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Monday, August 16, 2021 | History

2 edition of A theory of corporate financial structure based on the seniority of claims found in the catalog.

A theory of corporate financial structure based on the seniority of claims

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Published by Dept. of Economics, Massachusetts Institute of Technology in Cambridge, Mass .
Written in English


Edition Notes

Statementby Oliver Hart and John Moore
SeriesWorking paper / Department of Economics -- no. 560, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 560.
ContributionsMoore, John, 1954-, Massachusetts Institute of Technology. Dept. of Economics
The Physical Object
Pagination1 v. (various pagings) :
ID Numbers
Open LibraryOL24637270M
OCLC/WorldCa23098207

Table of contents for Corporate finance / Stephen A. Ross, Randolph W. Westerfield, Jeffrey Jaffe. Bibliographic record and links to related information available from the Library of Congress catalog. Note: Contents data are machine generated based on pre-publication provided by the publisher. Contents may have variations from the printed book. Theory that the firm's capital structure is determined by a trade-off of the value of tax shields against the costs of bankruptcy. Stationary time series A longitudinal measure in which the process generating returns is identical over time.


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A theory of corporate financial structure based on the seniority of claims by Oliver D. Hart Download PDF EPUB FB2

A Theory of Corporate Financial Structure Based on the Seniority of Claims. Oliver Hart John Moore. Working Paper DOI w Issue Date September We develop a theory of optimal capital structure based on the idea that debt and equity differ in their priority status relative to future corporate cash by: 9.

uction SincethetimeofModiglianiandMiller'sfamousirrelevancetheorem, economistshavedevotedmuchefforttorelaxingthetheorem'sassumptionsin.

Oliver Hart John Moore, "A Theory of Corporate Financial Structure Based on the Seniority of Claims," STICERD - Theoretical Economics Paper SeriesSuntory and Toyota International Centres for Economics and Related Disciplines, LSE. Oliver Hart John Moore, "A Theory of Corporate Financial Structure Based on the Seniority of Claims," NBER Working PapersNational Bureau of Economic Research, Inc.

Handle: RePEc:nbr:nberwo Note: EFG. A Theory of Corporate Financial Structure Based on the Seniority of Claims. Oliver Hart and John Moore. NoNBER Working Papers from National Bureau of Economic Research, Inc.

Abstract: We develop a theory of optimal capital structure based on the idea that debt and equity differ in their priority status relative to future corporate cash pants.

A company with high (dispersed) debt will find it hard to raise Cited by: A Theory of Corporate Financial Structure Based on the Seniority of Claims. We develop a theory of optimal capital structure based on the idea that debt and equity differ in their priority status relative to future corporate cash pants.

A company with high (dispersed) debt will find it hard to raise new capital since new security-holders Author: Oliver Hart and John Moore. Hart, O. and J. Moore () A Theory of Corporate Financial Structure Based on the Seniority of Claims, National Bureau of Economic Research Working Paper Google Scholar Jensen, M.

() Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, vol. 76, pp. Positive accounting theory is claimed to be explanatory of accounting practice; a scientific, empirical, economics-based theory.

These claims are examined severally, and in significant respects. Corporate Finance, 10 th edition, McGraw Hill ; Berk and DeMarzo, Corporate Finance, Pearson ) would be useful. Textbooks and readings There is no general textbook that covers the material in this course.

A good book on the theory of corporate finance is: Tirole, Jean: The Theory of Corporate Finance, Princeton University Press. Start studying Financial Structure of the Corporation. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

The results still hold if seniority is based on the average of all three worker claims (pension contributions, wages, and severance pay) rather than pension claims alone (Table B).

They are also robust to measuring employees seniority as the seniority of wages or severance pay alone and to using the measure of effective employee protection in restructuring described in Section. A Theory of Corporate Capital Structure and Investment This paper develops a theory of financial intermediation based on minimizing the cost of monitoring information which is useful for.

the more theoretical articles and treatises on finance theory. For doctoral students the book provides a framework of conceptual knowledge, enabling the students to understand what the literature on financial theory is trying to do and how it all fits together.

For MBAs it provides an in-depth experience with the subject of finance. Hart, O. and Moore, J. (b) A Theory of Corporate Financial Structure Based on the Seniority of Claims, NBER Working Paper Series, no.

CrossRef Google Scholar Herman, E. () Corporate Control, Corporate Power (Cambridge: Cambridge University Press). Altman, E. Corporate Financial Distress and Bankruptcy, 2nd ed.New York: John Wiley Sons.

Google Scholar. Walter, J. Determination of Technical Insolvency. Journal of Business (January). Google Scholar. CHAPTER 2 Evolution of the Bankruptcy Process in the United States and International Comparisons. Nottingham University Business School. Steve Diacon.

Nottingham University Business School. In particular, securities with high book to market ratios (book equity divided by market equity, BEME) appear to command a value premium. A Theory of Corporate Financial Structure Based on the Seniority of Claims.

Such research could help in explaining inter-industry variations in capital structure. Theories Driven by Corporate Control Considerations. Following the growing importance of takeover activities in the 's, the finance literature began to examine the linkage between the market for corporate control and capital structure.

