Dynamical Corporate Finance

An Equilibrium Approach

Umberto Sagliaschi, Roberto Savona (Autoren)

Buch | Softcover

VIII, 201 Seiten

2022 | 1st ed. 2021
Springer International Publishing (Verlag)
978-3-030-77855-2 (ISBN)

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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.

lt;p> 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.

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.

Erscheinungsdatum	31.07.2022
Reihe/Serie	Contributions to Finance and Accounting
Zusatzinfo	VIII, 201 p. 1 illus.
Verlagsort	Cham
Sprache	englisch
Maße	155 x 235 mm
Gewicht	332 g
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
Schlagworte	capital structure • Corporate Finance • Financial Engineering • Financial policies • financial tools • Valuation
ISBN-10	3-030-77855-X / 303077855X
ISBN-13	978-3-030-77855-2 / 9783030778552
Zustand	Neuware