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The Capital Structure Decision By Harold Bierman Jr.

The Capital Structure Decision by Harold Bierman Jr.

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Summary

Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12).

The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders).

This book will be specially printed for your order, which means it may take a little longer to arrive (5 days). We do this to cut down on waste & to help protect our planet.

The Capital Structure Decision Summary

The Capital Structure Decision by Harold Bierman Jr.

In 1958 an academic paper on corporate finance written by two professors (Merton Miller and Frances Modigliani, who were later awarded the Nobel prize for their research efforts) was published in The American Economic Review. One prime conclusion of their paper was that the exact form of a firm's capital structure did not affect the firm's value.

Later papers by the same two authors and by many others modified the assumptions and changed this conclusion. We now think that capital structure decisions do affect a firm's value and corporate managers should understand better the financing alternatives that are available.

One of the most important financial decisions is the decision to buy or lease assets. The leasing industry is large and getting larger. Unfortunately, it is very easy for a firm to evaluate incorrectly lease alternatives (see Chapter 12).

The capital structure decision is one of the three most important financial decisions that management make (the distribution of earnings and the capital budgeting decisions are the other two contenders). Managers should increase their understanding of capital structure alternatives and remember that choosing the best capital structure is an art and not an exact simple calculation. But applying the art can be improved with understanding.

Table of Contents

1. Why Capital Structure is Important.- 2. Capital Structure Decision With Zero Taxes.- 3. Capital Structure Decision With Corporate Tax.- 4. Capital Structure Decision With Corporate and Investor Taxes.- 5. Capital Structure Decision With Costs of Financial Distress.- 6. Capital Structure Decision With Friendly and Unfriendly Debt.- 7. Capital Structure and Earnings Per Share.- 8. Capital Structure and Capital Budgeting Decisions.- 9. The Power of Tax Deductible Debt.- 10. Preferred Stock.- 11. Convertible Bonds.- 12. Leasing as a Method of Financing.- 13. Disparate Objectives.- 14. An Overview.

Additional information

NLS9781461353638
9781461353638
1461353637
The Capital Structure Decision by Harold Bierman Jr.
New
Paperback
Springer-Verlag New York Inc.
2012-10-30
227
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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