verga Matos, … - 2022

Over the next decade, governments around the world will invest massively in new projects, aiming at closing the long-identified infrastructure gap, to sustain economic and social development, and to recover from recent adverse shocks. This paper examines this topic from two perspectives: (i) how...

Persistent link: https://www.econbiz.de/10014079952

Chapter 2. Agency, Information and Corporate Investment

Stein, Jeremy C. - 2003

work for broader issues in both macroeconomics and the theory of the firm. …

Persistent link: https://www.econbiz.de/10014023874

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alex - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

Persistent link: https://www.econbiz.de/10014351328

Capital Structure as an Investment Decision

Wu, Liuren; Xu, Yang - 2023

This paper treats a firm's capital structure decision as an optimal risk taking decision based on its risk …

Persistent link: https://www.econbiz.de/10014258286