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Dynamical Corporate Finance

An Equilibrium Approach

  • Book
  • © 2021

Overview

Authors:
  1. Umberto Sagliaschi

    1. Quaestio Capital SGR SpA, Milan, Italy

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    You can also search for this author in PubMed   Google Scholar

  2. Roberto Savona

    1. Department of Economics and Management, University of Brescia, Brescia, Italy

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    You can also search for this author in PubMed   Google Scholar

  • Offers a concise analysis of the theoretical foundations and modelling of corporate finance
  • Provides an introduction to investment based asset pricing
  • Presents recent advancements in dynamic capital structure literature, including the leverage ratchet effect

Part of the book series: Contributions to Finance and Accounting (CFA)

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-viii
    Download chapter PDF

  2. Introduction

    • Umberto Sagliaschi, Roberto Savona
    Pages 1-17

  3. The Value of the Firm and Its Securities

    • Umberto Sagliaschi, Roberto Savona
    Pages 19-55

  4. Borrowing Constraints, Debt Dynamics and Investment Decisions

    • Umberto Sagliaschi, Roberto Savona
    Pages 57-84

  5. Imperfect Competition, Working Capital and Tobin’s Q

    • Umberto Sagliaschi, Roberto Savona
    Pages 85-111

  6. Continuous Time Models, Unsecured Debt and Commitment

    • Umberto Sagliaschi, Roberto Savona
    Pages 113-141

  7. Dynamic Capital Structure without Commitment

    • Umberto Sagliaschi, Roberto Savona
    Pages 143-170

  8. Extensions

    • Umberto Sagliaschi, Roberto Savona
    Pages 171-201
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Keywords

About this book

The way in which leverage and its expected dynamics impact on firm valuation is very different from what is assumed by the traditional static capital structure framework. Recent work that allows the firm to restructure its debt over time proves to be able to explain much of the observed cross-sectional and time-series variation in leverage, while static capital structure predictions do not. The purpose of this book is to re-characterize the firm’s valuation process within a dynamical capital structure environment, by drawing on a vast body of recent and more traditional theoretical insights and empirical findings on firm evaluation, also including asset pricing literature, offering a new setting in which practitioners and researchers are provided with new tools to anticipate changes in capital structure and setting prices for firm’s debt and equity accordingly.

Authors and Affiliations

  • Quaestio Capital SGR SpA, Milan, Italy

    Umberto Sagliaschi

  • Department of Economics and Management, University of Brescia, Brescia, Italy

    Roberto Savona

About the authors

Umberto Sagliaschi is Head of Equity Investments (Open-End Funds), at Quaestio Capital SGR SpA, where he is responsible for bottom-up equity strategies. He started his career as analyst for Eni SpA, and then joined Quaestio Capital in 2014 as equity analyst.


Roberto Savona is Associate Professor of Banking and Finance at the Department of Economics and Management, University of Brescia, Italy. His research has appeared in finance and economics journals, such as European Journal of Finance, European Journal of Operational Research, Journal of Financial Econometrics, Oxford Bulletin of Economics and Statistics, PLoS ONE, Quantitative Finance. He currently serves as an Academic Editor of PLoS ONE. 


Bibliographic Information

  • Book Title: Dynamical Corporate Finance

  • Book Subtitle: An Equilibrium Approach

  • Authors: Umberto Sagliaschi, Roberto Savona

  • Series Title: Contributions to Finance and Accounting

  • DOI: https://doi.org/10.1007/978-3-030-77853-8

  • Publisher: Springer Cham

  • eBook Packages: Business and Management, Business and Management (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021

  • Hardcover ISBN: 978-3-030-77852-1Published: 30 July 2021

  • Softcover ISBN: 978-3-030-77855-2Published: 30 July 2022

  • eBook ISBN: 978-3-030-77853-8Published: 29 July 2021

  • Series ISSN: 2730-6038

  • Series E-ISSN: 2730-6046

  • Edition Number: 1

  • Number of Pages: VIII, 201

  • Number of Illustrations: 1 b/w illustrations

  • Topics: Business Finance, Financial Accounting, Capital Markets

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