Search

Capital structure and transparency

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000nab a2200000 i 4500</leader>
    <controlfield tag="001">MAP20071502582</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20080418123404.0</controlfield>
    <controlfield tag="007">hzruuu---uuuu</controlfield>
    <controlfield tag="008">020619e20020613fra||||    | |00010|fre d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">937.411</subfield>
    </datafield>
    <datafield tag="100" ind1="1" ind2=" ">
      <subfield code="0">MAPA20080121273</subfield>
      <subfield code="a">Almazan, Andres</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">Capital structure and transparency</subfield>
      <subfield code="c">Andres Almazan, Javier Suares, Sheridan Titman</subfield>
    </datafield>
    <datafield tag="520" ind1="8" ind2=" ">
      <subfield code="a">Firms that are more highly levered are forced to raise capital more often, a process that generates information about the firm. Of course transparency can improve the allocation of capital. However, when the information about the firm affects the terms under which the firm transacts with its customers and employees, transparency can have an offsetting negative effect. Under relatively general conditions, good news improves these terms less than bad news worsens them, implying that increased transparency lowers firm value. The negative effect of transparency can explain the reluctance by firms of issuing equity when they are doing poorly. This negative effect of transparency is likely to be more important for technology firms, which choose lower debt ratios</subfield>
    </datafield>
    <datafield tag="650" ind1="1" ind2="1">
      <subfield code="0">MAPA20080602444</subfield>
      <subfield code="a">Matemática financiera</subfield>
    </datafield>
    <datafield tag="650" ind1="1" ind2="1">
      <subfield code="0">MAPA20080615703</subfield>
      <subfield code="a">Transparencia financiera</subfield>
    </datafield>
    <datafield tag="650" ind1="0" ind2="1">
      <subfield code="0">MAPA20080567637</subfield>
      <subfield code="a">Valor capital</subfield>
    </datafield>
    <datafield tag="650" ind1="1" ind2="1">
      <subfield code="0">MAPA20080596484</subfield>
      <subfield code="a">Estructura económica</subfield>
    </datafield>
    <datafield tag="650" ind1="1" ind2="1">
      <subfield code="0">MAPA20080587260</subfield>
      <subfield code="a">Ratios financieros</subfield>
    </datafield>
    <datafield tag="650" ind1="1" ind2="1">
      <subfield code="0">MAPA20080600624</subfield>
      <subfield code="a">Costes de transacción</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20080116996</subfield>
      <subfield code="a">Suárez, Javier</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20080180935</subfield>
      <subfield code="a">Titman, Sheridan</subfield>
    </datafield>
    <datafield tag="711" ind1="2" ind2=" ">
      <subfield code="0">MAPA20080490348</subfield>
      <subfield code="a">First Lecture organised by Finance-sur-Seine</subfield>
      <subfield code="c">Paris</subfield>
      <subfield code="d">2002</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="t">First Lecture organised by Finance-sur-Seine</subfield>
      <subfield code="d">Paris : ESCP-EAP European School of Management</subfield>
      <subfield code="g">13 junio 2002 ; [29] p. </subfield>
    </datafield>
  </record>
</collection>