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Добірка наукової літератури з теми "Financial distress. Capital structure. Acquisitions"

Автор: Grafiati

Опубліковано: 11 березня 2023

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Статті в журналах з теми "Financial distress. Capital structure. Acquisitions"

Babatunde Bunmi, Osifalujo, Isiaka Najeem Ayodeji, and Olufemi O. Omotilewa. "Merger and Acquisition and Perfomance of Deposit Money Banks in Nigeria: Pre and Post Analysis." Sumerianz Journal of Business Management and Marketing, no. 312 (December 4, 2020): 183–91. http://dx.doi.org/10.47752/sjbmm.312.183.191.

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Low capital base, insolvency, poor corporate governance and incessant banks distress among other factors have contributed to the recent failure of banks in Nigeria. To curb such challenges, banks all over the world now adopt mergers and acquisitions as a strategy to improve their performances. Therefore, this study examined the impact of mergers and acquisition on the performance of deposit money banks in Nigeria. The study considered capital structure, asset profile, total deposit and profit after tax of the selected bank as the measurement for the performance and effect of merger and acquisition of the bank in both pre and post merger and acquisition period. Data were collected from the published financial statements of the bank namely former Intercontinental Bank Plc and Access Bank (now Access Bank Plc) from 2005 to 2017 and the model was formulated using ordinary least square method. It was revealed that for both the pre-merger and post-merger periods, it was revealed that the access bank performed better. In the post – merger and acquisition period as asset profile and total deposit has no significant effect on the profit after tax of access bank in Nigeria, while capital structure has a significant effect on profit after tax of access bank plc. While in the pre-merger and acquisition capital structure, asset profile and total deposit have no significant impact on profit after tax of access bank plc. The study concludes that mergers and acquisitions have a significant impact on the performance of deposit money bank in Nigeria. Therefore, the study recommended that banks can merge or acquire one and other. This has proved to be an effective strategy for rescuing ailing or weak banks. This would provide financial muscles and managerial competence that would enhance financial performance.

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Bernardo, Antonio E., Alex Fabisiak, and Ivo Welch. "Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity." Journal of Financial and Quantitative Analysis 55, no. 5 (August 22, 2019): 1619–56. http://dx.doi.org/10.1017/s0022109019000644.

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Firms with lower leverage are not only less likely to experience financial distress but are also better positioned to acquire assets from other distressed firms. With endogenous asset sales and values, each firm’s debt choice then depends on the choices of its industry peers. With indivisible assets, otherwise-identical firms may adopt different debt policies, with some choosing highly levered operations (to take advantage of ongoing debt benefits) and others choosing more conservative policies to wait for acquisition opportunities. Our key empirical implication is that the acquisition channel can induce firms to reduce debt when assets become more redeployable.

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Kaaro, Hermeindito. "KEBANGKRUTAN VERSUS RESTRUKTURISASI: EVALUASI DAN PREDIKSI KELANGSUNGAN HIDUP PERUSAHAAN PASCA KRISIS KEUANGAN 1997." KINERJA 8, no. 1 (November 20, 2016): 1–26. http://dx.doi.org/10.24002/kinerja.v8i1.805.

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The purposes of this study are to evaluate the persistence in healthy firms during financial crisis periods, to predict healthy firms based on some relevant variables, and to evaluate the effectiveness of the change of company strategic attributes to cope with the financial distress, and to avoid firms bankruptcy in the future. This study provides a methodology that useful to evaluate and predict firm performance. This study uses statistical and qualitative approaches in order to get comprehensive conclusion whether non-healthy firms can increase their performance or not.Twelve selected variables are employed to predict the healthy firms from one through four periods (from 1994 through 1999) before the events (from 1998 through 2000). Seven strategic attributes are identified during the crisis periods to evaluate the change of firm performance. Four major research findings can be summarized as follows. First, there is persistence in the firm performance. The non-healthy firms underperform healthy firms and they also persistently have the worst performance in one and two next years. Second, two business risk proxies, sales stability and standard deviation of return on investment, are consistently significant in predictingthe healthy firms. The effect of investment opportunity, leverage (financial risk), and liquidity in predicting the healthy firms is relatively moderate from one through four years before the event years. While other variables including dividend policy, earning stability, and assets structure are less consistent to predict the healthy firms due to the bias of multicolinearity effects. This study also finds that using univariate t-test, most variables of the two sub-samples (healthy versus nonhealthy firms) are significantly different for all periods, except 1994. Third, the results of predictionmodels are robust. The models provide highly accurate results in matching the classifications of actual observations and the prediction results, range from 86,8% through 100%. Fourth, four strategic attributes, the change of director boards, the composition change of capital ownerships, strategic alliances, and acquisitions, are effective to increase the firm performance. However, surprise that debt restructuring is less powerful to cope with the firm financial distress during three year periods of analysis.Keywords: healthy firm, debt restructuring, corporate strategy, business and financial risks

