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- W2476581345 abstract "In a seminal paper, Nobel Laureates Modigliani and Miller (1958) advanced proposition that, based upon several simplifying assumptions, capital structure has no effect on value of firm. However, recognizing impact of taxes, bankruptcy, agency costs, and asymmetric information, capital structure theory has evolved to acknowledge real world that use of debt does affect value of firm. Modern theories of capital structure can be classified into at least two categories: static tradeoff and order hypothesis. Static tradeoff models imply an optimal debt-equity mix that is determined by a tradeoff between benefits and costs of debt (e.g., balancing tax and leverage advantages of debt against risk of bankruptcy and agency costs). However, as argued by Myers (1998), although the (static tradeoff) theory may sound right to financial economists, and business people will give it lip service if asked ... it may be a weak guide to average behavior. It is not much help in understanding any given firm's decisions. The pecking order hypothesis implies a hierarchy in raising funds, in which internal financing (retained earnings) is preferred to external financing and, if firm obtains external financing, debt is preferred to equity. This empirically motivated hypothesis, which has been theoretically supported on basis of asymmetric information by Myers and Majluf (1984), is consistent with Donaldson's (1961) observation that firms prefer internal financing and have an aversion to issuing common stock. In a survey of chief financial officers of Fortune 500 companies in United" @default.
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- W2476581345 date "2016-01-01" @default.
- W2476581345 modified "2023-09-23" @default.
- W2476581345 title "FRICTO Analysis: A Framework For Making Capital Structure And Financing Decisions" @default.
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