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(2008, 1900 words)
The paper looks at how firms decide to raise finance for their business operations identifying and critically evaluating the main sources of finance available to businesses. Examples of UK based companies are analysed showing how they have raised finance for their business operations in the past. It is argued why firms decide to raise finance, what impact does this have on their profitability in the long run, and what are the advantages and disadvantages of raising finance.
(2007, 1500 words)
The following research paper is devoted to analysis of the changes in capital structure and their signalling power on the stock market. The research is discusses the theoretical underpinning of the dividend payout and share buy back decision and provides an overview of the recent findings in the academic and practitioners fields.
(2007, 3500 words)
The paper presents statistical analysis of companies' market value in Germany, Great Britain and Japan using ANOVA and TUKEY tests. Literature is reviewed on the rules and practices of corporate governance, the theory of market value, price to book ratios, etc.
(2006, 1000 words)
The paper examines theoretical approaches to company's capital structure (CS) discussing the theory by Merton Millar and Franco Modigliani (MM), the traditional theory of capital structure, the signalling theory by Ross (1977), the agency theory, etc.
(2007, 1600 words)
The following research provides a short overview of financial theory on relationship between tax and optimal leverage of a company, followed by comprehensive overview of the empirical research and discussion of factors that have pivotal influence on the impact of the taxation on capital structure decisions.
(2006, 1500 words)
The work outlines different type of finances that are available to a company to raise funds. The advantages and disadvantages of debt and equity are described in details. The work concludes that there is no 'perfect' debt/equity ratio that can suit every business, but rather this ratio will depend on the business itself
(2005, 2000 words)
The paper reports on the capital structure of two UK banks, the Royal Bank of Scotland and the Standard Chartered, using financial gearing ratios (capital gearing and income gearing) and evaluating the costs of capital using CAMP (capital asset pricing model), DVM (dividend valuation method) and WACC (weighted average cost of capital).
(2005, 1800 words)
The paper critically discusses the following statement: "Modigliani-Miller contended that, in a perfect capital market, the value of a company depends simply on its operating income stream and the degree of business risk attaching to this, regardless of the actual capital structure."
(2005, 2100 words)
This paper is dedicated to the analysis of influence of optimal capital structure on value of a company. The set up of the problem implies introducing the new product line which can substantially change cash flows to the company. The question is bound to arise: how to finance the new investment project. The author scrutinizes the problem from different aspects and shows that in real life there can be found capital structure which maximizes the value of a company. The particular attention is devoted to various determinants of capital structure like size, growth, structure of assets, volatility and profitability. The author ends up the paper with scrutiny of executive stock options as an instrument to alleviate the agency problem. Overall this paper would be useful for those writing on capital structure choice and agency problems.
(2004, 9000 words)
The aim of the dissertation is to investigate the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 10 LBOs in France from 1999 to 2000. (Further information is available on request)
(2004, 2800 words)
The report aims to assess the different leverage levers of ten pharmaceutical companies. Firstly the paper basing on M&M theory evaluates the level of leverage of companies. Then the paper basing on different theoretical factors explains cross-company differences. And lastly, basing on the assessments the brief conclusion is drawn
(2003, 20000 words)
The dissertation investigates the problem of market capitalisation using several companies as a case study. The review of literature highlights the theories related to the capital structure decision, namely, the Traditional View approach, and the Modigliani and Miller (MM) propositions, the issues of financial distress, agency and debt costs, corporate ownership, information asymmetry, pecking order hypothesis (POH), etc. The methods of research are based on secondary data obtained from previous literature and Internet sources, along with primary data collected through the interviews testing the experimental model. Conclusions are made about the impacts of banking regulation and market liquidity on companies.
(2005, 4800 words)
The paper is a good way to learn more about the most important capital structures theories and practice on corporative capital structure analysis. The paper contains analysis of capital structure of the companies for recent 5 years. We also compare the structure between ach other. The comparison include analysis of the companies behaviour on debt and equity market (we look how much Tesco and Vodafone issued shares and debt and how did they do that). We also pay special attention to the topic of capital structure theories - Trade-off, pecking order theories and Modigliani and Miller propositions (there is massive theoretical background about that). The result shows that companies have different structure reflecting its nature and also the theories work for the companies in various ways.
(2005, 4900 words)
It is a very broad work with coverage of many topics in financial management and corporate finance. It can be very useful for those who need to know how to calculate WACC, what kind of limitation it has and what other factors are related to that? The paper is constructed as a questionnaire. The majority of the questions are focused on financial management, investment management and capital structure problems. The optimal capital structure is calculated in the paper with comparing its adequacy in the real world environment. There is also a question about comparing debt and equity financing. The relationship between WACC and CAPM is also covered. There are also some calculations about the company's budget estimation, some information about whether the company should raise money on an emerging market and something about venture capital as a way to raise money. Some of the questions are refer to problems of optimal WACC in some countries with explanation of risk/uncertainty, systematic and specific risks of the markets. All calculations are provided in the interactive tables (to open it just double click on it).
(2005, 3500 words)
This work includes arranging of key financial statement (balance sheet, income statement and cash flow statement) based on the trial balance with some addition. The arranging process is fully described all calculations are presented in Excel format. The main four accounting concept explanation are included. It also contains a discussion of a company performance with financial ratio analysis. It contains explanation of the main ratios' meanings and its formulas. The other part of the work is fully Excel presented calculation of cash flow forecast (cash budget) with explanation of such a statement uses. And in the final the analysis of Hilton Group capital structure is presented with use of 4 ratios.
(2003, 4300 words)
The report aims to analyse and compare the capital structures of the Hilton Group and Jarvis Hotel. In order to do so, different analysis were done namely: Cost of Capital; Dividend growth and policy; gearing and etc
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