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S.R., Vishwanath, Jaskiran Arora, Durga Prasad, and Kulbir Singh. "Wockhardt Limited: will it rise from the ashes?" CASE Journal 14, no. 5 (September 10, 2018): 567–92. http://dx.doi.org/10.1108/tcj-05-2017-0041.

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Synopsis The case provides an introduction to how currency mismatches create exposures, why and how companies hedge (or do not hedge) those exposures, alternate valuation models and the use of foreign currency convertibles in funding a global expansion program. The case highlights the ambitious growth strategy of Wockhardt, a global biopharmaceutical company. In a bid to dominate the biopharmaceutical market, Wockhardt grew aggressively by acquiring companies all over the world. This expansion was funded by a mix of secured loans (bank borrowings) and unsecured loans including foreign currency (US dollar denominated) convertible bonds (FCCBs). Due to deteriorating business and economic conditions, the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. The company had to restructure its capital structure in March 2009 to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. The company’s management is faced with several options to deal with financial distress. The case asks students to evaluate those options. The case can be used to teach hedging foreign currency exposures, design of capital structure in rapidly evolving industries and dangers of financing R&D intensive ventures with convertible debt denominated in foreign currencies. Research methodology The case is based on secondary data sources. Information statements filed with the Securities Exchange Board of India, the company’s website, press releases and security analyst reports formed the basis for this case. Supplementary information was gathered from the CAPITALINE database, and websites of the Bombay Stock Exchange and the National Stock Exchange of India. Sources of information are documented appropriately in the case and teaching note. No names in the case have been disguised. The authors have no personal relationship with the company. Relevant courses and levels The case is suitable for courses in corporate finance, mergers and acquisitions, international financial management, corporate restructuring and valuation at the graduate level. It can also be used in executive education programs. Theoretical bases The case provides an introduction to how currency mismatches create exposures, why and how companies hedge (or do not hedge) those exposures, alternate valuation models, the use of foreign currency convertibles in funding a global expansion program and the alternatives in corporate restructuring. Suitable references are provided in the teaching note.

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García, C. José, and Begoña Herrero. "Female directors, capital structure, and financial distress." Journal of Business Research 136 (November 2021): 592–601. http://dx.doi.org/10.1016/j.jbusres.2021.07.061.

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Gertler, Mark, and R. Glenn Hubbard. "Taxation, Corporate Capital Structure, and Financial Distress." Tax Policy and the Economy 4 (January 1990): 43–71. http://dx.doi.org/10.1086/tpe.4.20061792.

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Heinkel, Robert, and Josef Zechner. "Financial Distress and Optimal Capital Structure Adjustments." Journal of Economics Management Strategy 2, no. 4 (December 1993): 531–65. http://dx.doi.org/10.1111/j.1430-9134.1993.00531.x.

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Kristanti, Farida Titik, Sri Rahayu, and Deannes Isynuwardhana. "Integrating Capital Structure, Financial and Non-Financial Performance: Distress Prediction of SMEs." GATR Accounting and Finance Review 4, no. 2 (July 31, 2019): 56–63. http://dx.doi.org/10.35609/afr.2019.4.2(4).

