Capital Structure in the Modern World
This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are
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Capital Structure in the Modern World
Anton Miglo
Capital Structure in the Modern World
Anton Miglo Nipissing University, Ontario, Canada
ISBN 978-3-319-30712-1 ISBN 978-3-319-30713-8 DOI 10.1007/978-3-319-30713-8
(eBook)
Library of Congress Control Number: 2016940577 © The Editor(s) (if applicable) and The Author(s) 2016 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustration: Cover image © CVI Textures / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland
To my parents Alla and Viktor.
Preface
Capital structure is a very interesting and probably one of the most controversial areas of finance. It is an area of permanent battles between different managers defending their favorite approaches, between theorists and practitioners looking at the same problems under different angles, and between professors and students since the area is complicated and requires a superior knowledge of econometrics, microeconomics, accounting, mathematics, game theory etc. Many of the results obtained in capital structure theory over the last 50–60 years have been very influential and led their authors to great international recognition. Among the researchers who contributed significantly to capital structure theory, note Nobel Prize Award winners Franco Modigliani, Merton Miller, Joseph Stiglitz, and most recently Jean Tirole. Although until recently capital structure theories did not have strong support from practitioners and were too complicated to teach at colleges and business schools, they are quickly gaining recognition at universities and in the real world. This field has become extremely intriguing to potential employees and students. The roles of investment banker and corporate treasurer, which require fundamental capital structure education, are very popular. This book focuses on the microeconomic foundations
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