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Valuation and Control in Venture Finance
The Journal of Finance, 2001ABSTRACTThis paper presents the model of a relationship between a venture capitalist and an entrepreneur engaged in the formation of a new firm. I assume that the entrepreneur derives private nonpecuniary benefits from having some control over the firm.
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Debt Financing, Corporate Financial Intermediaries and Firm Valuation
The Journal of Finance, 1982ABSTRACTIn this paper we consider the role of financial intermediaries in the valuation of firms and projects. We show that security prices should reflect both used and unused debt capacity if some corporations can act as financial intermediaries and can capture the tax benefits of debt capacity unused by the operating firm.
Franks, Julian R, Pringle, John J
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Valuation and Efficiency in the Market for Creatively Financed Houses
Real Estate Economics, 1985This paper examines two alternative approaches to valuing the impact of creative financing on housing prices. The cash equivalence adjustment which is the generally accepted approach is compared to an approach known as the financed fee valuation adjustment which is argued to be theoretically superior.
M. Chapman Findlay +3 more
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339 Questions on Valuation and Finance
SSRN Electronic Journal, 2013The document starts with 100 questions that students, alumni and other persons (judges, arbitrageurs, clients…) have posed to me over the past years. They were recompiled so as to help the reader remember, clarify and, in some cases, discuss some useful concepts in finance.
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Information Asymmetry and Valuation Effects of Debt Financing
Financial Review, 1995AbstractThis study demonstrates that under conditions of information asymmetry, shareholders earn positive returns around the shelf registration date of straight debt. The results provide evidence to support Miller and Rock's conclusion that new expected financing by firms can result in positive returns to shareholders and Blazenko's contention that ...
Karen Schuele Walton, Pervaiz Alam
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2010
In this 12th edition of the European Energy Markets Observatory, a sample of 41 companies has been examined (see Table 14.1), which is down from 43 covered in last year’s report, as two of the companies were acquired in 2009: Dutch Essent was bought by German RWE, and Nuon (also Dutch) was acquired by Swedish Vattenfall.
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In this 12th edition of the European Energy Markets Observatory, a sample of 41 companies has been examined (see Table 14.1), which is down from 43 covered in last year’s report, as two of the companies were acquired in 2009: Dutch Essent was bought by German RWE, and Nuon (also Dutch) was acquired by Swedish Vattenfall.
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Company Valuation and Financing
2005There is been much written on the period between Netscape going public on August 9, 1995, and NASDAQ peaking at 5,048.62 on February 29, 2000. March 10 of that year, by the way, was the worst day to buy stocks in 70 years (Berenson, 2004). This was not a normal period and this chapter will not attempt to explain it.
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EQUITY VALUATION EFFECTS OF WARRANT‐DEBT FINANCING
Journal of Financial Research, 1991AbstractStock price reactions to warrant‐debt unit financing announcements are examined and a significant two‐day average abnormal return of −1.32 percent is found. The negative average abnormal return is similar to that observed for convertible debt financing announcements in previous research.
Katherine L. Phelps +2 more
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An overview of project finance binomial loan valuation
Review of Financial Economics, 2009AbstractSetting project financing parameters, such as the loan to valuation ratio, loan interest rate, repayment schedules, and fees, requires detailed modelling of the resulting credit risk in a non‐recourse setting. Structured credit risk models, based on the early work of Merton, have been developed in continuous time which can assist with project ...
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Bank Financing: A Blessing or Curse on Firm Valuation?
SSRN Electronic Journal, 2011Bank financing reduces information friction and has several other contractual benefits for the borrowing firms. There is also cost to this relationship which is the hold-up problem. With hold-up, banks can charge non-competitive rate to relationship borrowers.
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