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Objective – The growth of SMEs in Indonesia is rising from year to year. As an anticipation of bankruptcy, predictions can be made in an integrated means from the perspective of capital structure, financial, and non-financial performance. Methodology/Technique – A sample of 39 companies were selected using purposive sampling during the research period of 2013-2017. The results of the statistical logistic regression show that profitability is an important factor in predicting financial distress of the SMEs in Indonesia. Findings – The operating income to total assets has a negative and significant effect on SMEs financial distress. Meanwhile, retained earnings to total assets have a positive impact. Indonesian SMEs must be efficient in their operational costs to avoid financial distress. Novelty – In addition, sales are also important. If the company's sales are high, and the operational cost efficiency is maintained, the retained earnings will increase. This means that the company will be safe and able to avoid financial distress. Type of Paper: Empirical. Keywords: Capital Structure; Financial; Distress; Non-Financial; Performance. Reference to this paper should be made as follows: Kristanti F T; Rahayu S; Isynuwardhana D; 2019. Integrating Capital Structure, Financial and Non-Financial Performance: Distress Prediction of SMEs, Acc. Fin. Review 4 (2): 56 – 62 https://doi.org/10.35609/afr.2019.4.2(4) JEL Classification: G32, G33, G34.

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Wardhana, Rony, Muslich Anshori, and Heru Tjaraka. "Determinants Moderators of Financial Distress: An Evidence Affiliation Group and Political Connection." AKRUAL: Jurnal Akuntansi 14, no. 1 (October 8, 2022): 132–47. http://dx.doi.org/10.26740/jaj.v14n1.p132-147.

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There is a theoretical gap in the research during the research period, so it is necessary to reconcile the findings, which is expected to be useful for all parties, academics, practitioners and related companies. The analysis used in this research is the Smart PLS tool. The population in this study are all manufacturing industrial companies listed on the Indonesia Stock Exchange for the 2017-2020 period. The sample of this study amounted to 144 companies. Tax aggressiveness shows results that do not affect the capital structure of manufacturing companies. Investment decisions affect the increase in capital structure in manufacturing companies. The capital structure shows a strong influence on financial distress in manufacturing companies. The results of the indirect effect test explain that tax aggressiveness has no significant effect on financial distress through capital structure. The results of the indirect effect test explain the substantial impact of investment decisions on financial distress through capital structure. The results of the moderating effect test show that the capital structure has no significant effect on financial distress with group affiliation moderation. The results of the moderating effect test explain the significant effect of capital structure on financial distress by moderating political connections.

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Artamevia, Baiq Vica, and Nanik Wahyuni. "PROFITABILITAS TERHADAP FINANCIAL DISTRESS DIMODERASI STRUKTUR MODAL." El Muhasaba Jurnal Akuntansi 13, no. 2 (July 6, 2022): 161–69. http://dx.doi.org/10.18860/em.v13i2.15823.

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This study aims to determine the effect of profitability on financial distress moderation of capital structure is carried out to be a research renewal. profitability is projected by ROA and ROE, while the capital structure is projected by DER. The research uses financial reports and annual reports to complete the research data. The population and sample used are coal sector companies listed on the Indonesia Stock Exchange (IDX) with an observation period of 2018 to 2020. Data analysis uses SmartPls3 software by utilizing the Path Coefficient test to test hypothesis. The results show that profitability has no effect on financial distress in brick-and-mortar companies and the capital structure is not able to influence the relationship between profitability and financial distress in coal sector companies.

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Більше джерел

Дисертації з теми "Financial distress. Capital structure. Acquisitions"

FRACASSI, ELEONORA. "Essays in corporate finance." Doctoral thesis, Luiss Guido Carli, 2017. http://hdl.handle.net/11385/201142.

