Dissertations / Theses on the topic 'EQUITY AND DEBT'
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Cavalcanti, Carlos Brandão. "Transferência de recursos ao exterior e substituição de dívida externa por dívida interna." Rio de Janeiro : [BNDES], Gabinete do Presidente, Departamento de Projetos de Comunicação, 1988. http://catalog.hathitrust.org/api/volumes/oclc/21118412.html.
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Smith, David M. "An empirical analysis of the choice among issuing straight debt, equity, and equity-linked debt securities." Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54431.
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This dissertation analyzes factors associated with the apparent decision that firms make when choosing a source of long-term capital. Straight debt, common stock, convertible debt, and units of debt with warrants (units) are included in the issuer’s opportunity set, with particular emphasis being placed on the choice between convertible debt and units. A unit of debt with warrants is a financial package consisting of a straight bond or note, and one or more common stock warrants. This study finds that issuers earn insignificant average abnormal returns around the announcement and issuance period for unit offerings, thus presenting units as a unique case of a "penalty-free" equity offering.
Finnerty [1986] suggests that units may be structured in such a way as to create a synthetic convertible bond. He shows how a unit provides the issuer an advantage of a larger tax shield than does a comparatively structured convertible. The present study finds that the market views the tax advantage as being only marginally important. Also, a comparison of the terms of units and convertibles reveals that, in practice, units are not structured as synthetic convertible bonds.
A cross—sectional analysis evaluates unit and convertible issuer abnormal returns in light of hypotheses that the securities reduce agency costs to the firm. The evidence is generally inconsistent with the agency cost reduction hypothesis.
This study presents the first information about the valuation consequences of unit issuances and factors that may be related to the decision to make such offerings.Ph. D.
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Fransson, Thomas, and Jacob Weckfors. "Deposit insurance and debt to equity." Thesis, Jönköping University, JIBS, Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12831.
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Schleusener, Ann-Kathrin [Verfasser]. "Der Debt-Equity-Swap / Ann-Kathrin Schleusener." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2012. http://d-nb.info/1042414858/34.
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Bremser, Albert W. "Two Essays on Convertible Debt." Diss., Virginia Tech, 1997. http://hdl.handle.net/10919/30327.
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This dissertation examines two different topics related to the issuance of a convertible debt security. The first essay addresses the question of how managers set the equity value in a convertible debt issue. A convertible debt security has value derived from an equity component and a debt component. As a result, managers must decide how much of the convertible debt's value will be derived from equity at issuance. I examine three hypotheses in addressing this question. Empirical evidence is provided supporting the assertion that managers issue more equity-like debt when the firm will have lower future operating performance and a greater potential for underinvestment. Empirical support is not found for managers take into consideration asset substitution concerns when setting the equity value in a convertible debt issue.
The second essay examines why are abnormal returns negative for the equity during the convertible debt's issuance period. This has been documented by Dann and Mikkelson (1984), Mikkelson and Partch (1986, 1988), and also by this dissertation. I furnish evidence that is consistent with a bid-ask spread bias not causing the negative equity abnormal returns during the issuance period of a convertible debt security. Tests are also performed that provide results that are consistent with the issue period returns being partially due to a resolution of uncertainty.Ph. D.
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Zuo, Luo. "Examine the debt equity choice with nested logit /." View abstract or full-text, 2008. http://library.ust.hk/cgi/db/thesis.pl?FINA%202008%20ZUO.
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Verwijmeren, Patrick. "Empirical essays on debt, equity, and convertible securities." [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2008. http://hdl.handle.net/1765/14312.
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Bronger, Björn [Verfasser]. "Debt Equity Swaps als finanzwirtschaftliches Sanierungsinstrument / Björn Bronger." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2019. http://d-nb.info/1192103009/34.
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Talukdar, Muhammad Bakhtear U. "CFO Turnover, Firm’s Debt-Equity Choice and Information Environment." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2618.
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The CEO and CFO are the two key executives of a firm. They work cohesively to ensure the growth of the firm. After the adoption of the Sarbanes Oxley Act (SOX) in 2002, the importance of CFOs has increased due to their personal legal obligation in certifying the accuracy of financial statements. Only a few papers such as Mian (2001), Fee and Hadlock (2004), and Geiger and North (2006) focus on CFOs in the pre-SOX era. However, a vacuum exists in research focusing exclusively on CFOs in the post-SOX era. The purpose of this dissertation is to delve into a comprehensive investigation of the CFOs. More specifically, I answer three questions: a) does the CEO change lead to the CFO change? b) does the CFO appointment type affect the firm’s debt-equity choice? and c) does the CFO appointment affect the firm’s information environment?
I use Shumway’s (2001) dynamic hazard model in answering question ‘a’. For question ‘b’, I use instrumental variable (IV) regression under various estimation techniques to control for endogeneity. For part ‘c’, I use the cross sectional difference-in-difference (DND) methodology by pairing treatment firms with control firms chosen by the propensity scores matching (PSM).
I find there is about a 70% probability of CFO replacement after the CEO replacement. Both of their replacements are affected by prior year’s poor performance. In addition, as a custodian of the firm’s financial reporting, the CFO is replaced proactively due to a probability of restatement of earnings. I find firms with internal CFO hires issue more equity in the year of appointment than firms with external hires. The promoted CFO significantly improves the firm’s overall governance which helps the firm obtain external financing from equity issue. However, I find that CFO turnover does not significantly affect the firm’s information environment. To ensure that my finding is not due to mixing up of samples of good and distressed firms together, I separated distressed firms and re-ran my models and my finding still holds.
This dissertation fills the gap in the literature with regards to CFOs and their post SOX relationship with the firm.
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Rumble, Tony Law Faculty of Law UNSW. "Synthetic equity and franked debt: capital markets savings cures." Awarded by:University of New South Wales. School of Law, 1998. http://handle.unsw.edu.au/1959.4/17591.
