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Capital Structure & Corporate Financing Decisions: Theory, Evidence, and Practice


The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Capital Structure and Corporate Financing Decisions contains comprehensive insights on a major aspect of financial management—how capital structure and financing decisions contribute to maximizing the value of a firm.

While determining the precise financing mix to achieve this goal can be difficult, firms need to revisit their portfolio of debt, equity, and hybrid securities to successfully finance assets, operations, and future growth. That is why becoming familiar with this subject is essential.

Divided into four comprehensive parts, this timely guide contains detailed coverage that extends from the basic components of capital structure and existing theories to their application in an increasingly complex business world. Page by page, the book addresses topics that will put you in a better position to excel at this endeavor, including how corporate managers make financing decisions in practice; the economic, regulatory, and industry effects on capital structure; and the various aspects of raising capital to name a few.

Sound capital structure and informed financing decisions can lead to a reduction in a firm's cost of capital and an increase in shareholder value. Developing the critical skills required to make these decisions takes time, but with this book as your guide, you will gain a firm understanding of what you will need to succeed.

H. KENT BAKER, PhD, CFA, CMA, is University Professor of Finance and Kogod Research Professor at the Kogod School of Business at American University, Washington, D.C. He has published extensively in leading academic and professional finance journals including the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. Recognized as one of the most prolific authors in finance during the past fifty years, Professor Baker has consulting and training experience with more than 100 organizations and has been listed in fifteen biographies.

GERALD S. MARTIN, PhD, is an Associate Professor of Finance at the Kogod School of Business at American University, Washington, D.C. He has published in top scholarly journals, including the Journal of Financial Economics and Journal of Financial and Quantitative Analysis. Before embarking on his academic career, Professor Martin spent seventeen years in the private sector as president and CEO of TMI Aircraft Finance/TMI Leasing, LLC, financing aircraft and aviation products worldwide for Textron Financial Corporation, as well as in marketing and research at Bell Helicopter Textron Inc.


1 Capital Structure: An Overview (H. Kent Baker and Gerald S. Martin).

Part I The Elements of Capital Structure.

2 Factors Affecting Capital Structure Decisions (Wolfgang Bessler, Wolfgang Drobetz, and Robin Kazemieh).

3 Capital Structure and Compensation (Alan Victor Scott Douglas).

4 Capital Structure and Firm Risk (Valentin Dimitrov).

5 Worldwide Patterns in Capital Structure (Carmen Cotei and Joseph Farhat).

6 Capital Structure and Corporate Strategy (Maurizio La Rocca).

7 Capital Structure and Returns (Yaz Gulnur Muradoglu and Sheeja Sivaprasad).

Part II Capital Structure Choice.

8 Capital Structure Theories and Empirical Tests: An Overview (Stein Frydenberg).

9 Capital Structure Irrelevance: The Modigliani-Miller Model (Sergei V. Cheremushkin).

10 Trade-off, Pecking Order, Signaling, and Market Timing Models (Anton Miglo).

11 Estimating Capital Costs: Practical Implementation of Theory’s Insights (Robert N. Conroy and Robert S. Harris).

12 Economic, Regulatory, and Industry Effects on Capital Structure (Paroma Sanyal).

13 Survey Evidence on Financing Decisions and Cost of Capital (Franck Bancel and Usha R. Mittoo).

14 Survey Evidence on Capital Structure: Non-U.S. Evidence (Abe de Jong and Patrick Verwijmeren).

Part III Raising Capital.

15 The Roles of Financial Intermediaries in Raising Capital (Neal Galpin and Heungju Park).

16 Bank Relationships and Collateralization (Aron A. Gottesman and Gordon S. Roberts).

17 Rating Agencies and Credit Insurance (John Patrick Hunt).

18 Secured Financing (Hugh Marble III).

19 Sale and Leasebacks (Kyle S. Wells).

Part IV Special Topics.

20 Financial Distress and Bankruptcy (Kimberly J. Rodgers).

21 Fiduciary Responsibility and Financial Distress (Remus D. Valsan and Morin A. Yahya).

22 The Lease versus Buy Decision (Sris Chaterjee and An Yan).

23 Private Investment in Public Equity (William K. Sjostrom Jr.).

24 Financing Corporate Mergers and Acquisitions (Wolfgang Bessler, Wolfgang Drobetz, and Jan Zimmermann)

Answers to Chapter Discussion Questions.