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The Capital Structure Paradigm Evolution of Debt/Equity Choices
Zane Swanson, Bin Srinidhi, Ananth Seetharaman
ISBN: 1-56720-616-6
ISBN-13: 978-1-56720-616-6
256 pages
Praeger Publishers
Publication: 11/30/2003
List Price: $86.95 (UK Sterling Price: £59.95)
Discount Price: $43.48 Sale Price for U.S. Customers Only. Save 50%. Ends 12/31/2009.
Availability: In Stock
Media Type: Hardcover
Trim Size: 6 1/8 x 9 1/4
Subjects:
Description: Beginning with a simple model of the debt/equity impact upon firm value and progressively adding complexity to this model, this book seeks to answer the question, What is the frontier of knowledge with respect to debt/equity alternatives, and could a major paradigm shift affect debt/equity choices?

With a view toward providing the reader with a framework for examining debt/equity decisions, this book begins with a simple model of the debt/equity impact upon firm value. Utilizing the paradigm development of capital structure theory to identify the current research frontier of the factors affecting the firm debt/equity position, the authors also extrapolate from the current frontier to outline future opportunities for research and improvements in capital structure analysis. Each chapter begins with a discussion of a central tenet, moves on to a discussion of the theoretical research and empirical evidence pertaining to the tenet, and concludes with a summary of the implications of the paradigm shift for current and future research and practice.

A chapter at the end of the book provides an analysis of some unanswered questions in the current frontier of knowledge that may be exploited for further research. One is the strength of signaling of capital structure changes on firm value. A second is a lack of specification for the set of capital structure simultaneous equations. A third emerging issue is the definition of the capital structure within behavioral finance thinking.
Table of Contents:
  • Preface
    Introduction
    Foundations--Is the Debt/Equity Decision Irrelevant?
    Impact of Corporate Tax
    The Modifying Impact of Personal Taxes on Investors
    Bankruptcy Cost's Effect
    Effect of Agency Costs
    Signaling
    Capital Structure as One of Many Simultaneously Determined Variables
    Executive Survey Interview Information
    Current State of Research Frontier and Opportunities
    Summary and Conclusions
    Appendices
    Index
About the Author: ZANE SWANSON is Associate Professor at Emporia State University in Emporia, Kansas.

BIN SRINIDHI is Associate Professor at Rutgers University and a visiting Associate Professor at City University of Hong Kong.

ANANTH SEETHARAMAN is the Ernst & Young Distinguished Professor of Accounting at Saint Louis University.
LCC Class: 338
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