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Micro-economic reform is a primary objective of modern Australian socio-economic policy. The key outcome targetted by this reform is increased efficiency, measured by a range of factors, including cost reduction, increased savings, and a more facilitative environment for business activity. These benefits are sought by the proponents of reform as part of a push to increase national prosperity, but concerns that social equity is undermined by it are expressed by opponents of that reform. The debate between efficiency and equity is raging in current Australian tax policy, a key site for micro-economic reform. As Government Budget restructuring occurs in Australia, demographic change (eg, the ageing population) undermines the ability of public funded welfare to provide retirement benefits. Responsibility for self-funded retirement is an important contributor to increasing private savings. Investment in growth assets such as corporate stock is increasing in Australia, however concerns about volatility of asset values and yield stimulate the importance of investment risk management techniques. Financial contract innovation utilising financial derivatives is a dominant mechanism for that risk management. Synthetic equity products which are characterised by capital protection and enhanced yield are popular and efficient equity risk management vehicles, and are observed globally, particularly in the North American market. Financial contract innovation, risk management using financial derivatives, and synthetic equity products suffer from an adverse tax regulatory response in Australia, which deprives Australian investors from access to important savings vehicles. The negative Australian tax response stems from anachronistic legislation and jurisprudence, which emphasises tax outcomes based on legal form. The pinnacle of this approach is the tax law insistence on characterisation of financial contracts as either debt or equity, despite some important financial similarities between these two asset types. Since derivatives produce transactions with novel legal forms this approach is unresponsive to innovation. The negative tax result also stems from a perception that the new products are tax arbitrage vehicles, offering tax benefits properly available to investment in stocks, which is thought to be inappropriate when the new products resemble debt positions (particularly when they are capital protected and yield enhanced). The negative tax response reflects administrative concerns about taxpayer equity and revenue leakage. This approach seeks to impose tax linearity by proxy: rather than utilising systemic reform to align the tax treatment of debt and equity, the current strategy simply denies the equity tax benefits to a variety of innovative financial contracts. It deprives Australians of efficiency enhancing savings products, which because of an adverse tax result are unattractive to investors. The weakness of the current approach is illustrated by critical analysis of three key current and proposed tax laws: the ???debt dividend??? rules in sec. 46D Income Tax Assessment Act 1936 (the ???Tax Act???); the 1997 Budget measures (which seek to integrate related stock and derivative positions); and the proposals in the Taxation of Financial Arrangements Issues Paper (which include a market value tax accounting treatment for ???traded equity,??? and propose a denial of the tax benefits for risk managed equity investments). The thesis develops a model for financial analysis of synthetic equity products to verify the efficiency claims made for them. The approach is described as the ???Tax ReValue??? model. The Tax ReValue approach isolates the enhanced investment returns possible for synthetic equity, and the model is tested by application to the leading Australian synthetic equity product, the converting preference share. The conclusions reached are that the converting preference share provides the key benefits of enhanced investment return and lower capital costs to its corporate issuer. This financial efficiency analysis is relied upon to support the assertion that a facilitative tax response to such products is appropriate. The facilitative response can be delivered by a reformulation of the existing tax rules, or by systemic reform. The reformulation of the existing tax rules is articulated by a Rule of Reason, which is proposed in the thesis as the basis for the allocation and retention of the equity tax benefits. To avoid concerns about taxpayer equity and revenue leakage the Rule of Reason proposes a Two Step approach to the allocation of the equity tax benefits to synthetics. The financial analysis is used to quantify non-tax benefits of synthetic equity products, and to predict whether and to what extent the security performs financially like debt or equity. This financial analysis is overlayed by a refined technical legal appraisal of whether the security contains the essential legal ???Badges of Equity.??? The resulting form and substance approach provides a fair and equitable control mechanism for perceived tax arbitrage, whilst facilitating efficient financial contract innovation. The ultimate source of non-linearity in the taxation of investment capital is the differential tax benefits provided to equity and debt. To promote tax linearity the differentiation needs to be removed, and the thesis makes recommendations for systemic reform, particularly concerning the introduction of a system of ???Franked Debt.??? The proposed system of ???Franked Debt??? would align the tax treatment of debt and equity by replacing the corporate interest deduction tax benefit with a lender credit in respect of corporate tax paid. This credit would operate mechanically like the existing shareholder imputation credit. The interface of this domestic tax credit scheme with the taxation of International investment capital, and the problems occasioned by constructive delivery of franking credits to Australian taxpayers via synthetics, are resolved by the design and costings of the new system, which has the potential to be revenue positive.
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Hancioglu, Levent [Verfasser]. "Gesellschafterschutz beim Debt-Equity Swap mittels Insolvenzplan / Levent Hancioglu." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2018. http://d-nb.info/1160311773/34.
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Carvalho, João Filipe Dias de. "On the debt-equity link : evidence from european markets." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/8799.
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Mestrado em FinançasCom este estudo, pretendeu-se responder à seguinte questão: "Existe alguma relação entre os mercados de acções e obrigações?". Dado que a maioria da literatura utiliza amostras de empresas dos E.U.A., o contributo dado para o tema foi aumentado pelo facto de ter sido introduzida uma amostra 100% europeia, dando uma perspectiva de um mercado diferente dos previamente estudados. A amostra compreende tanto as emissões de acções como as de obrigações das empresas constituintes do índice EURO STOXX 50, bem como o próprio índice e taxas de juro sem risco de curto e longo prazo. Tendo efectuado testes de causalidade de Granger por forma a aferir se existe uma relação causal inquestionável entre ambos os mercados em estudo.
With this thesis, we tried to answer the following question: "Is there any relationship between equity and debt markets?". Since most of the literature uses samples of U.S. firms, we enhanced our contribute to this subject by introducing a 100% european sample, thus providing insight for a dierent market than untill now. The sample to be used compreends the constituent firms of the EURO STOXX 50 Index, both its shares and bonds and also the index itself and short and long term riskless bonds. We performed also formal Granger causality tests in order to assess if there is an inquestionable lead-lag relationship between both markets in study.
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Schulz, Patrick [Verfasser]. "Der Debt Equity Swap in der Insolvenz. / Patrick Schulz." Berlin : Duncker & Humblot, 2015. http://d-nb.info/1238436625/34.
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Berglund, Axel, and Carl Fransson. "Sovereign Credit Rating effects on equity markets: Applied on US Data." Thesis, Högskolan i Halmstad, Sektionen för hälsa och samhälle (HOS), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-18959.
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This paper is a study on how U.S stock market reacts on sovereign credit rating announcements, and if there is a significant difference between low or high debt firms. We have used an event study based on historical stock prices from 30 companies, 15 with high debt and 15 with low debt. All companies are taken from the S&P`s 500 index which we also use as a market index. We use a regression model with 10 % significance level to see if there is a significant impact on high debt firms. Our result shows that the market will be affected by the downgrade. We also conclude that there was a significant negative impact on the high debt firms.
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Smith, Robert George. "Using a structural credit model to link the equity and debt markets." Thesis, University of Cambridge, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.614098.
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Pereira, Ricardo Buscariolli. "What if firms adjust their debt-equity ratios toward a target range?" reponame:Repositório Institucional do FGV, 2009. http://hdl.handle.net/10438/4254.
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Previous issue date: 2009-08-18T00:00:00ZWe estimate optimal target-ranges of capital structure controlling for a series of firmspecific characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the estimated optimal ranges. Our analysis suggests that the observed behavior of firms is consistent with the notion of range-adjustment.
