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- Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions
- We develop a framework for analyzing the capital allocation and capital structure decisions facing financial institutions such as banks. Our model incorporates two key features: i) value-maximizing banks have a well-founded concern with risk management; and ii) not all the risks they face can be frictionlessly hedged in the capital...
- White papers 1997-03-17
- How Do CFOs Make Capital Budgeting And Capital Structure Decisions?
- A large body of academic research describes the optimal decisions that corporations should make, given certain assumptions and conditions. Anecdotal evidence, however, suggests that the way that corporations actually make decisions is not always consistent with the academic decision rules. This paper analyzes a comprehensive survey that describes the current...
- White papers 2002-03-08
- Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach
- This white paper basically deals with developing a framework for analyzing the capital allocation and capital structure decisions facing financial institutions such as banks. The basic model incorporates two key features: value-maximizing banks have a well-founded concern with risk management; and not all the risks they face can be frictionless...
- White papers 2002-01-02
- Risk Management, Capital Budgeting and Capital Structure Policy for Insurers and Reinsurers
- This paper builds on Froot and Stein (1998) in developing a framework for analyzing the risk allocation, capital budgeting, and capital structure decisions facing insurers and reinsurers. The model incorporates three key features: value-maximizing insurers and reinsurers face product market as well as capital market imperfections that give rise to...
- White papers 2003-12-01
Additional Resources
- The Theory and Practice of Corporate Finance: Evidence from the Field
- We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on net present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. Older executives without an MBA are more likely to rely...
- White papers 1999-12-01
- The Theory and Practice of Corporate Finance: The Data
- In February and March of 1999, we surveyed 392 CFOs about the cost of capital, capital budgeting, and capital structure. The survey consisted of 14 main questions, most with subparts - over 100 questions in total. Although the survey was anonymous, we also collected information on 12 characteristics of the...
- White papers 2003-01-01
- Behavioral Finance in a Principal-Agent Model of Capital Budgeting
- Recent behavioral research in corporate finance has attempted to analyse the implications of managerial irrationality in capital structure and capital budgeting decisions. The focus of this paper is on the effects of managerial irrationality in capital budgeting. The authors have developed a principal-agent model which provides the basis for an...
- White papers 2004-08-01
- Corporate finance in Europe: confronting theory with practice
- We present the results o fan international survey of 313 European CFOs on capital budgeting, cost of capital, capital structure, and corporate governance. We find that although large firms often use present value techniques and the capital asset pricing model to assess the feasibility o[an investment opportunity, CFOs of small...
- Research articles 2004-12-22
- Case Studies in Finance: Managing for Corporate Value Creation
- This book presents 46 case studies in finance, targeted toward upper-level undergraduates and introductory and intermediate-level MBA students. The purpose of these cases is to afford the basis for classroom discussion of tools and concepts. The range of topics includes value creation, market efficiency, economic profit, financial analysis and forecasting,...
- White papers 2002-07-01
- Cases in Corporate Finance
- This course uses intensive analysis of case studies to develop the student's ability to make financial decisions. The topics run the gamut of corporate financial decisions, including performance evaluation, working capital management, dividend policy, capital structure policy, use and valuation of derivatives, capital budgeting and mergers and acquisitions. Some new...
- White papers 2001-01-01
- Internal Capital Markets and Firm-Level Compensation Incentives for Division Managers
- Do multi-divisional firms structure compensation contracts for division managers to mitigate information and incentive problems in their internal capital markets? Using Compustat Segment financial data and compensation data from a proprietary survey, the paper finds evidence that compensation and investment incentives are substitutes: firms providing a stronger link to firm...
- White papers 2002-04-01
- CanWest Global Communications F1Q08 (Qtr End 11/30/07) Earnings Call Transcript
- Question-and-Answer SessionOperator Operator Instructions Your first question comes from Carl Bayard - Genuity Capital Markets. Carl Bayard – Genuity Capital Markets Couple of questions. First off, a question for John Maguire. I was just wondering if you have an estimate of what the clean EPS number would be if...
- Earnings calls 2008-01-10
- The Role Of The Finance Manager
- The financial manager is an important position within the structure of any firm. Almost every firm of any size has a person whose role is "To create value from the firm's capital budgeting, financing, and net working-capital activities" This person is the financial manager, although that job may go by...
- White papers 2006-08-25
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