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BNET Business Dictionary
- Capital Structure
- the relative proportions of equity capital and debt capital in a company's balance sheet
- Capital Structure definition on BNET »
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- Risk-Adjusted Yardstick May Be Misnamed
- "This paper represents an improvement over the traditional approach to capital structure management. But just as clearly, there are some significant shortcomings.As a consequence, there are grounds for thinking the equity ratios it produces may not be right. The key aim of the risk-adjusted return determine the overall downside risk...
- White papers 1999-10-08
- Institutions and the External Capital Structure of Countries
- In a cross section of emerging markets and developing countries, it is found that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities or as a share of GDP are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially,...
- White papers 2004-12-01
- Capital Structure and Stock Returns
- U.S. corporations do not use their debt and equity issuing and repurchasing activities to counteract the mechanistic effects of stock returns on their debt equity ratios. Thus, over 1-5 year horizons, stock returns can explain about 40% of debt ratio dynamics. Although corporate net issuing activity is lively, and although...
- White papers 2004-02-01
Additional Resources
- Capital Structure and Inventory Management
- A large literature examines the e?ects of a firm's mixture of debt and equity on its incentives to produce. For nearly 30 years, researchers have examined the consequences of splits between ownership and control agency models and the resulting diversity of claims on cash flow. A related stream of research...
- White papers 2005-08-05
- Optimal Capital Structure and the Market for Outside Finance in Commercial Real Estate
- When asked about optimal capital structure, the typical response from a commercial real estate investor is "go for it?use as much debt as possible." This answer, while not being necessarily incorrect, is not very informative. This paper seeks to articulate the economics underlying the market for outside finance in commercial...
- White papers 2004-08-01
- Human Capital, Bankruptcy And Capital Structure
- We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also...
- White papers 2006-12-05
- Horses and Rabbits? Optimal Dynamic Capital Structure From Shareholder and Manager Perspectives
- This paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent-claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target debt/equity ratio by refinancing maturing debt. Using this model...
- White papers 2002-11-01
- Capital Structure Arbitrage Strategies: Models, Practice and Empirical Evidence
- Capital structure arbitrage strategies currently are the fastest growing sector in the hedge fund market and in proprietary trading departments in large banks. The objective of the thesis is the theoretical and practical background of capital structure arbitrage and hedging strategies, and the empirical evidence of key relationships applying these...
- White papers 2003-11-01
- External Capital Structure-Theory And Evidence
- Recent years have witnessed a change in the composition of capital flows to developing countries, and FDI and equity flows have been playing an increasing role. In this article, one discusses the challenges for international macroeconomics that these developments pose and characterize stylized facts associated with the structure of external...
- White papers 2000-08-01
- TAG Group reorganises Capital Structure of TAG Heuer SA
- GENEVA--BUSINESS WIRE--December 19, 1995--The TAG Group has reorganised the capital structure of TAG Heuer SA, a leading maker of Swiss sports watches and chronographs.As a result, the TAG Group has retained majority ownership and extended the share capital to management, headed by Christian Viros and CWB Capital Partners, a European...
- Research articles 1995-12-19
- PhotoWorks, Inc. Announces $6.5 Million Recapitalization Plan; Receives Commitment for $4 Million Capital Infusion and Renegotiates Current Debt and Equity Structure
- SEATTLE -- In a deal valued at approximately $6.5 million, PhotoWorks, Inc. (OTCBB:FOTO) announced today that it has successfully negotiated a recapitalization plan that, if approved by shareholders, will result in a simplified capital structure for the Company and a cash infusion to strengthen the Company's balance sheet and expand...
- Research articles 2004-12-22
- JCPenney Announces New Capital Structure Repositioning Program; $1 Billion Program Targeted for Equity and Debt Reductions; Company Declares May 2, 2005 Dividend
- PLANO, Texas -- J. C. Penney Company, Inc. (NYSE:JCP) today announced that its Board of Directors has approved a new $1 billion capital structure repositioning program. The new program is to be funded with approximately $600 million of free cash flow generated in 2004 and $400 million previously allocated to...
- Research articles 2005-03-18
- Capital Structure Arbitrage: An Empirical Investigation Using Stocks and High Yield Bonds
- Capital structure arbitrage is one of the most recent hedge fund strategies that are rapidly gaining popularity amongst traders. This paper looks at the possibility of arbitraging mispricings between a company's high yield bond and stock. The argument behind the strategy is that the equity and debt markets quite often...
- White papers 2004-02-01
- American Tower - Industry Leading Capital Structure
- American Tower is a leading owner and operator of communications sites for the wireless and broadcast industries, with more than 23,000 sites in the United States, Mexico, Brazil and India. The company's has grown its communications site portfolio through acquisitions and tower construction activities, primarily funded from cash flow from...
- Blog posts 2008-12-01
- Hollinger Inc. Announces That Its Equity Units Will Become Retractable Common Shares
- TORONTO--BUSINESS WIRE--May 28, 1998--Hollinger Inc. (TSE:HLG.UN.) (ME:HLG.UN.) (VSE:HLG.UN.) (NASDAQ:HLGUF) (NYSE:HLR) Hollinger Inc. announced that at its annual and special meeting of shareholders held May 27, 1998 special resolutions were passed to consolidate the 31 shares making up an Equity Unit into one retractable common share which will simplify its capital...
- Research articles 1998-05-28
- Operational Decisions, Capital Structure, and Managerial Compensation: A News Vendor Perspective
- While firm growth critically depends on financing ability and access to external capital, the operations management literature seldom considers the effects of financial constraints on the firms' operational decisions. Another critical assumption in traditional operations models is that corporate managers always act in the firm owners' best interests. Managers are,...
- White papers 2005-08-29
- Financial DNA Provides Insight on MasterCard's Proposed Demutualization and IPO
- MasterCard today announced its prospective demutualization through a major IPO. Its member banks will forfeit voting and ownership control in exchange for a $650+ million capital infusion from the public equity market. Funds from the IPO, now slated for early 2006, will be used to shore up MasterCard's...
- Research articles 2005-08-31
- X-Rite Announces Agreements for Capital Raise and Amended Credit Agreement
- Funds to Be Used to Improve Capital Structure, Reduce Debt and Position Company for Future Growth GRAND RAPIDS, Mich. -- X-Rite, Incorporated (NASDAQ:XRIT) today announced that following extensive negotiations, the Company has signed a forbearance and new lender agreement and investor agreements that include a plan to substantially reduce...
- Research articles 2008-08-20
- SLM International files consensual plan of reorganization and appoints new chief executive officer
- NEW YORK--BUSINESS WIRE--Sept. 17, 1996--SLM International, Inc. (Electronic Bulletin Board: "SLMI") announced today that it has filed with the United States Bankruptcy Court in Wilmington, Delaware, a plan of reorganization that has the full support of each of the Company's key creditor groups. The Plan provides for a significant...
- Research articles 1996-09-17
- American Campus Communities: Debt Covenants and Dividend Cuts
- Richard Woon submits: American Campus Communities ACC is a real estate investment trust (a “REIT”) that bills itself as “…one of the nation's largest developers, owners and managers of high-quality student housing communities.”[i] I believe ACC will be forced to reduce the dividend to 26¢ per share or lower in...
- External links 2009-04-06
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