Nós estimamos faixas-alvo ótimas de estrutura de capital controlando por uma série de características específicas de cada firma e levando em consideração a correlação serial proveniente do componente dinâmico da escolha do nível de alavancagem. Então nós examinamos empiricamente se as firmas ajustam dinamicamente em direção às faixas ótimas estimadas. Nossa análise sugere que o comportamento observado é consistente com a noção de ajustamento para faixas.
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TASSINARI, Gian Luca. "Pricing equity and debt tranches of collateralized fund of hedge funds obligations." Doctoral thesis, Università degli studi di Bergamo, 2009. http://hdl.handle.net/10446/64.
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Allam, Mohammad Zaheer. "Urban Resilience and Economic Equity in an Era of Global Climate Crisis." Thesis, The University of Sydney, 2019. https://hdl.handle.net/2123/21380.
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As the impacts of climate change are accelerated, due to continued emissions generating activities of industrialised nations, there is an increasing need for revised policies and climate change mitigation programs. The latter is, however, out of reach to vulnerable economies which are financially unequipped to afford such programs. In view of this, most turn towards debt financing, which can pose a risk to their economies in the long term as critical urban assets are used as collaterals; leading to unsustainable debt levels, posing a risk to the liveability of cities. This hybrid thesis explores the thematic of economic inequity from the context of colonialism and outlines how former colonial empires have exploited former colonies; which are today mostly classified as vulnerable economies, for the benefit of industrialisation -which helped in strengthening the economic agendas of colonial empires while also contributing substantially to the climate change. With this backdrop, the thesis explores how today, in an era of post-colonialism where an economic disparity exists due to colonialism, the thematic of climate change can be addressed while both bridging the economic divide between developed and least developing economies and socially empowering communities. The hybrid thesis, featuring one journal publication, underlines the above thematic and proposes the use of a revised model surfing on the concept of Emissions Trading System (ETS) and Smart Contracts through the Blockchain, while supporting the cultural attributes of vulnerable economies -which can be unique economic dimensions.
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Burkert, Michael [Verfasser]. "Der Debt-to-Equity Swap im Spannungsverhältnis von Gesellschafts- und Insolvenzrecht / Michael Burkert." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2014. http://d-nb.info/1108809146/34.
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Mlynarczyk, Wiktor, and Erik Holm. "What are the main drivers of leverage in leveraged buyouts?" Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-171405.
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This paper examines the main drivers of leverage in leveraged buyouts, and provides an explanation for the significant decrease in leverage in the aftermath of the financial crisis. We test market-varying factors by regressing leverage measures on potential drivers and find that leverage is largely driven by debt market conditions and private equity market activity. In particular, we argue that liquid debt markets impact buyout leverage more than other macro-factors, such as future view on equity markets and interest rates. Private equity market activity being a driver implies that leverage increases when markets are characterised by fierce competition. Moreover, the results also suggest that leverage determinants changed as a consequence of the financial crisis. Leverage is in recent years highly related to debt market liquidity and equity markets, but independent of private equity market activity. We argue that this is a consequence of increased macro awareness and more conservative views on company outlooks.
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Fuller, Beverly R. "Capital structure theory and flotation costs: an empirical analysis of utility debt and equity decisions." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/74766.
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This research investigates which theory -- an optimal, irrelevance, or modified pecking order -- best explains a firm's capital structure. A sample of 457 debt and equity utility offerings made from 1973-1982 is used in logit regression analysis to test the predictions of the different theories and the relevance of flotation costs to the financing decision. Target leverage ratios are constructed as averages from industry and firm-specific data. These ratios change over time suggesting that leverage targets are moving in response to general economic conditions.
Miller's irrelevance and the modified pecking order theories (if utilities operate well below their debt capacity) are supported. In spite of using leading and lagging targets, no support is found for an optimal capital structure theory. Also, there is no support for flotation costs when measured as the savings from issuing debt rather than equity.
An anomalous finding that overlevered firms continue to lever with their next financing decision seems to be robust to the different measures of a target leverage ratio. This finding is inconsistent with the three capital structures theories tested.Ph. D.
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Luo, Haowen. "Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms." Thesis, University of North Texas, 2016. https://digital.library.unt.edu/ark:/67531/metadc862869/.
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This dissertation comprises of three related essays in regard of puzzling negative book equity phenomenon among U.S. public firms. In essay 1, I present the evidence that there is an increasing trend of negative book equity firms over the past 50 years, from 0.3% up to over 5% among publicly traded firms in US. In contrast to previous research which generally classify these firms as distressed firms with highly likelihood of bankruptcy, I propose a new method to separate Healthy Negative Book Equity Firms (HNBEF) from relatively more distressed negative book equity firms. The results show that HNBEF have much higher net income and interest coverage ratio, they survive longer, and pay more dividends. More interestingly, these firms are often actively increase share repurchases and debt issuance. These facts, combined with their strong profitability, indicate that managers of these firms are actively increasing their leverage and choose to be negative book equity firms.
To explain the existence of HNBEF, in essay 2, I investigate several possible reasons that may contribute to the extreme leverage of these firms. I find that HNBEF are substantially undervalued by their book assets as stated on the balance sheet. In addition, the value of intangible assets, especially those off-balance sheet intangible assets, is positively related to the probability of becoming HNBEF. Moreover, I find that characteristics of intangible assets and firms also play important role on existence of HNBEF. Specifically, I find that both liquidity and redeployability of intangible assets are positively related with the probability of becoming HNBEF. Also, firms associated with closer borrower-lender relationship are more likely to become HNBEF.
To investigate if the aggressive capital structure adopted by HNBEF is optimal, in essay 3, I performed several tests to analyze how these firms differ from other firms in terms of operating performance, corporate governance and firm value. My research finds that compared to firms from same industry and with similar size, managers of HNBEF invest more heavily in their own firms, and HNBEF have better corporate governance. In addition, HNBEF are associated with better operating performance and higher value.
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Desai, Neha. "Evaluating the effectiveness of using complex debt instruments in mitigating bondholder equityholder agency conflict." Thesis, Imperial College London, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.301318.
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Růžička, Jakub. "Private equity a leveraged buyout." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205755.
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The goal of the Thesis was to perform a research about the Private Equity industry and Leveraged Buyout type of deal. Within practical part of the Thesis, was goal to create financial model and use it to analyse real case LBO transaction. Due to lack of Czech literature about the topic and secrecy of the industry, foreign studies and literature were primary source of information but also an interviews with Czech investment professionals and advisors. In practical part of the Thesis was created general LBO model with Microsoft Excel, with functions able to perform different LBO transactions. This financial model, was later used to perform LBO acquisition analysis of company Severomoraské vodovody a kanalizace Ostrava a.s.