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This dissertation bundles three essays in the area of corporate finance. It deals with two main issues: capital structure decisions in financially distressed firms and the role of the investor identity on the acquisition performance. The first essay is a literature review about equity issues as a means to recover from financial distress. The study provides, firstly, an overview of the extant literature on capital structure theory and financial distress in order to deepen the understanding of how a firm can resolve its financial constraints. On the one hand, some of the most important contributions in capital structure theory are reviewed with a specific focus on equity issues. On the other hand, financial distress is discussed examining the main solutions adopted by distressed firms in order to reorganize (i.e. formal in court proceedings and private reorganizations). Finally, it is discussed a possible gap in capital structure theory and financial distress literature arguing that most of previous research, in the attempt to explain the occurrence of equity issues, just focused on firm specific determinants. With the aim to provide a further perspective for future research, the study examines a series of contributions that consider how capital structure decisions can be affected by external determinants related to the legal system in which the firm operates. These works are aggregated to the discussion in order to suggests a conceptual framework suitable to explain equity issues in financial distress through the integrations of capital structure theory with Law literature. The second essay is a theoretical and empirical investigation on equity issues in distressed firms. Specifically, I explore the effectiveness of equity issue as a means to recover from distress. I argue the relationship between equity issues and recovery controlling for the legal system in which the firm operates. Central to the thesis is the role of the Bankruptcy Law on the firm’s propensity to issue equity which varies according to the legal protection of the creditors. Controlling for this exogenous factor allows me to explain how recovery is affected by the issuance of equity. This study contributes to both capital structure theory and financial distress literature providing evidence on how the capital structure decision to issue equity can drive the process of firm’s recovery from distress. Then, it suggests an alternative explanation of the decision to issue equity in distress arguing the relevance of the legal system as a determinant of this choice. The hypotheses are tested on a sample of 70 firms that recovered from financial distress in 49 countries. The sample is divided in to 34 distressed firms who recovered issuing equity and 36 firms who recovered without an equity issue. Results show that the legal system matters for understanding the occurrence of equity issues in distress; they are more likely to occur in countries with a debtor friendly legal system. Conditionally to the incidence of the law on the firm’s choice to issue equity, equity issues positively affect the firm’s recovery from distress. The third study is a theoretical and empirical examination about the relationship between the buyer identity and the acquisition performance. This relationship is argued advancing and testing the idea that different identities of the buyer, specifically strategic or financial investors, have different effects on the performance of the target firm after an acquisition. We suggest that the different resource and knowledge base of the buyer, i.e. its identity, drives the target performance: on the one hand it affects the innovative output and so the patenting activity of the target, on the other hand it has an impact on the economic results of the acquired firm. This study contributes to literature on M&A by providing a complementary explanation of M&A performance, unraveling how the identity of the buyer can play a significant role in driving post-acquisition performance. Moreover, it suggests a more complete analysis of the deal’s output considering both the innovative and the economic output. The study relies on a sample of 234 acquisitions in any industry completed between 2006 and 2011. Results show that the identity of the buyer has a direct effect on the performance of the target firm after the acquisition. The results also highlight how identity has a different impact regarding to the different measures of performance: whilst the strategic buyers, moved by the interest for additional knowledge and technology, tend to integrate their capabilities with target fostering innovative processes and improving the innovative performance, the financial buyers use to undertake deals in order to maximize their profits at the expense of the innovative performance. Different evidences emerge for the economic performance of the involved firm which is positively affected by financial buyers respect to strategic ones since they induce the target firm to undertake highly risky and long term investments in R&D. The two papers of this dissertation have been presented at international Conferences on management such as EURAM 2014 (European Academy of Management) and BAM 2015 (British Academy of Management). The papers will be submitted to journals soon.

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Ozkan, Aydin. "Costs of financial distress and capital structure of firms." Thesis, University of York, 1996. http://etheses.whiterose.ac.uk/2502/.

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Dreyer, Jacque. "Capital structure : profitability, earnings volatility and the probability of financial distress." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23802.

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This research project set out to determine whether there is a relationship between the observed leverage levels of South African companies, their profitability, earnings volatility and the probability of financial distress. The relevant body of knowledge against which to execute this research project is known as capital structure theory. Capital structure theory deals with the way in which firms finance themselves. It is concerned with the relationship between the structure of debt, equity and hybrid securities found on the right hand side of the firm’s balance sheet. It is believed that the 2007/8 global financial crisis offers researchers a unique opportunity to gain insight into how the observed leverage levels of firms and their earnings volatility interact to form their probability of financial distress. This area of research is of particular interest since it is commonly believed and frequently stated that South African firms are underleveraged and secondly because there is contrarian research beginning to be published indicating that firms with very little or no debt (commonly referred to as lazy balance sheets) are outperforming their more indebted peers and are being rewarded by investors for their prudence. Copyright
Dissertation (MBA)--University of Pretoria, 2011.
Gordon Institute of Business Science (GIBS)
unrestricted

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Lin, Tuo. "The impact of capital structure and financial media on mergers & acquisitions." Thesis, Durham University, 2013. http://etheses.dur.ac.uk/7331/.

