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Firms' Investment and Finance Decisions

Author: Paul Butzen

Publisher: Edward Elgar Publishing

Published: 2003-01-01

Total Pages: 354

ISBN-13: 9781781956335

This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.

Capital Investment and Financial Decisions

Author: Haim Levy

Publisher: Pearson Education

Published: 1994

Total Pages: 804

ISBN-13: 9780131158825

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A substantial revision of a bestseller by two prominent authors, this book focuses on the practical application of the modern theory of finance to realistic corporate decisions, with an emphasis on the allocation of a firm's long-term capital resources. Includes new chapters on short term working capital management and new examples throughout.

Firms' Investment and Finance Decisions

Author: Paul Butzen

Publisher: Edward Elgar Publishing

Published: 2003

Total Pages: 0

ISBN-13: 9781843763994

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This text provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation using evidence derived from microeconomic data sets. indeed financially constrained, for fixed investment as well as for R&D projects. The free cash-flow hypothesis holds, that is, managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a wait and see strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed.

Capital Structure and Corporate Financing Decisions

Author: H. Kent Baker

Publisher: John Wiley & Sons

Published: 2011-03-31

Total Pages: 504

ISBN-13: 1118022947

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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.

The Investment Decisions of Firms

Author: S. J. Nickell

Publisher: Welwyn : Nisbet ; Cambridge : Cambridge University Press

Published: 1978

Total Pages: 344

ISBN-13:

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Corporate Finance and Investment

Author: Richard Pike

Publisher: Pearson Education

Published: 2006

Total Pages: 790

ISBN-13: 9780273695615

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This text has a practical orientation with a wealth of examples and case studies. Recommended by the CIMA and ACCA, it includes new material on derivatives, treasury management and restructuring.

The Financial Times Guide to Making the Right Investment Decisions

Author: Michael Cahill

Publisher: Pearson UK

Published: 2013-02-14

Total Pages: 355

ISBN-13: 0273759973

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Do you want to feel more confident about your investment decisions? Do you need to have a better understanding of how the stock markets value a business? Do you want to know what the key ratios are that drive share price performance? The Financial Times Guide to Making the Right Investment Decisions is the insider’s guide to how the market examines companies and values shares. It helps you understand the factors that drive long term wealth creation as well as highlighting the key risks that lead to value being destroyed. Originally published as Analysing Companies and Valuing Shares, this new edition has been fully revised and includes a new and easy to follow framework for understanding valuation. Perfect for investors at all levels, it guides you through the investment maze, and highlights the key issues you need to consider to invest successfully. The Financial Times Guide to Making the Right Investment Decisions: · Gives you an easy to follow framework to guide your decision-making · Explains clearly and concisely key financial concepts and how they drive valuation · Shows you the key ratios to monitor and how they affect share prices · Illustrates the key risks and warning signals that will help you avoid losses · Identifies the qualities of company management and governance that differentiates winners from losers · Brings the issues and numbers to life with real examples and case studies In a challenging economic and stock market environment, the need to take better informed decisions is vital. This clear, common sense guide provides a comprehensive and accessible framework for understanding the valuation of a business and what drives its share price. Knowing the key numbers, ratios and techniques that professional investors use will help you to reduce your risk and invest more profitably.

Irreversibility, Uncertainty, and Investment

Author: Robert S. Pindyck

Publisher: World Bank Publications

Published: 1989

Total Pages: 58

ISBN-13:

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Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.

Understanding Financial Management

Author: H. Kent Baker

Publisher: John Wiley & Sons

Published: 2009-02-09

Total Pages: 504

ISBN-13: 1405151919

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Designed for those who want to gain an understanding of the fundamental concepts and techniques used in financial management. An underlying premise of the book is that the objective of the firm is to maximize value or wealth. Drawing on a wealth of experience in the academic and professional worlds, the authors discuss how firms can accomplish this objective by making appropriate investment and financing decisions. Bridging the gap between financial theory and practice, the authors present fundamental concepts in an intuitive and nontechnical way, and provide numerous practical financial tips to readers. The focus is on current practice, using results from recent surveys to show the most popular techniques and approaches used by financial managers today. A range of instructor’s resources are available at the accompanying website. Visit www.blackwellpublishing.com/baker for full details.

Investment and Financing Decisions of Private and Public Firms

Author: Wolfgang Drobetz

Publisher:

Published: 2018

Total Pages: 55

ISBN-13:

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We study the differences in the allocation of cash flow between Western European private and public firms. Public firms have a significantly higher investment-cash flow sensitivity than comparable private firms. These differences in investment-cash flow sensitivities are not due to more stringent financial constraints of public firms. Instead, our results suggest an agency-based explanation, since differences in investment-cash flow sensitivities can only be observed for the unexpected portion of firms' cash flow. These findings are driven by firms from countries with low ownership concentration and liquid stock markets, where shareholders have lower incentives to monitor managers and rather sell their shares when discontent. Our study adds a new aspect to the ongoing debate on the effect of a stock market listing on a firm's investment decisions.