Capital Structure & Corporate Financing Decisions: Theory, Evidence, and Practice

A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment

Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth.

Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders.

* Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy
* Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas
* Contains information from survey research describing actual financial practices of firms

This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.

Acknowledgments.

1 Capital Structure: An Overview (H. Kent Baker and Gerald S. Martin).

Part I The Elements of Capital Structure.

2 Factors Affecting Capital Structure Decisions (Wolfgang Bessler, Wolfgang Drobetz, and Robin Kazemieh).

3 Capital Structure and Compensation (Alan Victor Scott Douglas).

4 Capital Structure and Firm Risk (Valentin Dimitrov).

5 Worldwide Patterns in Capital Structure (Carmen Cotei and Joseph Farhat).

6 Capital Structure and Corporate Strategy (Maurizio La Rocca).

7 Capital Structure and Returns (Yaz Gulnur Muradoglu and Sheeja Sivaprasad).

Part II Capital Structure Choice.

8 Capital Structure Theories and Empirical Tests: An Overview (Stein Frydenberg).

9 Capital Structure Irrelevance: The Modigliani-Miller Model (Sergei V. Cheremushkin).

10 Trade-off, Pecking Order, Signaling, and Market Timing Models (Anton Miglo).

11 Estimating Capital Costs: Practical Implementation of Theory’s Insights (Robert N. Conroy and Robert S. Harris).

12 Economic, Regulatory, and Industry Effects on Capital Structure (Paroma Sanyal).

13 Survey Evidence on Financing Decisions and Cost of Capital (Franck Bancel and Usha R. Mittoo).

14 Survey Evidence on Capital Structure: Non-U.S. Evidence (Abe de Jong and Patrick Verwijmeren).

Part III Raising Capital.

15 The Roles of Financial Intermediaries in Raising Capital (Neal Galpin and Heungju Park).

16 Bank Relationships and Collateralization (Aron A. Gottesman and Gordon S. Roberts).

17 Rating Agencies and Credit Insurance (John Patrick Hunt).

18 Secured Financing (Hugh Marble III).

19 Sale and Leasebacks (Kyle S. Wells).

Part IV Special Topics.

20 Financial Distress and Bankruptcy (Kimberly J. Rodgers).

21 Fiduciary Responsibility and Financial Distress (Remus D. Valsan and Morin A. Yahya).

22 The Lease versus Buy Decision (Sris Chaterjee and An Yan).

23 Private Investment in Public Equity (William K. Sjostrom Jr.).

24 Financing Corporate Mergers and Acquisitions (Wolfgang Bessler, Wolfgang Drobetz, and Jan Zimmermann)

Answers to Chapter Discussion Questions.

Index.

H. KENT BAKER, PhD, CFA, CMA, is University Professor of Finance and Kogod Research Professor at the Kogod School of Business at American University, Washington, D.C. He has published extensively in leading academic and professional finance journals including the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. Recognized as one of the most prolific authors in finance during the past fifty years, Professor Baker has consulting and training experience with more than 100 organizations and has been listed in fifteen biographies.

GERALD S. MARTIN, PhD, is an Associate Professor of Finance at the Kogod School of Business at American University, Washington, D.C. He has published in top scholarly journals, including the Journal of Financial Economics and Journal of Financial and Quantitative Analysis. Before embarking on his academic career, Professor Martin spent seventeen years in the private sector as president and CEO of TMI Aircraft Finance/TMI Leasing, LLC, financing aircraft and aviation products worldwide for Textron Financial Corporation, as well as in marketing and research at Bell Helicopter Textron Inc.

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