Dynamical Corporate Finance

An Equilibrium Approach

AvUmberto Sagliaschi,Roberto Savona

Inbunden, Engelska, 2021

Del i serien Contributions to Finance and Accounting

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Häftad

1 419 kr

Beskrivning

The way in which leverage and its expected dynamics impact on firm valuation is very different from what is assumed by the traditional static capital structure framework. Recent work that allows the firm to restructure its debt over time proves to be able to explain much of the observed cross-sectional and time-series variation in leverage, while static capital structure predictions do not. The purpose of this book is to re-characterize the firm’s valuation process within a dynamical capital structure environment, by drawing on a vast body of recent and more traditional theoretical insights and empirical findings on firm evaluation, also including asset pricing literature, offering a new setting in which practitioners and researchers are provided with new tools to anticipate changes in capital structure and setting prices for firm’s debt and equity accordingly.

Produktinformation

Utgivningsdatum:2021-07-30
Mått:155 x 235 x 18 mm
Vikt:489 g
Format:Inbunden
Språk:Engelska
Serie:Contributions to Finance and Accounting
Antal sidor:201
Förlag:Springer Nature Switzerland AG
ISBN:9783030778521

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap
Redovisning inom Ekonomi och Ledarskap

Mer om författaren

Umberto Sagliaschi is Head of Equity Investments (Open-End Funds), at Quaestio Capital SGR SpA, where he is responsible for bottom-up equity strategies. He started his career as analyst for Eni SpA, and then joined Quaestio Capital in 2014 as equity analyst.Roberto Savona is Associate Professor of Banking and Finance at the Department of Economics and Management, University of Brescia, Italy. His research has appeared in finance and economics journals, such as European Journal of Finance, European Journal of Operational Research, Journal of Financial Econometrics, Oxford Bulletin of Economics and Statistics, PLoS ONE, Quantitative Finance. He currently serves as an Academic Editor of PLoS ONE.

Innehållsförteckning

Chapter 1. Introduction.- Chapter 2. The Value of the Firm and its Securities.- Chapter 3. Borrowing Constraints, Debt Dynamics and Investment Decisions.- Chapter 4. Imperfect Competition, Working Capital and Tobin’s Q.- Chapter 5. Continuous Time Models, Unsecured Debt and Commitment.- Chapter 6. Dynamic Capital Structure without Commitment.- Chapter 7. Extensions.