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This thesis explores the impact of capital structure and financial media on Mergers and Acquisitions. The empirical evidence on this thesis demonstrates that firm’s capital structure and financial media are both significantly related to the M&A success and M&A performances. Chapter 3 empirically investigates the interaction between a bidder’s capital structure and the probability of M&A success. It suggests that bidders with great leverage deficit are less likely to be successful in M&A. The potential explanation is that overleveraged bidders are unable to provide attractive takeover offers with high premiums and thus reducing the probability of success. Chapter 4 further studies the implications of capital structure theory for M&A. The empirical evidence shows that bidder’s leverage deficit is negatively related to the probability of using pure cash payment. This implies that firms may actively rebalance their financial leverage to optimal level through M&A. Overleveraged bidders are less likely to use cash payment since they are willing to reduce their deficit level by acquiring targets with equity. By contrast, underleveraged bidders have more incentive to use cash payment because they tend to increase their debt level. Chapter 4 also shows that bidder’s capital structure has large impact on the merging firms’ stock performances in both short term and long term. Therefore bidder’s capital structure is considered as an important determinant for M&A performance. In addition, Chapter 5 further examines the relation between M&A performance and financial media. It reports that bidders with positive media attitude in pre-merger period are significantly outperformance than those with negative media attitude. It concludes that the pre-merger news released by influential financial media has large impact on market reactions to M&A announcements. Furthermore, the empirical evidence suggests that financial media is able to partially predict merging firm’s long term stock performance. Overall, our research in this thesis contributes to the literature with conclusive evidence that the considerations of capital structure and financial media provide further understandings with M&A performances.

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Tanimura, Joseph Kiyoshi. "Taxes, financial distress and capital structure in the United States and Japan." Thesis, Connect to this title online; UW restricted, 2001. http://hdl.handle.net/1773/8745.

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Pinto, Luís Carlos Nunes. "Vista Alegre: the decline of an historical company." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9635.

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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
This case describes the events that took place in Vista Alegre during the last two decades (1989-2007). This historic Portuguese company is dedicated mainly to the manufacture of ‘table art’ products, gaining enormous prestige on national territory due to the excellence of its products. However, this prestige was not sufficient to sustain the company, as this case shows. Information can be found in this case regarding the strategic decisions made by the company based on growth and major investment in new equipment in order to create a truly international group. However, this strategy did not generate the expected outcome and even resulted in the group's steep downfall which would end in the takeover bid launched by Visabeira at the beginning of 2009.

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Costa, Magali Pedro. "Three essays on firms' financial distress." Doctoral thesis, Universidade de Évora, 2015. http://hdl.handle.net/10174/17512.

