Зміст
Добірка наукової літератури з теми "Financial distress. Capital structure. Acquisitions"
Оформте джерело за APA, MLA, Chicago, Harvard та іншими стилями
Ознайомтеся зі списками актуальних статей, книг, дисертацій, тез та інших наукових джерел на тему "Financial distress. Capital structure. Acquisitions".
Біля кожної праці в переліку літератури доступна кнопка «Додати до бібліографії». Скористайтеся нею – і ми автоматично оформимо бібліографічне посилання на обрану працю в потрібному вам стилі цитування: APA, MLA, «Гарвард», «Чикаго», «Ванкувер» тощо.
Також ви можете завантажити повний текст наукової публікації у форматі «.pdf» та прочитати онлайн анотацію до роботи, якщо відповідні параметри наявні в метаданих.
Дисертації з теми "Financial distress. Capital structure. Acquisitions"
1
FRACASSI, ELEONORA. "Essays in corporate finance." Doctoral thesis, Luiss Guido Carli, 2017. http://hdl.handle.net/11385/201142.
Повний текст джерелаАнотація:
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.
2
Ozkan, Aydin. "Costs of financial distress and capital structure of firms." Thesis, University of York, 1996. http://etheses.whiterose.ac.uk/2502/.
Повний текст джерела
3
Dreyer, Jacque. "Capital structure : profitability, earnings volatility and the probability of financial distress." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23802.
Повний текст джерелаАнотація:
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<br>Dissertation (MBA)--University of Pretoria, 2011.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted
4
Lin, Tuo. "The impact of capital structure and financial media on mergers & acquisitions." Thesis, Durham University, 2013. http://etheses.dur.ac.uk/7331/.
Повний текст джерелаАнотація:
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.
5
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.
Повний текст джерела
6
Pinto, Luís Carlos Nunes. "Vista Alegre: the decline of an historical company." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9635.
Повний текст джерелаАнотація:
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<br>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.
7
Costa, Magali Pedro. "Three essays on firms' financial distress." Doctoral thesis, Universidade de Évora, 2015. http://hdl.handle.net/10174/17512.
Повний текст джерелаАнотація:
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
8
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.
Повний текст джерелаАнотація:
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.
9
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.
Повний текст джерелаАнотація:
The globalization leads to integration of the economies worldwide. As the firms'<br>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.
10
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.
Повний текст джерела