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Gall, Zoe. "The Change in Impact of Education Debt on Graduates' Home Equity Post 2008 Recession." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/796.
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Home purchases are the pinnacle of the American Dream and have a large impact on the American economy as a whole. With rising tuition costs and a greater necessity for a post-secondary degree, the student debt balance in the United States has swelled to over $1 trillion. Graduating with education debt can create a huge financial burden and force graduates to postpone big-ticket purchases like houses, particularly in tough economic times. In this paper, I examine the change in the effect of student loans on college graduates’ likelihood to purchase homes after the 2008 financial crisis. Using data from the 2007 and 2010 Survey of Consumer Finance reports, I apply probit and linear probability regression models to examine the effect of education loan dollar value on graduates’ likelihood of having home equity. The results are statistically significant and in 2010, the effect of student debt decreases by approximately five percentage points for every $10,000 increase in loans. The findings provide evidence to support the research hypothesis that the effect of student debt on home purchases became increasingly negative post-recession.
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Serrano, Jan Maroney. "Seasoned debt and equity issues for investment and the information content of insider trades." Diss., Virginia Tech, 1993. http://hdl.handle.net/10919/40474.
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Schwarz, Jonas [Verfasser]. "Der Debt-Equity-Swap als Instrument der Unternehmenssanierung nach deutschem und englischem Recht : Eine vergleichende Untersuchung praxisrelevanter rechtlicher Problemkreise bei der Umsetzung von Debt-Equity-Swaps nach deutschem und englischem Recht / Jonas Schwarz." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2015. http://d-nb.info/108045649X/34.
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Sufiane, Assane. "Troca de dívida por activos: o exemplo da dívida de Moçambique a Portugal." Master's thesis, ISEG, 2004. http://hdl.handle.net/10400.5/22041.
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MESTRADO EM DESENVOLVIMENTO E COOPERAÇÃO
INTERNACIONAL.A troca de dívida por investimentos é um dos mecanismos que os países com dívida externa elevada, e não só esses, têm estado a utilizar para aliviar o peso da dívida e captar investimento directo estrangeiro. Para a sua efectivação o processo envolve três intervenientes: o país credor, o investidor e o país devedor. A articulação entre estas partes do triângulo é o objecto de estudo deste trabalho, considerando o caso da dívida externa de Moçambique a Portugal. Para o caso estudado este mecanismo envolveu, entre os activos a serem trocados por dívida, empresas moçambicanas a serem privatizadas, para além de aplicações financeiras para a criação de novas empresas ou em investimentos de melhorias das já existentes. O presente trabalho descreve e analisa esta operação de debty-for-equity swap, tendo em atenção a rentabilidade das operações por parte das empresas compradoras da dívida, o seu impacto socio-económico no terreno, e os ganhos ou prejuízos dos dois países envolvidos. O trabalho analisa onze operações envolvendo nove empresas. As operações analisadas tiveram lugar nos anos de 1993 a 1999 envolvendo no total treze projectos de investimento.
Debt-for-equity swaps are a mechanism which allows heavily indebted countries to relief their debt and to attract foreign direct investment. The process involves three main actors: the creditor country, the investor and the debtor country. This dissertation discusses the articulation of this triangle in the case of Mozambique^ externai debt to Portugal. This mechanism involved, among the assets to be swapped for debt, Mozambican firms to be privatised as well as financial applications for the creation of new firms or for investment in already existing firms. The study assesses the debt-for-equity-swap operations considering the operations' profitability for the investors, the local socio-economic impact and the gains and losses of the two countries involved. Eleven operations are discussed. Globally nine companies and thirteen investment projects are analysed for the period from 1993 to 1999.
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Hagemann, Sebastian [Verfasser]. "Debt Equity Swaps nach englischem und deutschem Recht unter besonderer Berücksichtigung des ESUG / Sebastian Hagemann." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2014. http://d-nb.info/1108808425/34.
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Häfele, Boris [Verfasser]. "Die Treuepflicht der Aktionäre bei der vorinsolvenzlichen Sanierung durch einen Debt Equity Swap / Boris Häfele." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2013. http://d-nb.info/1110061471/34.
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Shawkat, Jana, and Nathalie Friskytt. "Crowdfunding som investeringsalternativ : En investeringsanalys om potentiella investerares beslutsfattande inom equity- och debt baserad crowdfunding." Thesis, Södertörns högskola, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-35518.
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Studien syftar till att analysera equity- och debt baserad crowdfunding i förhållande till studiens primära teori om elaboration likelihood model (ELM) och hur dess variabler påverkar potentiella investerares investeringsbedömningar. Informationsasymmetri och behavioral finance har inkluderats i studien som två kompletterande delteorier. För att undersöka detta har studien avgränsats till potentiella investerare som geografiskt är bosatta i Stockholms län. Undersökningen har genomförts med hjälp av semistrukturerade intervjuer där totalt elva potentiella investerare har intervjuats. Respondenterna har baserats på ett snöbollsurval. Intervjuerna har skett genom att respondenterna tagit del av fyra scenarion som innehåller variabler kopplade till teorin om ELM. Studiens resultat påvisar att potentiella investerare bedömer samt väljer investeringsprojekt utifrån den centrala vägen i ELM teorin, som karaktäriseras av projektets kvalitet vilken är motsatsen till den perifera vägen som istället belyser elektronisk word of mouth (WoM).The study aims to investigate how equity- and debt based crowdfunding in relation to the study’s primary theory of elaboration likelihood model (ELM) and its variables effect on potential investors’ investment decision. Information asymmetry and behavioral finance has also been included in the study as two complementary theories. To investigate this, the study has been delimited to potential investors who are geographically resident in Stockholm County. The survey has been conducted using semi-structured interviews, where a total of eleven potential investors have been interviewed based on a chain sampling. The potential investors have been presented four scenarios that contain variables linked to the theory of ELM. The study's findings show that potential investors assess and choose investment projects based on the central path of ELM theory, characterized by the quality of the project and opposite to the peripheral road that instead illuminates the electronic word of mouth (WoM).
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Schillerwein, Daniel [Verfasser]. "Debt-Equity-Swaps im Spiegel bilanzieller Sanierungsinstrumente. : Das Dogma der Forderungsbewertung als Sanierungshemmnis? / Daniel Schillerwein." Berlin : Duncker & Humblot, 2014. http://d-nb.info/1238434541/34.
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Gustafsson, Adam, and Viberg Frida Nilsson. "The Debt-Equity Dilemma : An analysis of the co-movement between Swedish stocks and bonds." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160909.