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Financial and output market decisions are crucial to the success or failure of an or- ganization. These decisions are influenced by the dynamic and competitive economic environment in which firms operate and, in turn, affect the ability of firms to meet their debt obligations. This thesis is constituted by three separate but interrelated essays which explore the impact of financial and operating decisions on the default risk. The first two essays study the equilibrium default probability, in a two-stage differentiated product duopoly model with uncertainty, where firms decide their financial structure in the first stage and their quantities in the second stage. These two essays analyze the impact of changes in the parameters of the model, on the equilibrium default probability (the first essay uses com- parative statics tools while the second uses numerical simulation). The impact of changes in the uncertainty level, in the degree of product substitutability, in the marginal costs and in the default cost on the financing and output decisions and on the default risk are analyzed. The third essay tests empirical the relationship between market structure and capital structure decisions and their relationship with the default probability using a sam- ple of eleven members of the Organization for Economic Cooperation and Development (OECD). The three essays reach a coherent set of conclusions. In particular, they show that uncertainty, market structure and default costs influence financial and product market de- cisions and the probability of default. Moreover, they show that the default probability is influenced directly by the parameters, but it is also influenced by the way firms optimally adjust their financial and product market decisions when the parameters change. There- fore a less favorable environment does not necessarily imply higher default probability, as firms may respond by financing less with debt; RESUMO:Decisões financeiras e no mercado do produto são cruciais para o sucesso ou falência de uma organização. Estas decisões são influenciadas pelo ambiente econômico, dinâmico e competitivo em que as empresas operam e, por sua vez, afetam a capacidade das empresas cumprirem suas obrigações. Esta tese é constituída por três ensaios distintos, mas interrelacionados que exploram o impacto das decisões financeiras e operacionais sobre o risco de incumprimento. Os dois primeiros ensaios estudam a probabilidade de incumprimento de equilíbrio, num modelo duopólio, com produtos diferenciados, com dois estágios e com incerteza, onde as em- presas no primeiro estágio decidem a sua estrutura financeira, e no segundo estágio as suas quantidades. Estes dois ensaios analisam o impacto de alterações dos parâmetros do modelo na probabilidade de incumprimento de equilíbrio (o primeiro ensaio usa ferra- mentas de estática comparada, enquanto o segundo usa simulação numérica). É analisado o impacto de mudanças no nível de incerteza, no grau de substituibilidade do produto, nos custos marginais e no custo de incumprimento sobre as decisões de financiamento e de produção, e sobre o risco de incumprimento. O terceiro ensaio testa empíricamente a relação entre estrutura de mercado e as decisões da estrutura de capital e a sua relação com a probabilidade de incumprimento, utilizando uma amostra de onze membros da Organização para a Cooperação e Desenvolvimento Económico (OCDE). Os três ensaios chegam a um conjunto coerente de conclusões. Nomeadamente, mostram que a incerteza, a estrutura de mercado e custos de incumprimento infuenciam as decisões financeiras e no mercado do produto e a probabilidade de incumprimento. Além disso, mostram que a probabilidade de incumprimento é infuênciada diretamente pelos parâmetros , mas também é infuênciada pela forma como as empresas ajustam de forma ótima as suas decisões financeiras e no mercado do produto quando os parâmetros alteram. Por conseguinte, um ambiente menos favorável não significa necessariamente maior probabilidade de incumprimento, uma vez que as empresas podem responder financiando-se com menos dívida

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Agyei-Boapeah, Henry. "Mergers and acquisitions and corporate financial leverage : an empirical analysis of UK firms." Thesis, Loughborough University, 2013. https://dspace.lboro.ac.uk/2134/13455.

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This thesis examines the link between mergers and acquisitions (M&As) and corporate financial leverage. The thesis proposes and tests various hypotheses regarding: (1) the relationship between the probability of firms undertaking M&As and corporate financial leverage; and (2) the changes in financial leverage prior to firms' decision to initiate M&As. The empirical evidence on the proposed hypotheses is based on a large sample of firms in the UK during the period 1996 and 2006. The empirical analysis presented in this study contributes to the large and growing body of literature on the interdependence of corporate financing and investment decisions. Specifically, this study contributes to the literature in two ways. First, the thesis investigates the link between firms leverage deviations (i.e. the deviations of firms observed leverage ratios from target leverage ratios) and the probability of undertaking M&As in the future. Building upon the earlier literature, it is argued that extreme leverage deviations lower the probability of undertaking M&As by impairing firms ability to raise capital to finance these deals. The study s empirical analyses suggest that extremely overleveraged firms have lower probability of undertaking M&As. Moreover, the link between extreme overleverage and the probability of undertaking M&As is weaker for diversification-increasing acquisitions (i.e. deals in which the acquirer and the target firm operate in different industries); for domestic acquisitions (i.e. deals in which the acquirer and the target firm are domiciled in the same country); and for focused (i.e. single-segment) firms undertaking acquisitions. Thus, the leverage deviation effect is not symmetric for all types of acquisitions and for all firms. Second, the thesis examines how the pre-acquisition changes in corporate financial leverage may be influenced by: (1) the extent to which firms deviate from their target leverage ratios; and (2) firms intentions to initiate M&As. Key empirical findings in this section suggest that firms that have higher leverage deviations adjust their leverage at a higher rate than those with lower deviations. More importantly, the empirical evidence suggests that firms that undertake M&As adjust their pre-acquisition leverage at a higher rate than those that do not. These findings suggest that, when making adjustments to corporate capital structure, managers tend to consider their firms leverage deviations and their future acquisition plans. Furthermore, the study s findings partly explain the differences in the speeds of financial leverage adjustments reported in the existing literature.

