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Capital structure and transparency

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040  ‎$a‎MAP‎$b‎spa
084  ‎$a‎937.411
1001 ‎$0‎MAPA20080121273‎$a‎Almazan, Andres
24510‎$a‎Capital structure and transparency‎$c‎Andres Almazan, Javier Suares, Sheridan Titman
5208 ‎$a‎Firms 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
65011‎$0‎MAPA20080602444‎$a‎Matemática financiera
65011‎$0‎MAPA20080615703‎$a‎Transparencia financiera
65001‎$0‎MAPA20080567637‎$a‎Valor capital
65011‎$0‎MAPA20080596484‎$a‎Estructura económica
65011‎$0‎MAPA20080587260‎$a‎Ratios financieros
65011‎$0‎MAPA20080600624‎$a‎Costes de transacción
7001 ‎$0‎MAPA20080116996‎$a‎Suárez, Javier
7001 ‎$0‎MAPA20080180935‎$a‎Titman, Sheridan
7112 ‎$0‎MAPA20080490348‎$a‎First Lecture organised by Finance-sur-Seine‎$c‎Paris‎$d‎2002
7730 ‎$t‎First Lecture organised by Finance-sur-Seine‎$d‎Paris : ESCP-EAP European School of Management‎$g‎13 junio 2002 ; [29] p.