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Throughout the last century there has been an extensve discussion regarding the optimal capital structure.Excessive research has further been conducted to understand the relationbetween the market debt and equity on an aggregated market-level. However, it is observed that the research on thefirm-specific co-movement of stock and bondsis scarce. Since the last financial crisis,the bond market has especiallyseen a rapid growth. The growthstemsfrom the low interest rate climate togetherwithmore restrictive lending policies from banks. Based on this discussion the purpose of this research is to investigate if Swedish corporationsare making the optimal capital structure decision. This based on a potential co-movement of stocks and bonds. To answer the purpose the research question was therefore: What is therelationship between a corporation’s bond returnand stock return?The scientific method that was used in this research is a quantitative method witha deductive process and a positivistic angle. Because the research uses the whole population that is available, this is a censusstudy. In the population companies that have been active on the stock and the bond market sometime during the period from 2008 to 2018. Although, companies that have been delisted during this period have been excluded. From a population of 75 companies and 1972 observations, two regressions were made due to the inconclusive results regarding the dependency of stock return and bond return. No significant result between the returns was found. However, a significant result between marketcapitalizationand the returns togheter with stock standard deviation and the returns was found. Based on the result, the authors could conclude that there seems to be a demand for the issuance of both stocks and bonds. This follows a discussion regarding the possibility of diversification of the securities based on the modern portfolio theory. Further, the authors can conclude that the theories regardin the irrelevance of capital structure are applicable. Finally,the authors can conclude that the stakeholder theory can explain the value creation in a more appropriate fashion in relation to the result. The authors canthereforeconclude that the debt-equity dilemma still is present and further research within the area is required.
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Fogo, Ilaria <1996>. "Debt Initial Public Offering: Europa vs. America La scelta tra debito ed equity in Europa." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19028.
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Il presente lavoro mira ad evidenziare le peculiarità di un fenomeno, quale la quotazione iniziale attraverso il debito, che risulta essere stato poco sviluppato dalla letteratura; fornendo anche una panoramica del processo opposto, ossia le IPO.
Si fornirà inoltre un'analisi empirica in cui si valuterà come la performance aziendale e i prezzi delle azioni siano influenzati dall'emissione di obbligazioni, focalizzandosi sul mercato europeo.
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Sasso, Rafael de Campos. "Qualidade de lucros e estrutura de propriedade: a indústria de private equity no Brasil." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-14122012-165130/.
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É marcante a relevância que assumiu a indústria de Private Equity ao longo da última década no Brasil. Este trabalho estuda a indústria brasileira de Private Equity por meio da analise da qualidade de lucros medida pelo reconhecimento oportuno de perdas (conservadorismo) e o endividamento das empresas investidas que fizeram uma IPO (Initial Public Offering) na bolsa brasileira no ano de 2007. A primeira hipótese conjectura que as empresas investidas por fundos de Private Equity no Brasil possuem mais qualidade de lucros em relação às não investidas, enquanto que a hipótese secundária estabelece que as empresas que obtiveram aporte de capital proveniente de fundos de Private Equity, no Brasil, são menos endividadas do que as que não obtiveram este tipo de aporte. Com base no trabalho de Ball e Shivakumar (2005) e utilizando-se das adaptações de Beuselinck et al. (2009) e Katz (2009), são utilizados modelos para testar o reconhecimento oportuno de perdas. Os resultados sugerem que, conforme os achados internacionais, as empresas investidas por fundos de Private Equity têm comportamento mais conservador, mas que se endividam menos do que as não investidas. O argumento da maior eficiência contratual dos credores com sua demanda por conservadorismo parece não ter relação com as sugestões de reconhecimento oportuno de perdas por parte das empresas financiadas por fundos de Private Equity, o que, por conseguinte, poderia sugerir que os Limited Partners (investidores desses fundos) e as preocupações reputacionais pelas quais as gestoras passam, direcionariam, realmente, uma demanda por uma qualidade de lucros maior indicando que esses seriam motivadores do reconhecimento oportuno de perdas, conservadorismo condicional buscando reduzir a probabilidade de comportamentos oportunistas de gestores e gestoras e de expropriação de credores, investidores.The relevance that the Private Equity industry assumed in Brazil in the last decade is remarkable. The present work studies the Brazilian Private Equity industry by analyzing earnings quality by the timely loss recognition, conservatism, and the leverage of the companies that make an IPO (Initial Public Offering) at the Brazilian stock exchange, Bovespa, in 2007. The first hypothesis conjectures that companies backed by Private Equity in Brazil have more earnings quality than the non-Private Equity backed companies. The second hypothesis conjectures that the Private Equity backed companies, in Brazil, are less leveraged than non-Private Equity backed. Based on Ball and Shivakumar (2005) models, the adaptations on Beuselinck et al. (2009) and Katz (2009) are used to measure timely loss recognition. The results suggest that in Brazil, as in international studies, Private Equity backed companies are more conservative but less leveraged. The argument that the bigger contractual efficiency of the creditors with their demand for conservatism seems to not have relation with the suggestions of timely loss recognition by the invested companies could suggest that Limited Partners (Private Equity investors) and the reputational concerns that the investment houses are exposed, could really create an demand for more earnings quality, showing that this could be a driver to timely loss recognition, conditional conservatism, to reduce the probability of creditors and investors expropriation and investment houses managers and fund managers opportunistic behaviors.
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Cardaci, A. "ESSAYS ON INEQUALITY, HOUSEHOLD DEBT AND FINANCIAL INSTABILITY." Doctoral thesis, Università degli Studi di Milano, 2015. http://hdl.handle.net/2434/328593.
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My Ph.D. thesis contributes to the growing literature on the link between inequality and economic crises, focusing in particular on the relationship between rising income disparities, household debt dynamics and the resulting financial instability. In the first paper, I review both the theoretical and the empirical literature on inequality, by paying particular attention to the way this topic has been treated over time by the economics research agenda. I show that the impact of growing income disparities on the macroeconomy has been ignored for a long period of time, particularly starting from the 80s. Only after the recent financial crisis, the issue of income and wealth distribution has come back on the top of the agenda of economists as well as policymakers. In the other two papers, I build two macroeconomic models that focus on the link between income inequality, household debt and economic crises. The first one is an Agent-Based (AB) macroeconomic model aimed at describing the key mechanisms through which rising inequality jeopardises economic stability in an economy with peer effects in consumption and equity extraction processes. I show that greater income disparities imply stronger expenditure cascades along the income distribution as well as asset (i.e. house) price appreciation. In the presence of home-equity based borrowing behaviour by households, private debt rises thus pushing aggregate demand upwards despite income stagnation over much of the distribution. However, debt-driven consumption endogenously triggers the accumulation of a larger amount of non-performing loans on banks’ balance sheets which eventually lead to a credit crunch and an economic downturn. The second model, a joint work with Francesco Saraceno which I carried out during my visiting period at OFCE-SciencesPo in Paris, is a macroeconomic model with an Agent-Based household sector and a stock-flow consistent structure. The goal of this work is to analyse the impact of rising income inequality on the likelihood of a crisis under different institutional settings and degrees of financialisation. In particular, we reproduce a multitude of scenarios showing how financial and credit conditions interact with the impact of growing inequality on the performance of the economy and the accumulation of household debt. Our results show the relevance of the “degree” of financialisation of an economy. In fact, when inequality grows, a Scyilla and Charybdis kind of dilemma seems to arise: on the one hand, economies with low credit availability experience a drop in aggregate de- mand and output; on the other hand, where credit constraints are relaxed and the willingness to lend is higher, greater financial instability emerges and a debt-driven boom and bust cycle. We also show that policy reactions play a key role: a real structural reform that tackles inequality, by means of a more progressive tax system, actually compensates for the rise in income disparities thereby stabilising the economy. Results also show that this is a much better solution compared to a stronger fiscal policy reaction, which, instead, has no significant impact on the performance of the economy.
