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Corporate Financial Management 3e
Emery Finnerty Stowe
Managing Capital Structure
Learning Objectives
Apply concepts of capital structure theory to choose a firm’s capital structure.
Explain why a firm’s senior debt’s rating indicates the firm’s exposure to default risk.
Use debt ratings to choose and manage the firm’s capital structure.
Calculate adjusted present value and cost of capital for a project.
Chapter Outline
Industry Effects
Factors Affecting a Firm’s Choice of Capital Structure
Choosing an Appropriate Capital Structure
Adjusting Present Value and Required Returns for Capital Structure Effects
Adjusted Present Value
Managing Capital Structure and Its Impact on Firm Value
Estimating the for a Capital Budgeting Project
Managing Capital Structure and the Principles of Finance
Behavioral
Look at the capital structure decisions and financing transactions of other firms for guidance
Risk-return trade-off
Capital structure changes made at fair-market values are simply a risk-return trade-off. They do not create value, although they change equity-debt risk sharing
Incremental benefits
Consider ways to minimize the value lost to capital market imperfections (such as asymmetric taxes, asymmetric information, and transaction costs).
Managing Capital Structure and the Principles of Finance
Valuable ideas
Issue securities that are in short supply (perhaps resulting from tax law changes
Signaling
Consider capital structure changes carefully because they convey information to outsiders and can be misunderstoo.
Time-value-of-money
Include time-value-of-money tax benefits
Capital market efficiency
The potential to increase the firm value through capital structure changes is smaller than the potential through valuable new ideas parative advantage
Industry Effects
There are systematic differences in capital structures across industries.
These are largely due to differences in:
The degree of operating risk.
Non-debt