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  3. Budgettering og økonomistyring

Corporate Policies In A World With Information Asymmetry

Af: Ramesh K S Rao, Vipin K Agrawal Engelsk Hardback

Corporate Policies In A World With Information Asymmetry

Af: Ramesh K S Rao, Vipin K Agrawal Engelsk Hardback
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A corporate manager typically oversees several ongoing projects and has the opportunity to invest in new projects that add wealth to the stockholders. Such new projects include expanding the corporation's existing business, entering into a new line of business, acquiring another business, and so on. If the firm does not have sufficient internal capital (cash) to finance the initial investment, the manager must enter into a transaction with outside investors to raise additional funds.

In this situation, the manager of a public corporation faces two key decisions:

  • Should he transact with outside investors and raise the necessary capital to invest in the project? The answer to this question determines the firm's investment policy.
  • If the manager decides to raise external capital how should the investment be financed — with debt, with equity, or with some other security? The answer determines the firm's financing policy.

Modern corporate finance theory, originating with the seminal work of Merton Miller and Franco Modigliani, has demonstrated that these decisions depend on the information that the manager and investors have about the firm's future cash flows.

In this book, the authors examine these decisions by assuming that the manager has private information about the firm's future cash flows. They provide a unified framework that yields new theoretical insights and explains many empirical anomalies documented in the literature.

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A corporate manager typically oversees several ongoing projects and has the opportunity to invest in new projects that add wealth to the stockholders. Such new projects include expanding the corporation's existing business, entering into a new line of business, acquiring another business, and so on. If the firm does not have sufficient internal capital (cash) to finance the initial investment, the manager must enter into a transaction with outside investors to raise additional funds.

In this situation, the manager of a public corporation faces two key decisions:

  • Should he transact with outside investors and raise the necessary capital to invest in the project? The answer to this question determines the firm's investment policy.
  • If the manager decides to raise external capital how should the investment be financed — with debt, with equity, or with some other security? The answer determines the firm's financing policy.

Modern corporate finance theory, originating with the seminal work of Merton Miller and Franco Modigliani, has demonstrated that these decisions depend on the information that the manager and investors have about the firm's future cash flows.

In this book, the authors examine these decisions by assuming that the manager has private information about the firm's future cash flows. They provide a unified framework that yields new theoretical insights and explains many empirical anomalies documented in the literature.

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Produktdetaljer
Sprog: Engelsk
Sider: 176
ISBN-13: 9789814551304
Indbinding: Hardback
Udgave:
ISBN-10: 9814551309
Kategori: Budgettering og økonomistyring
Udg. Dato: 16 okt 2015
Længde: 18mm
Bredde: 236mm
Højde: 161mm
Forlag: World Scientific Publishing Co Pte Ltd
Oplagsdato: 16 okt 2015
Forfatter(e): Ramesh K S Rao, Vipin K Agrawal
Forfatter(e) Ramesh K S Rao, Vipin K Agrawal

Kategori Budgettering og økonomistyring

ISBN-13 9789814551304

Sprog Engelsk

Indbinding Hardback

Sider 176

Udgave

Længde 18mm

Bredde 236mm

Højde 161mm

Udg. Dato 16 okt 2015

Oplagsdato 16 okt 2015

Forlag World Scientific Publishing Co Pte Ltd

Kategori sammenhænge