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van, Vliet Lisette. "Debt-for-Nature Swaps : transnational environmental politics in a changing global political economy or NGOs, LDCs and IOUs." Thesis, Canberra, ACT : The Australian National University, 1991. http://hdl.handle.net/1885/128737.
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Debt-for-nature swaps are a new phenomenon in world politics. Initiated as a response
to third world debt problems and the urgent need for environmental protection, debt-for-nature
swaps represent a very interesting development in the areas of international finance,
international negotiation and international roles for non-state actors. To date, at least nineteen
swaps have taken place, and according to some observers, they fit a niche that will exist for
some time to come.
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CALCE, Anna Maria. "Le relazioni tra struttura finanziaria, costo del capitale e valore." Doctoral thesis, Università degli studi di Cassino, 2020. http://hdl.handle.net/11580/75222.
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This research project aims to test the assumption of Modigliani and Miller Theory according to which the financial structure does not affect the dynamic of value creation. Since the 1960s, the search for the relationship between financial structure and value has been a very debated topic. The studies developed in this area have come to identify controversial results. Some of them have highlighted the existence of a positive relationship, others determine a negative relationship. In other cases, the authors have found a relationship that is not statistically significant. Hence, the research design of the work that intends to contribute to the literature on the subject by trying to estimate the impact that the financial structure has on the ability to generate value. The research also aims to determine a benchmark financial structure that can therefore be considered a reference for the various sectors economic. The analysis carried out in this work is concentrated on the universe of European listed companies, surveyed through the Bureau van Dijk Amadeus database, with turnover greater than one million euros and for which balance sheet data is available for the period 2015-2017. Coherently with the research objectives, a new model for determining the share of equity and debt was identified, represented by the financial benchmark, tested on the various economic sectors defined on the basis of the Ateco 2007 classification, with reference to the listed companies; however, the benchmark financial structure thus identified lends itself to be extended also to unlisted companies that want to adopt a target sector structure.
As regards the ability of the financial structure (expressed by the debt / equity ratio) to influence the dynamics of the value (represented by the ROE and ROA and the differentials ROE-ke and ROA-WACC), the research revealed the existence of a relationship very weak between the debt / equity ratio and the value measures given the coefficient of the regression line always close to zero.
In conclusion, the financial structure expressed by the debt / equity ratio does not affect the value creation dynamic of European listed companies. This result is in line with the affirmation of Modigliani and Miller (1958) as well as with the results of the studies of Long and Maliz (1986), of Fama and French (1998) and of Walaa Wahid ElKelish (2007).Il presente progetto di ricerca si propone di testare l’assunto della Teoria di Modigliani e Miller secondo il quale la struttura finanziaria non inficia la dinamica di creazione di valore da parte dell’impresa. Fin dagli anni ’60, la ricerca della relazione tra struttura finanziaria e valore ha rappresentato un tema molto dibattuto. Gli studi sviluppati su tale ambito sono giunti All’identificazione di risultati controversi. Alcuni di essi hanno evidenziato l’esistenza di una relazione positiva, altri determinano una relazione negativa. In altri casi ancora, gli Autori hanno rilevato una relazione non statisticamente significativa. Da qui il research design del lavoro che intende contribuire alla letteratura in materia cercando di stimare l’impatto che ha la struttura finanziaria sulla capacità di generare valore fino a determinare una struttura finanziaria benchmark che possa, quindi, essere considerata di riferimento per i diversi settori economici. L’analisi condotta nel presente lavoro è concentrata sull’universo delle società quotate europee, censite attraverso il database Amadeus di Bureau van Dijk, con fatturato superiore ad un milione di euro e per le quali si abbia disponibilità di dati di bilancio per il periodo 2015 – 2017. Coerentemente agli obiettivi di ricerca è stato individuato un nuovo modello di determinazione della quota di equity e debt, rappresentato dal benchmark finanziario, testato sui diversi settori economici definiti in base alla classificazione Ateco 2007, con riferimento alle listed companies; tuttavia la struttura finanziaria benchmark così individuata si presta ad essere estesa anche alle unlisted companies che vogliono adottare una struttura target di settore. Per quanto concerne la capacità della struttura finanziaria (espressa dal debt/equity ratio) di condizionare la dinamica del valore (rappresentato dal ROE e ROA e dai differenziali ROE-ke e ROA-WACC) , dalla ricerca è emersa l’esistenza di una relazione molto debole tra il debt/equity ratio e le misure del valore dato il coefficiente della retta di regressione sempre prossimo allo zero. In conclusione è possibile, quindi, affermare che la struttura Finanziaria espressa dal debt/equity ratio non condiziona la dinamica di creazione di valore delle società quotate europee. Tale risultato è in linea con l’affermazione di Modigliani e Miller (1958) nonché con i risultati degli studi di Long e Maliz (1986), di Fama e French (1998) e di Walaa Wahid ElKelish (2007).
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Gille, Evelina, and Josefine Karlsson. "What determines leverage in leveraged buyouts? : A study of debt levels in European LBOs." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388942.
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This paper examines the main drivers of leverage levels in private equity-sponsored leveraged buyouts (LBOs). In order to find out what drives LBO leverage, we analyse deal financing of 71 European LBO deals completed between 2005 and 2015. By conducting univariate t-test and multiple regression analysis, we analyse the predictive power of a number of classical capital structure determinants (i.e. firm-specific factors) on levels of debt financing in LBOs. In addition, the state of the credit market is considered as a potential determinant of LBO leverage. We find that credit market conditions have a significant effect on levels of debt financing in LBOs and suggest that the market timing theory can explain LBO leverage better than classical leverage determinants, i.e. firm specific factors derived from classical capital structure theories. The results also indicate a negative relationship between target firms’ tax rate and LBO leverage. We also find that target firms’ free cash flow prior to buyout has no significant impact on leverage in LBOs, something that contradicts much previous research.
