Corporate Finance: Capital Structure & Payout Policies最新文献

On the Choice between a Sale-Leaseback and Debt 论售后回租与债务的选择

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2020-05-01 DOI: 10.22495/cocv5i4c2p6

Michael C. I. Nwogugu

引用次数: 3

How to Value a Seasonal Company Discounting Cash Flows 如何对季节性公司进行现金流贴现估值

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2019-05-23 DOI: 10.2139/ssrn.406220

Pablo Fernández

{"title":"How to Value a Seasonal Company Discounting Cash Flows","authors":"Pablo Fernández","doi":"10.2139/ssrn.406220","DOIUrl":"https://doi.org/10.2139/ssrn.406220","url":null,"abstract":"The correct way of valuing seasonal companies by cash flow discounting is to use monthly data. It is possible to use annual data, but it requires some adjustments. In this paper the author shows that when using annual data in the context of the adjusted present value (APV), the calculations of the value of the unlevered equity (Vu) and the value of the tax shields (VTS) must be adjusted. However, the debt that has to be substracted to calculate the equity value does not need to be adjusted. The author derives the adjustments to be made. The errors due to using annual data without making the adjustments are big. Adjusting the calculations only by using average debt and average working capital requirements does not provide a good approximation. When the inventories are a liquid commodity such as grain or seeds, it is not correct to consider all of them as working capital requirements. Excess inventories financed with debt are equivalent to a set of futures contracts. The author shows that not considering them as such leads to an undervaluation of the company. This paper values a company in which the seasonality is due to the purchases of raw materials: the company buys and pays for all raw materials in the month of December. It is shown that the equity value calculated using annual data without making the adjustments understates the true value by 45% if the valuation is done at the end of December, and overstates the true value by 38% if the valuation is done at the end of November. The error due to adjusting only by using average debt and average working capital requirements ranges from -17.9% to 8.5%.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116130134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 14

Timing of Earnings and Capital Structure 收益时间和资本结构

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2016-09-08 DOI: 10.2139/ssrn.2907200

A. Miglo

引用次数: 5

Sell-Side Debt Analysts and Debt Market Efficiency 卖方债务分析师和债务市场效率

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2015-05-01 DOI: 10.2139/ssrn.1148898

Umit G. Gurun, Rick Johnston, S. Markov

{"title":"Sell-Side Debt Analysts and Debt Market Efficiency","authors":"Umit G. Gurun, Rick Johnston, S. Markov","doi":"10.2139/ssrn.1148898","DOIUrl":"https://doi.org/10.2139/ssrn.1148898","url":null,"abstract":"We explore sell-side debt analysts’ contributions to the efficiency of securities markets. We document that debt returns lag equity returns less when debt research coverage exists, consistent with debt analysts facilitating the process by which available information is impounded in debt prices. The effect is incremental to, but comparable in magnitude to, hedge fund ownership’s effect. No such effect exists for credit rating agencies. We also find that the dissemination of debt reports has an immediate effect on return volatility in both markets, consistent with debt analysts providing new information to securities markets. Increased return covariation suggests that this information impacts the pricing of debt and equity in the same direction. A large percentage of debt reports do not induce any immediate debt market return reaction but do induce an equity return reaction, consistent with new information being provided despite the absence of a debt market reaction. Finally, there is systematic variation in the debt market’s trading and return reactions to debt research. Timely reports and those by high-reputation brokers induce a quicker trading response, thus enhancing liquidity, while only timely reports induce a greater return response. This study illuminates the institutional underpinnings of debt market efficiency, and it has important implications for information content tests in the debt market, where trading is limited.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122561068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 26

The Impact of Debt-Equity Reporting Classifications on the Firms' Decision to Issue Hybrid Securities 债-股报告分类对公司发行混合证券决策的影响

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2014-03-01 DOI: 10.2139/ssrn.861685

S. Levi, Benjamin Segal

引用次数: 4

Do Firms Have Financing Preferences Along Their Life Cycles? Evidence from Iberia 企业在生命周期中是否有融资偏好?来自伊比利亚的证据