The Theory of Corporate Finance also covers the application of the paradigms of corporate finance to particular aspects of corporate financial decisions and relationships. These include initial public offerings of common stock, the role of debt contracts, the relation between financial structure and the real asset and product markets, capital.

2 Corporate Financing: Some Stylized Facts 75 Introduction 75 ModiglianiMiller and the Financial Structure Puzzle 77 Debt Instruments 80 Equity Instruments 90 Financing Patterns 95 Conclusion Appendixes The Five Cs of Credit Analysis Loan Covenants References II Corporate Financing and Agency.

1 Forthcoming: Strategic Management in the 21st Century, Volume 2 Corporate Strategy, Praeger Press Corporate Financial Strategy Arindam Bandopadhyaya1 Kristen Callahan2 Yong-Chul Shin3 Current Version: February 1 Corresponding author; Chair, Director of Financial Services Forum and Faculty in the Department of Accounting and Finance, College of Management.

Corporate Taxes the debt tax shield Personal Taxes Bankruptcy Costs The Static Trade-Off Theory References Brealey, R. and S. Myers Principles of Corporate Finance, 9th Edition (New York McGraw-Hill ) Chapters 18 and 19 Grinblatt M.

and S. Titman () 2nd Edition Financial Markets and Corporate. capital structure as a bargaining tool: the role of leverage in contract renegociation. year of publication: I The Theory Of Finance 1 Introduction: Capital Markets, Consumption, and Investment 2 Investment Decisions: The Certainty Case 3 More Advanced Capital Budgeting 4 The Theory of Choice: Utility Theory Given Uncertainty 5 State-Preference Theory 6 Objects of Choice: Mean-Variance Uncertainty 7 Market Equilibrium: CAPM and APT 8 Pricing Contingent Claims: Option Pricing Theory and.

Capital structure in corporate finance is the mix of various forms of external funds, known as capital, used to finance a business. It consists of shareholders' equity, debt, and preferred stock, and is detailed in the company's balance sheet.

The larger the debt component is in relation to the other sources of capital, the greater financial leverage the firm is said to have. Too much debt can increase the risk of the company and reduce its financial. This is a book which should be read by all students, whether undergraduate and postgraduate.

It also provides a succinct guide for the manager who wishes to come to grips with this topic, or the accountant nostalgic to recollect the non too praiseworthy and indecisive history of this topic' - Managerial Auditing Journal Corporate Financial Reporting critically examines contemporary corporate.

Job structure: An ordered set of jobs represents the job structure or hierarchy. That is, jobs that require higher qualifications, more responsibilities and more complex job duties should be paid more Job evaluation: Systematically recognizes differences in the relative worth among a set of jobs and to establish pay differentials accordingly.

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Ownership and board structures in publicly traded corporations. JournaL ofFinanciaL Economics, 52, Harris M. and A. Raviv (). Corporate control contests and capital structure. Journal of Financial Economics, 20, Hart, O. and J. Moore (). Debt and seniority: An analysis of the role of hard claims in constraining management.

Capital Structure theory based on a Gaussian setting. In this paper, we use a non-Gaussian setting to come up with a fair valuation of companys credit risk. The non-Gaussian framework has been set up by L.

Borland (Quantitative Finance, 2,) using a closed form option pricing solution to predict European call prices which. Theory Z. William Ouchi (pronounced O Chee), a management scholar at the University of California, Los Angeles, has proposed a theory that combines U.

and Japanese business practices. He calls it Theory Z. compares the traditional U. and Japanese management styles with the Theory Z approach. Theory Z emphasizes long-term employment, slow career development, moderate specialization.

entrenchment has uniformly stronger magnitude for all of our main explana tory from ECON at Berkeley City College. To be fair, it is true that corporate financial theory has made advances in taking commonsense principles and providing structure, but these advances have been primarily on the details.

The story line in corporate finance has remained remarkably consistent over time. Talking about story lines allows me to set the first theme of this book. This. The only text to strike a balance between solid financial theory and practical applications, BrighamEhrhardt s FINANCIAL MANAGEMENT: THEORY AND PRACTICE, 15e gives you a thorough understanding of the essential concepts you need to develop and implement effective financial strategies.

The book begins with a presentation of corporate finance Reviews: Major Theories in Finance Research Disclaimer: The opinions and views expressed presented in this talk are solely from the perspective of the designated authors and do not reflect the opinions or views of USM.

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Get FREE 7-day instant eTextbook access. This is a book which should be read by all students, whether undergraduate and postgraduate. It also provides a succinct guide for the manager who wishes to come to grips with this topic, or the accountant nostalgic to recollect the non too praiseworthy and indecisive history of this topic.

Managerial Auditing Journal Corporate Financial Reporting critically examines contemporary Reviews: 2. Book description.

Corporate Financial Reporting and Analysis: A Global Perspective3e by David Young and Jacob Cohen is an introductory textbook on financial reporting for MBA students.

This book is intended to offer the rigor and comprehensive coverage required of an MBA text, while at the same time offering an accessible and practical reference for participants in executive programs.

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