Handbook of corporate finance empirical corporate finance. Volume 2 Volume 2 /
This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role...
| Otros Autores: | |
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| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Amsterdam ; Boston :
Elsevier/North-Holland
2008.
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| Edición: | 1st ed |
| Colección: | Handbooks in finance.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009627263306719 |
Tabla de Contenidos:
- Front Cover; Handbook of Corporate Finance; Copyright Page; Introduction to the Series; Contents of the Handbook; Preface: Empirical Corporate Finance; Table of Contents; Part 3: Dividends, Capital Structure, and Financial Distress; Chapter 10. Payout Policy; 1. Introduction; 2. The Miller and Modigliani Irrelevance Propositions; 2.1. Dividend Policy Irrelevance; 3. Dividends and Taxes; 3.1. Tests of the Brennan Model; 3.2. The Ex-Dividend Day Studies; 3.3. Ex-Day and Cross-Sectional Studies; 3.4. The Case of Citizen Utilities; 3.5. Recent Evidence on Dividends and Taxes
- 4. Agency Relationships and Dividend Policy4.1. The main claimholders of the firm; 4.2. Stockholder-Bondholder conflict and dividends; 4.3. Conflicts of Interest between Stockholders and other Senior Claimholders; 4.4. Ownership Versus Control and the Dividend Decision; 5. Asymmetric Information and Payout Policy; 5.1. Dividend-Signaling Models; 5.2. Dividend Smoothing and Dividend Clienteles; 5.3. Empirical Evidence on Signaling; 6. Share Repurchases; 6.1. Empirical Evidence on Share Repurchases; 7. Alternative Theories and New Stylized Facts; 8. Conclusion; References
- Chapter 11. Taxes and Corporate Finance1. Introduction; 2. Taxes and Capital Structure-the U.S. Tax System; 2.1. Theory and Empirical Predictions; 2.2. Empirical Evidence on Whether the Tax Advantage of Debt Increases Firm Value; 2.3. Empirical Evidence on Whether Corporate Taxes Affect Debt vs. Equity Policy; 2.4. Empirical Evidence on Whether Personal Taxes Affect Corporate Debt vs. Equity Policy; 2.5. Beyond Debt vs. Equity; 3. Taxes and Capital Structure-International Tax Issues; 3.1. Tax Incentives and Financial Policy in Multinational Firms: Theory and Tax Rules
- 3.2. Empirical Evidence Related to Multinational Tax Incentives to Use Debt3.3. Other Predictions and Evidence about Multinational Tax Incentives; 4. Taxes, LBOs, Corporate Restructuring, and Organizational Form; 4.1. Theory and Predictions; 4.2. Empirical Evidence; 5. Taxes and Payout Policy; 5.1. Theory and Empirical Predictions; 5.2. Empirical Evidence on Whether Firm Value is Negatively Affected by Dividend Payments; 5.3. Evidence on Whether Ex-Day Stock Returns and Payout Policy are Affected by Investor Taxes; 6. Taxes and Compensation Policy; 6.1. Theory and Empirical Predictions
- 6.2. Empirical Evidence7. Taxes, Corporate Risk Management, and Earnings Management; 7.1. Theory and Empirical Predictions; 7.2. Empirical Evidence; 8. Tax Shelters; 9. Summary and Suggestions for Future Research; References; Chapter 12. Trade-Off and Pecking Order Theories of Debt; 1. Introduction; 2. Theory; 2.1. Kinds of Theories; 2.2. The Modigliani-Miller Theorem; 2.3. The Trade-Off Theory; 2.4. The Pecking Order Theory; 3. Evidence; 3.1. Financing Decisions at the Aggregate Level; 3.2. Leverage Differences between Firms; 3.3. Studies of Leverage Changes
- 3.4. Market Valuation of Leverage Changes
