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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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- 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
- Hess Q2 2009 Earnings Transcript
- Question-and-Answer SessionOperator Operator Instructions. And our first question will be from the line of Dough Leggate with Howard Weil Please proceed sir. Dough Leggate - Howard, Weil, Labouisse, Friedrichs, Inc. Thanks. Good morning guys. Thanks for taking my question. John Hess Good morning. Dough Leggate - Howard, Weil, Labouisse,...
- Earnings calls 2009-07-29
- 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
- Institutions Risk Management, Capital Structure and Lending at Banks
- In this paper, we test how access to the loan sales market affects bank capital structure and lending decisions. Hedging activities in the form of derivatives trading and swap activities - activities that allow firms to manage their market risks - have been shown to influence firm performance and risk
- White papers 2001-10-01
- Optimizing Capital Structures In Challenging Times
- It has been observed that Bank lending is on the decline. The high-yield market is opening up. In addition, institutional investors are bringing new liquidity to the marketplace. The question it tries to address is how to employ capital structures and risk management techniques effectively in today's challenging credit and...
- White papers 2002-03-01
- 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
- 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
- A Multinational Perspective on Capital Structure Choice and Internal Capital Markets
- This paper examines the impact of local tax rates and capital market conditions on the level and composition of borrowing by foreign affiliates of American multinational corporations. The evidence indicates that 10 percent higher local tax rates are associated with 2.8 percent higher debt/asset ratios of American-owned affiliates, and that...
- White papers 2003-05-23
- 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
- Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry
- This paper discusses the capital structure, which employs simultaneous-equations model that accounts for reverse causality from performance and agency costs, banking, efficiency. It discusses that data on the U.S. banking industry are consistent with the theory, and the results are statistically significant, economically significant, and robust.
- White papers 2003-01-11
- 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
- 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
- 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
- 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
- Are Scale Economies in Banking Elusive or Illusive? Evidence Obtained by Incorporating Capital Structure and Risk-Taking
- This paper explores how to incorporate banks' capital structure and risk-taking into models of production. In doing so, the paper bridges the gulf between the banking literature that studies moral hazard effects of bank regulation without considering the underlying microeconomics of production and the literature that uses dual profit and...
- White papers 2000-05-01
Additional Resources
- Statement by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking and Financial Services, U.S. House of Representatives, November 13, 1997 - Statements to the Congress - Transcript
- Statement by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking and Financial Services, U.S. House of Representatives, November 13, 1997Recent developments in world finance have highlighted growing interactions among national financial markets. The underlying technology-based structure of the international financial system has...
- Research articles 1998-01-01
- Danger & Opportunity: Healthcare, Financial Service Reform Making Headway
- Two of the Obama Administration's top priorities to accomplish by year-end—healthcare and financial services reform—are well on their way to fruition.The Senate Finance Committee passed October 13 its version of healthcare reform, and at press time White House and Congressional leaders were busy trying to meld provisions of five House...
- News items 2009-10-30
- PNC Financial Services Group Q3 2007 Earnings Call Transcript
- Question-and-Answer Session Operator [Operator Instructions]. Your first question comes from the line Scott Siefers. James E. Rohr - Chairman and Chief Executive Officer Good morning, Scott. Richard J. Johnson - Chief Financial Officer Good morning, Scott. Operator Scott, your...
- Earnings calls 2007-10-18
- For King and country
- Some very radical prescriptions for dealing with the banking sector to avoid another financial crisis of the magnitude of the one just experienced are flowing in the UK from the most authoritative of sources. That the UK is producing the most revolutionary of responses perhaps isn't surprising, given how badly...
- News items 2009-10-20
- Enterprise Risk Management In The Financial Services Industry: Still A Long Way To Go
- All businesses are now experiencing the need to successfully practice enterprise risk management ERM, a rigorous approach to assessing and addressing an organization's risks from all sources to increase the value of the enterprise. The paper shows how ERM for financial services managers can help them systematically make such integrated...
- White papers 2000-08-01
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