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Kisgen, Darren J. "Credit ratings and capital structure /." Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/8825.
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Fairhurst, Keith. "Investigating funding board composition and turnaround potential of private firms in financial distress." Thesis, University of Pretoria, 2017. http://hdl.handle.net/2263/62694.
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Controlling shareholders of private firms may define "value of the firm" in terms of personal utility. They may thus prioritize their personal wealth over the firm. Furthermore, agency-based corporate governance may not apply to privately owned firms. This study looked at managers and owners of private firms as potentially risky decision makers. Financial distress was positioned as a boundary to agency theory-based corporate governance for private firms. Choices of shareholders in respect of board composition and the relationship between board composition and external sources of funding were investigated. Influence on turnaround potential, of management who are also shareholders, was also considered. Data from 104 business rescue plans were used for correlation and multiple hierarchical regression analyses. The mean return to secured creditors was 94 % and the mean return to unsecured creditors was 48 %. Unexpectedly a negative correlation between number of directors and free assets was determined. Yet, in the regression model for return to secured creditors, the significant variables were total directors and free assets. It is concluded that personal surety provided by directors may be detrimental to a private firm's free assets. For unsecured creditors, the significant variables were size; management shareholding, and return to secured creditors. The study was conducted between 2011 and 2016 using secondary data drawn from actual business rescue cases. In conclusion, the agency cost of debt construct was refined and an estimate for the agency cost of distressed debt, was presented. Research findings offer improved insight into agency theory for private firms with a foundation for improved corporate governance models. Theorists may use this research to extend understanding of the theory of the firm and corporate governance. Furthermore bankruptcy and turnaround theory may be enhanced by the findings of this research. Practitioners may use the findings to refine credit risk and pricing models.Thesis (PhD)--University of Pretoria, 2017.
Business Management
PhD
Unrestricted
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Kumpamool, Chamaiporn. "Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand." Thesis, University of Hull, 2018. http://hydra.hull.ac.uk/resources/hull:16883.
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Market timing is an infant theory of capital structure used to explain concealed motivation of managers. Equity market timing refers to equity issuance when the stock market is favourable to reduce the cost of capital, while debt market timing refers to debt financing when the interest rate is particularly low to minimize the cost of capital. However, there is no consensus in the literature as to whether firms can take such advantages in real markets, especially in Thailand. Furthermore, it is far from settled as to what the determining factors of market timing are. Additionally, the success of the decrease in cost of capital remains ambiguous. This study investigates market timing theory through three empirical studies. The first study examines the presence of equity market timing in Thailand with 285 IPO firms and 1,038 SEO issuances from 2000 to 2014. The results reveal that IPO and SEO firms tend to take advantage in the stock market when the market is in a good condition, such as a hot period, economic expansion, and bullish time. In addition, the study finds that timers obtain higher proceeds and maintain these proceeds as cash after offering. Moreover, this is the first study to explore how the corporate governance dimension is the potential determinants of equity market timing. The second study looks at the existence of debt market timing in Thailand with 189 corporate bond's issuances from 2001 to 2014. The results indicate that the firms tend to time the debt market when the market is hot and there is a low interest rate. Likewise, we find that timers gain more proceeds and pay lower interest rates. Moreover, this is the first study to reveal that timers retain the proceeds as cash after issuance and that the corporate governance and board structure are significant determinants of debt market timing. The third study investigates the influence of market timing on cost of capital and firm performance. We find that market timing policy can lead to both success and failure of cost reduction and performance increment, depending on the types of issued securities, the strategy of market timing, and the method of cost of capital and firm performance estimation. Furthermore, this study provides some suggestions for managers, shareholders, investors, regulators and other stakeholders to comprehend the cause and effect of market timing and to prepare in order to protect their benefits. Also, this study informs regulators and policy makers to improve the efficiency of stock and bond markets in Thailand.
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Wane, Abdrahmane. "Surendettement, allègements de dettes souveraines et debt-equity swaps : expériences du Mexique et du Chili des années 80." Paris 9, 2004. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=2004PA090004.
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Anderson, Joshua T. (Joshua Timothy), and Ian R. Ponniah. "REIT capital structure : an examination of the use of unsecured debt over traditional equity and changes in dividend policy." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10168.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1997 (first author), and Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Architecture, 1997 (second author).Includes bibliographical references (leaves 97-98).
by Joshua T. Anderson and Ian R. Ponniah.
M.S.
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Cutts, Tatiana. "The role of tracing in claiming." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:5000c8bc-8fd4-4889-b13d-f0ad714e947f.
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The central tenet of tracing theory is that in certain circumstances it is possible to show that one asset stands in the place of another, such that any claims in relation to the original asset can be transmitted to its substitute. Since at least 2001 academic and judicial orthodoxy has been that this is done by following the path of value from one asset to the other, and can be aided in more complex cases by the application of evidential rules or presumptions. These ideas are at the heart of existing accounts of proprietary claims against trustees who deal with trust assets without authority, and personal and proprietary claims against strangers to the trust. They are also at the heart of calls to 'unify' the rules of tracing at law and in equity, removing existing distinctions drawn between claimants who are owed fiduciary duties and those who are not. In this thesis it is argued that there are no independent processes of following and identifying value, and that the language of 'tracing value' has lent the appearance of neutrality and conceptual unity to disparate heads of fiduciary and non-fiduciary liability. Most importantly, it has led to the assumption that in any case in which a claimant can demonstrate that a series of transactions links some right in the defendant’s hands with a right previously held by or for the claimant, the claimant can claim that right. In this thesis it is argued that far from creating an arbitrary practical obstacle for claimants seeking to trace and locate value, the fiduciary relationship is at the heart of the justification for any claim that exists to a new right in the hands of someone else.
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Asplund, Johan, Henrik Norrman, and Therese Rodger. "Hur investmentbolag påverkar kapitalstrukturen i sina innehav : En fallstudie av Ratos." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-65779.