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Yilmaz, Aycan. "Pricing Default And Financial Distress Risks In Foreign Currency-denominated Corporate Loans In Turkey." Master's thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613707/index.pdf.

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The globalization leads to integration of the economies worldwide. As the firms'
businesses also get integrated with each other, the financing choices of the firms diversify. Among these choices, the popularity and the share of foreign currency borrowing in total borrowing by non-financial firms increase in Turkey similar to the global developments. The main purpose of this thesis is to price the risks of default and financial distress due to foreign currency denominated loans of non-financial firms in Turkey. The valuation model of foreign currency corporate loans is established by two state variable option pricing model based on the study of Cox, Ingersoll and Ross. In our model, the main risk factors are identified as the exchange rate and the interest rate, which are the state variables of the main partial differential equation whose solution gives the value of the asset. The numerical results are tested for different parameters and for different economic environments. The findings show that interest rate fluctuations are more important both for the default and financial distress option values than the fluctuations in exchange rate. However, the effect of upside movements of exchange rate on the financial distress and default values is sharper than the downside movement effect of interest rate. Furthermore, high loan-to-value (LTV) foreign currency loans result in significantly high financial distress values that cannot be disregarded and can lead to default of the firm. To the best of our knowledge, this thesis is the first study that develops a structural model to evaluate foreign currency denominated corporate loans in an option-pricing framework.

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Ericsson, Jan. "Credit Risk in Corporate Securities and Derivatives : valuation and optimal capital structure choice." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1997. http://www.hhs.se/efi/summary/446.htm.

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Книги з теми "Financial distress. Capital structure. Acquisitions"

Gertler, Mark. Taxation, corporate capital structure, and financial distress. Cambridge, MA: National Bureau of Economic Research, 1989.

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Gottardo, Pietro, and Anna Maria Moisello. Capital Structure, Earnings Management, and Risk of Financial Distress. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-00344-9.

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Gottardo, Pietro. Capital Structure, Earnings Management, and Risk of Financial Distress: A Comparative Analysis of Family and Non-family Firms. Springer, 2018.

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Частини книг з теми "Financial distress. Capital structure. Acquisitions"

Cornaggia, Kimberly J. "Financial Distress and Bankruptcy." In Capital Structure and Corporate Financing Decisions, 351–70. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118266250.ch20.

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Valsan, Remus D., and Moin A. Yahya. "Fiduciary Responsibility and Financial Distress." In Capital Structure and Corporate Financing Decisions, 371–86. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118266250.ch21.

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Bierman, Harold. "Capital Structure Decision With Costs of Financial Distress." In The Capital Structure Decision, 69–74. Boston, MA: Springer US, 2003. http://dx.doi.org/10.1007/978-1-4615-1037-6_5.

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Gottardo, Pietro, and Anna Maria Moisello. "Family Control and Capital Structure Choices." In Capital Structure, Earnings Management, and Risk of Financial Distress, 13–40. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00344-9_2.

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Gottardo, Pietro, and Anna Maria Moisello. "Family Influence, Leverage and Probability of Financial Distress." In Capital Structure, Earnings Management, and Risk of Financial Distress, 41–55. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00344-9_3.

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Gottardo, Pietro, and Anna Maria Moisello. "Introduction." In Capital Structure, Earnings Management, and Risk of Financial Distress, 1–11. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00344-9_1.

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Gottardo, Pietro, and Anna Maria Moisello. "Equity and Bond Issues and Earnings Management Practices." In Capital Structure, Earnings Management, and Risk of Financial Distress, 57–73. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00344-9_4.

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Gottardo, Pietro, and Anna Maria Moisello. "Earnings Management, Issues and Firm Market Value." In Capital Structure, Earnings Management, and Risk of Financial Distress, 75–92. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00344-9_5.

