krainaksiazek modern credit theories 20097116
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Książki / Literatura obcojęzyczna
Seminar paper from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, printed single-sided, grade: 1,3, University of Hohenheim (Lehrstuhl für Bankwirtschaft und Finanzdienstleistungen), language: English, abstract: The question about capital structure is one of the most important issues which the management of a company faces in implementing their daily business. Therefore, the question of which factors affect capital structure decisions attracts high attention in the past and recent literature on capital structure. There are many papers providing valuable insights into capital structure choices, starting with the paper of Modigliani and Miller (1958). The MM-Theorem is generally considered a purely theoretical result since it ignores important factors in the capital structure decision like bank-ruptcy costs, taxes, agency costs and information asymmetry. Based on this paper many other theories which consider factors neglected by Modigliani and Miller have been evolved. Two major theories are the Tradeoff- and the Pecking-Order-Theory. The former loosens assumptions stated in the MM-Theorem by including bankruptcy costs and taxes while the latter introduces information asymmetry into the capital structure discussion. Chapter 2.1 will give a brief overview of these theories. For complexity reasons these models cannot capture all relevant factors affecting the capital structure policy of a company. However, all these theories disregard one cru-cial factor which plays an important role on capital markets all over the world. The significance of Credit Ratings is gradually increasing, and it is doing so in many re-spects. This paper focuses on the Credit Rating-Capital Structure-Hypotheses (CRCS) developed by Darren J. Kisgen as a modern approach to the capital structure discussion. The hypothesis argues that credit ratings have an impact on capital struc-ture decisions due to discrete costs (benefits) associated with a rating change. Firstly, reasons why credit ratings are material for capital structure decisions will be out-lined. Then, situations in which credit rating effects play a role will be examined. For this issue it is very important to show how it can be measured whether a firm is con-cerned about a rating change or not. Afterwards the CR-CS will be empirically tested. The traditional theories don t explain the results obtained in these tests. Therefore credit rating effects will be combined with factors discussed in the Tradeoff- and Pecking-Order-Theory. In subsequent empirical tests credit rating factors will be integrated into previous capital structure test to show that the results of the CR-CS tests remain statistically significant...
International Transactions in Goods Oxford University Press Inc
Książki / Literatura obcojęzyczna
International Transactions in Goods: Global Sales in Comparative Context explains the complex transactional structures common in international sales, from both an international and a domestic legal perspective. In a straightforward, accessible style, this course book sets out typical business models and commercial practices, including sample legal and commercial documents, and outlining the laws that govern them. Closely attuned to practice, this course book covers transactions on a commercial scale and gives full treatment not only to legal topics, but also payment, security, carriage, and insurance, addressing both traditional topics such as letters of credit, bills of lading, and the Incoterms, as well as modern practices like electronic funds transfers, and waybills. Martin Davies and David V. Snyder emphasize the strategic questions that lawyers and businesses face when negotiating and documenting deals, and when litigating transactions that have gone awry. As many of the strategies revolve around choice of governing law, the book treats not only international law, particularly the UN Convention on the International Sales of Goods (CISG), but also exemplary domestic laws from both common law and civil law jurisdictions, including the US Uniform Commercial Code (UCC), English law, French law, and German law. This book is designed to be accessible to students and readers of all levels, whether from common law or civil law backgrounds, by providing basic explanations of fundamental theories and attitudes in international law, common law, civil law, and international business. The format includes the methods of different traditions, with extensive text familiar to civil law readers, case excerpts familiar to common law readers, and a large array of problems-based on real cases and transactions-to demonstrate the concepts and to practice and evaluate what has been learned. The book also tackles current ethical and moral issues in international transactions, particularly the relation of law and contracting to environmental protection, workers' rights, and similar matters.
Westermarck Sean Kingston Publishing
Książki / Literatura obcojęzyczna
Occasional Paper No. 44 of the Royal Anthropological Institute Published in association with the Anglo-Finnish Society Westermarck was a remarkable man, but one who has received little credit for the significant part he played in the creation of modern anthropology. He spanned two worlds: the comparative anthropological endeavours of the nineteenth century, and the establishment of social anthropology at the LSE, in which he played a major role. One of Malinowski's principal teachers, he was himself an outstanding fieldworker. His work on Morocco has, even today, hardly been surpassed. Yet, his theories on the nature of human marriage and the origins of the incest taboo place him firmly in the earlier, generalist camp, and the controversies to which they have given rise have hardly settled down to this day. In this volume, Westermarck's place in anthropology is discussed, along with detailed descriptions of his very active academic life in Finland and in Britain, whilst other chapters consider his equally pioneering writings in morals and ethics. Westermarck's own writings are featured by way of illustration of his ideas, including his LSE inaugural lecture, his Huxley lecture, and a hitherto unpublished paper on ritual and survivals. This volume shows, indeed, that Westermarck is a 'missing link' in today's history of anthropology, and our understanding of that history will be profoundly changed by a better appreciation of his role within it.
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