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Examensarbete i foretagsekonomi, Ekonomihögskolan vid Linnéuniversitetet, 2FE93E, VT 2017 Författare Johan Asplund, Henrik Norrman och Therese Rodger Handledare Andreas Stephan Titel Hur investmentbolag paverkar kapitalstrukturen i sina innehav - En fallstudie av Ratos Bakgrund Bolags kapitalstruktur, fördelningen mellan bolagets tillgångar och skulder, visar hur bolaget finansierar sin verksamhet. Private Equity bolag lånar kapital för att kunna investera i nya uppköp av onoterade bolag och har ofta en begränsad planerad ägarhorisont. Kapitalstruktur har undersökts under lång tid men inte hur en majoritetsägare påverkar kapitalstrukturen i sina andelsbolag. Tidigare studier fokuserar pa exempelvis kapitalstrukturer i industriföretag eller kapitalstrukturer i småforetag. Syfte Syftet med studien ar att analysera om ett investmentbolag påverkar kapitalstrukturen i sina innehavsbolag nar de genom uppköp har gått in som en majoritetsägare i dessa bolag och vilka effekter förändringen kan leda till. Metod Studien utgår från en kvantitativ ansats där finansiella nyckeltal av Ratos innehavsbolag undersöks före och efter det att Ratos gått in som majoritetsagare i bolaget. Dessa nyckeltal jämförs sedan med branschspecifika nyckeltal genererade från SCB. Resultat I studien återfinns inget entydigt bevis på att vårt valda Private Equity bolag, Ratos, ändrar kapitalstrukturen väsentligt på något sätt efter att ha gått in som majoritetsägare i ett bolag.A company’s choice of capital structure is a well documented field in financial research but no unambiguous results are available regarding how the company is best financed or what actually defines the optimal capital structure for a company. The purpose of this study is to examine the possible changes on a company’s capital structure once a Private Equity company has become the majority owner. In this study a deductive approach has been used and a quantitative survey has been applied. Financial ratios from yearly reports of companies before and after the Swedish Private Equity company Ratos became the majority owner have been analysed and compared with the hypothesis that a Private Equity majority owner would significantly change the capital structure of the acquired company. The selection criteria for the companies was that Ratos should own more than 50 % of the company in order to actually have an impact on how the company is financed, in addition the selected companies needed to have data available in the form of yearly reports both prior to Ratos becoming the majority owner and at least two years afterwards in order to study the eventual changes of the take over. Financial ratios such as debt to equity ratio, leverage and return on equity were then calculated and results analysed. Theories of capital structure such as the Trade off theory, Pecking order theory, Miller and Modigliani and the Agency theory have also been applied to analyse the outcome. The method of comparison used was the differencein-difference method with data from Statistics Sweden (SCB) from similar relevant companies. The results of this study do not indicate that the capital structure of the company changes significantly within the first two years after acquisition by the majority owner Ratos. Suggestions for further studies would be to analyse a wider group of Private Equity companies as majority owners and observe eventual changes in capital structure in takeovers.
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Franck, Jacob. "Crowdfunding och dess förhållande till spridnings- och kompletteringsförbudet i aktiebolagslagen 1:7 och 1:8." Thesis, Uppsala universitet, Juridiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-258503.
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Amadeus, Musa. "Essays on the Corporate Implications of Compensation Incentives." Thesis, Boston College, 2015. http://hdl.handle.net/2345/bc-ir:104367.
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Thesis advisor: Ronnie SadkaThis dissertation is comprised of three essays which examine the ramifications of executive compensation incentive structures on corporate outcomes. In the first essay, I present evidence which suggests that executive compensation convexity, measured as the sensitivity of managerial equity compensation portfolios to stock volatility, predicts firm-specific crashes. I find that a bottom-to-top decile change in compensation convexity results in a 21% increase in a firm's unconditional ex-post idiosyncratic crash risk. In contrast, I do not find robust evidence of a symmetric relation between compensation convexity and a firm's idiosyncratic positive jump risk. Finally, I exploit exogenous variation in compensation convexity, arising from a change in the expensing treatment of executive stock options, in buttressing my interpretations within a natural experiment setting. My results suggest that managerial equity compensation portfolios do not augment a firm's future idiosyncratic crash risk because they link managerial wealth to equity prices, but rather because they tie managerial wealth to the volatility of a firm's equity. In the second essay, I exploit an exogenous negative shock to CEO compensation convexity in examining the differential ramifications of option pay and risk-taking incentives on the systematic and idiosyncratic volatility of the firm. I find new evidence that is largely consistent with the notion that compensation convexity, stemming from option convexity, predominantly incentivizes under-diversified risk-averse CEOs to increase the value of their option portfolios by increasing the systematic volatility of the firms they manage. I hypothesize that this effect manifests as systematic volatility is readily more hedgeable than idiosyncratic volatility from the perspective of risk-averse executives who are overexposed to the idiosyncratic risk of their firms. If managers use options as a conduit through which they can gamble with shareholder wealth by overexposing them to suboptimal systematic volatility, options are not serving their intended contracting function. Instead of decreasing agency costs of risk, by encouraging CEOs to adopt innovative positive NPV projects that may be primarily characterized by idiosyncratic risk, option pay may have contributed to the same frictions it was intended to reduce. In the third essay, I present evidence that is consistent with the notion that certain managerial debt-like remuneration structures decrease the likelihood of firm-specific positive stock-price jumps. Namely, I find that a bottom-to-top decile increase in the present value of CEO pension pay leads to a roughly 25\% decrease in a firm's unconditional ex-post jump probability. However, I do not find that CEO deferred compensation decreases firm jump risk. Finally, I find that information in option-implied volatility smirks does not appear to reflect these dynamics. Together, these results suggest that not all debt-like compensation mechanisms decrease managerial risk-taking equally
Thesis (PhD) — Boston College, 2015
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Farhat, Joseph. "Essays on the Dynamics of Capital Structure." ScholarWorks@UNO, 2003. http://scholarworks.uno.edu/td/468.
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Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test - whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as proxies for the target leverage. In this dissertation, I examine whether these proxies are equivalent and test the consistency of the proxies with the theorized behavior of the true target leverage. My results indicate that the four proxies we examine have significantly different distributions and this holds across most industries. Further, the industry median leverage is the proxy which best exhibits behavior consistent with the true target leverage. Firm value is higher for firms closer to the industry median and lower for firms away from the industry median. A robustness check using Kmeans cluster analysis confirms the superiority of the industry median leverage over the other proxies of target leverage. This study complements the previous studies on the pecking order theory and the trade-off theory. The main purpose of this study is to investigate three issues that are not considered in the previous studies. The adequacy of the specification and the assumptions of the models used in testing the trade-off and the pecking order theory. The second issue examined in this study is the validity to putting the pecking order and the trade-off theories in a horse race. The final issue examined in this study is the factors driving firms to issue (repurchase) debt or equity or combination of both and simultaneously the factors affecting the size of issue (repurchase)
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Milman, Claudio Daniel. "Financial innovation and privatization of state owned enterprises in Chile, 1985-1989." Connect to resource, 1992. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1263405060.
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