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2014-02-01 DOI: 10.2139/ssrn.676869

G. Teixeira, Mário Coutinho dos Santos

{"title":"Do Firms Have Financing Preferences Along Their Life Cycles? Evidence from Iberia","authors":"G. Teixeira, Mário Coutinho dos Santos","doi":"10.2139/ssrn.676869","DOIUrl":"https://doi.org/10.2139/ssrn.676869","url":null,"abstract":"Building on the biological concept of a life cycle, the paper analyzes the issue of the strategic financing choice of firms through the lens of the life cycle framework. Using data for the 1994-2003 period, from a sample of Iberian firms the paper investigates 379 start-ups (789 firm year observations) and 2 325 firms (19 647 firm year observations) distributed by the other three phases of the life cycle model adopted for the study.Univariate results document that the debt ratio increases over the life cycle of firms. This empirical finding is consistent with the conjecture that firms tend to adopt specific financing strategies as they progress along the phases of their life cycles.We found evidence that can be interpreted as consistent with a pecking order model of financing. Findings also indicate that the theory that short-term debt may have a role in firm strategic financing choice. A significant industry effect for all variables included in the analysis was found as well.Overall, findings provide support to the notion that the design of financing strategy is influenced, among other factors, by asymmetric information considerations, and growth opportunities.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129934654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 13

Intertemporal Competition for Institutional Capital in IPOs ipo中机构资本的跨期竞争

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2013-12-24 DOI: 10.2139/ssrn.1343971

S. Kovbasyuk

引用次数: 0

Liberbank, las Preferentes de Caja Cantabria y el Banco de España (Liberbank, Preferred and Bank of Spain) Liberbank, Caja Cantabria和Banco de espana的优先股(Liberbank, Preferred and Bank of Spain)

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2013-07-12 DOI: 10.2139/SSRN.908543

Pablo Fernández

引用次数: 0

Utilidad y limitaciones de las valoraciones por múltiplos (Valuations with Multiples) 多重估值的有用性和局限性

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2013-04-15 DOI: 10.2139/SSRN.918469

Pablo Fernández, Jose M. Carabias

{"title":"Utilidad y limitaciones de las valoraciones por múltiplos (Valuations with Multiples)","authors":"Pablo Fernández, Jose M. Carabias","doi":"10.2139/SSRN.918469","DOIUrl":"https://doi.org/10.2139/SSRN.918469","url":null,"abstract":"Spanish Abstract: La conclusion fundamental es que los multiplos casi siempre tienen una gran dispersion. Por este motivo las valoraciones realizadas por multiplos son casi siempre muy cuestionables. Sin embargo, los multiplos si son utiles en una segunda fase de la valoracion: una vez realizada la valoracion por descuento de flujos, una comparacion con los multiplos de empresas comparables permite calibrar la valoracion realizada e identificar diferencias entre la empresa valorada y las comparables. Tambien pueden ser utiles para calcular el valor terminal en una valoracion por descuento de flujos, siempre que el multiplo utilizado tenga una magnitud y una interpretacion “sensatas”.English Abstract: This paper focuses on equity valuation using multiples. Our basic conclusion is that multiples nearly always have broad dispersion, which is why valuations performed using multiples may be highly debatable. We revise the 14 most popular multiples and deal with the problem of using multiples for valuation: their dispersion. 1,200 multiples from 175 companies illustrate the dispersion of multiples of European utilities, English utilities, European constructors, hotel companies, telecommunications, banks and Internet companies. However, multiples are useful in a second stage of the valuation: after performing the valuation using another method, a comparison with the multiples of comparable firms enables us to gauge the valuation performed and identify differences between the firm valued and the firms it is compared with.","PeriodicalId":437258,"journal":{"name":"Corporate Finance: Capital Structure & Payout Policies","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133175660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Microfinance and Dynamic Incentives 小额信贷和动态激励

Corporate Finance: Capital Structure & Payout Policies Pub Date : 2012-09-10 DOI: 10.2139/ssrn.1260825

Dmitry A. Shapiro

引用次数: 37