Capital Structure Decisions in Institutional Buyouts
Diss. RWTH Aachen 2005
Series: Entrepreneurship;
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Product details:
- Edition number 2006
- Publisher Deutscher Universitätsverlag
- Date of Publication 24 February 2006
- Number of Volumes 1 pieces, Book
- ISBN 9783835002296
- Binding Paperback
- No. of pages260 pages
- Size 210x148 mm
- Weight 454 g
- Language English
- Illustrations XXIII, 260 p. Tables, black & white 0
Categories
Long description:
Despite substantial progress in understanding what affects corporate financing decisions, a surprising lack of consensus has prompted researchers to continue to refine and test existing capital structure theories in different settings.
Christian Kühn explores the impact of institutional buyouts (IBOs) characteristics on the transaction's capital structure and examines the robustness of established theories in a context which deviates substantially from most empirical studies hitherto. He investigates detailed data from 94 IBOs across Europe by means of a set of univariate analyses and binomial logistic regressions. With regard to capital structure theories the identified relationships suggest a renaissance of the static trade-off theory while the relevance of the agency theory could only be confirmed in part. However, it appears that agency cost of debt assume a more influential role than do agency cost of equity.
Table of Contents:
Characteristics of institutional buyouts (IBOs) Overview of corporate finance theories, the trade-off between taxes and financial distress, capital structure and agency conflicts IBO financing layers Hypothesis of IBO capital structures and operationalisation of variables Empirical results on IBO capital structures
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