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Corporate Financial Decisions and Market Value

Studies on Dividend Policy, Price Volatility, and Ownership Structure

  • Giovanni Marseguerra

Part of the Contributions to Management Science book series (MANAGEMENT SC.)

Table of contents

  1. Front Matter
    Pages i-viii
  2. Introduction

    1. Giovanni Marseguerra
      Pages 1-4
  3. Markets and Information

    1. Front Matter
      Pages 5-5
    2. Giovanni Marseguerra
      Pages 7-18
    3. Giovanni Marseguerra
      Pages 19-28
    4. Giovanni Marseguerra
      Pages 29-37
  4. Managers and Stock Price

    1. Front Matter
      Pages 39-39
    2. Giovanni Marseguerra
      Pages 41-65
    3. Giovanni Marseguerra
      Pages 67-75
  5. Ownership Structure and Investments

    1. Front Matter
      Pages 101-101
    2. Giovanni Marseguerra
      Pages 103-113
    3. Giovanni Marseguerra
      Pages 115-132
    4. Giovanni Marseguerra
      Pages 133-140
    5. Giovanni Marseguerra
      Pages 141-154
    6. Giovanni Marseguerra
      Pages 155-169
  6. Back Matter
    Pages 171-181

About this book

Introduction

How do managers of a firm choose between alternative finan­ cial policies? Can the choice of a particular financial policy affect the value of the firm? Since the early 1960s, the debate on these questions has been lively and interesting as economists have inves­ tigated the effect on the value of the firm of relaxing the various assumptions in the celebrated Modigliani-Miller theory. Further­ more, even if we stick to the MM-assumptions (that is, we assume perfect and complete capital markets, no taxes and symmetric information), and we therefore know that only optimally chosen investments determine firm's value, another interesting question arises: How does the structure of ownership affect investment de­ cisions (and, in turn, values)? This research monograph attempts to analyze some of the issues involved in this debate. It belongs to the area of mathematical economics and is intended to appeal to mathematical economists as well as economists and mathemati­ cians. It is meant to deal with economically relevant problems in a mathematically adequate way. To decide whether or not it succeeds in this task, it is up to the reader. I am greatly indebted to Dr. Margaret Bray for her supervi­ sion of my PhD thesis in Economics at the London School of Eco­ nomics from which this book resulted. She helped me as friend and adviser through many struggles in the last three years and invested a great amount of work in this thesis.

Keywords

Dividend Policy Dividendenpolitik Finance Finanzierungstheorie Investment Market Value Marktwert Mathematical Economics Mathematische Wirtschaftstheorie

Authors and affiliations

  • Giovanni Marseguerra
    • 1
  1. 1.Istituto di Econometria e MatematicaUniversità Cattolica del Sacro CuoreMilanoItaly

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-47010-3
  • Copyright Information Physica-Verlag Heidelberg 1998
  • Publisher Name Physica-Verlag HD
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-7908-1047-9
  • Online ISBN 978-3-642-47010-3
  • Series Print ISSN 1431-1941
  • Buy this book on publisher's site
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