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Gottardo, Pietro, and Anna Maria Moisello. "Conclusions." In Capital Structure, Earnings Management, and Risk of Financial Distress, 93–99. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00344-9_6.

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Santarelli, Enrico, and Hien Thu Tran. "The Interaction of Institutional Quality and Human Capital in Shaping the Dynamics of Capital Structure." In Micro, Small, and Medium Enterprises in Vietnam, 63–87. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198851189.003.0004.

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Анотація:

This chapter aims to find if trade-off theory or pecking order theory best explain the capital structure of non-state firms during the post-transition process in Vietnam. We investigate the effect of human capital, institutional quality, and their interaction on the capital structure decision. Findings suggest the capital structure of Vietnamese firms is a balance between the trade-off theory and the pecking order theory. Accessing formal debts is tough for young and non-state firms, whereas those with access to formal loans take advantage of their leverage tools to exploit the tax benefits against the costs of financial distress. Other findings include: (i) profitability and debt tax shields are no longer important when entrepreneurs adopt informal debt financing; (ii) high-quality institutions enable firms to reduce reliance on debt financing; (iii) while human capital encourages entrepreneurs to obtain more loans, its interaction with institutional quality deters debt financing and favours other financial sources.

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Тези доповідей конференцій з теми "Financial distress. Capital structure. Acquisitions"

Yana, Astri, and Elan Purwanto. "The Effect of Financial Distress, Capital Structure, and Firm Size on The Firm Value of Property Companies Listed in Indonesia Stock Exchange 2016-2020." In Proceedings of the 1st International Conference on Contemporary Risk Studies, ICONIC-RS 2022, 31 March-1 April 2022, South Jakarta, DKI Jakarta, Indonesia. EAI, 2022. http://dx.doi.org/10.4108/eai.31-3-2022.2321087.

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Coulson, K. E. W., T. C. Slimmon, and M. A. Murray. "A Structured Approach to Supplier Performance Measurement." In 2000 3rd International Pipeline Conference. American Society of Mechanical Engineers, 2000. http://dx.doi.org/10.1115/ipc2000-116.

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The start of the new millennium will see companies in the oil and gas industry faced with a dual challenge. Not only will they have to undertake exploration in more demanding terrain and environments, but they also face far more competition in what they previously regarded as their traditional marketplace. The goal of meeting both shareholder and customer needs, while simultaneously attempting to increase market share by becoming more competitive, will be paramount if this success is to be achieved. While a number of strategies have been developed over the last decade in an attempt to achieve and balance these financial goals, the control and reduction of costs play a significant part in all such ‘cost effective’ programs. Past approaches have targeted the organisational structure, internal processes and strategic advantage through acquisitions, mergers and downsizing. However, any gains realised by such programs must be continuously improved upon by implementing innovative approaches to future reductions and controlling costs. Some companies have shifted the focus from internal cost scrutiny to influencing and ultimately controlling external factors of cost. The supply chain offers a tremendous opportunity to drive out costs, one such approach being to partner with the best suppliers of key components to shorten delivery times while minimizing life cycle costs. It is therefore paramount that one distinguishes between those who are simply suppliers and that smaller group who are the best suppliers, all the while fostering a win-win relationship by sharing growth and profitability. This paper will introduce the concepts of the Supplier Performance Measurement Process (SPMP), which NOVA / TransCanada introduced in late 1997 to measure and manage its suppliers’ performance in the provision of a few strategically critical commodities. To provide context for this paper two such commodities, high pressure line pipe and high integrity pipe coatings are addressed in some detail. The application of the process to these commodities alone yielded a capital cost reduction of 6%. The paper explains in practical terms, the steps involved in the implementation of SPMP, and provides a simple process for eliciting feedback on the efficacy of the procurement process.

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Звіти організацій з теми "Financial distress. Capital structure. Acquisitions"

Gertler, Mark, and R. Glenn Hubbard. Taxation, Corporate Capital Structure, and Financial Distress. Cambridge, MA: National Bureau of Economic Research, December 1989. http://dx.doi.org/10.3386/w3202.

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