The hidden value behind capital structure decisions

Detalhes bibliográficos
Autor(a) principal: Silva, Carlos Afonso Bi França e
Data de Publicação: 2009
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/9476
Resumo: A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
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spelling The hidden value behind capital structure decisionsCapital structureReal optionsR&D valuationSimulationA Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsI estimate the optimal capital structure for a growth company, for which market value is dictated by its highly volatile nature. I study the welfare impact of corporate taxes, analyzing their economic effect of inducing higher bankruptcy levels. Assuming that management always seeks to optimize the market value of company’s assets, I find a significant loss of value that varies negatively with volatility. Flow and stock insolvency are important for the maximization of capital structure, and I compare both, modeling the value of the company as an option on its revenues. These are not only highly significant for R&D and startup companies but also have significant welfare consequences. I compare the options of liquidation and re-financing and find a clearly important role of early liquidation for R&D frameworks. I complement the study with a comparative statics analysis estimating the impact of risk to the value of the firm and the optimal capital structure decision, for a cross-section of firms. The results present quantitative evidence that reinforce the literature of trade-off and capital structure applied to growth companies.NSBE - UNLSanta-Clara, PedroRUNSilva, Carlos Afonso Bi França e2013-05-07T10:35:16Z2009-062009-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/9476enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:42:34Zoai:run.unl.pt:10362/9476Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:18:51.316728Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The hidden value behind capital structure decisions
title The hidden value behind capital structure decisions
spellingShingle The hidden value behind capital structure decisions
Silva, Carlos Afonso Bi França e
Capital structure
Real options
R&D valuation
Simulation
title_short The hidden value behind capital structure decisions
title_full The hidden value behind capital structure decisions
title_fullStr The hidden value behind capital structure decisions
title_full_unstemmed The hidden value behind capital structure decisions
title_sort The hidden value behind capital structure decisions
author Silva, Carlos Afonso Bi França e
author_facet Silva, Carlos Afonso Bi França e
author_role author
dc.contributor.none.fl_str_mv Santa-Clara, Pedro
RUN
dc.contributor.author.fl_str_mv Silva, Carlos Afonso Bi França e
dc.subject.por.fl_str_mv Capital structure
Real options
R&D valuation
Simulation
topic Capital structure
Real options
R&D valuation
Simulation
description A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
publishDate 2009
dc.date.none.fl_str_mv 2009-06
2009-06-01T00:00:00Z
2013-05-07T10:35:16Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/9476
url http://hdl.handle.net/10362/9476
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv NSBE - UNL
publisher.none.fl_str_mv NSBE - UNL
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
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collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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