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CAPITAL STRUCTURE REARRANGEMENTS AND ME‐FIRST RULES IN AN EFFICIENT CAPITAL MARKET
16 references·12 citing·16 second hop
CAPITAL STRUCTURE REARRANGEMENTS AND ME‐FIRST RULES IN AN EFFICIENT CAPITAL MARKET (1977)CAPITAL STRUCTURE REARRANGEMENTS AND ME‐F…The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…The Adjustment of Stock Prices to New Information (2003)The Adjustment of Stock Price…THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)THE VALUATION OF RISK ASSETS …Risk and return: The case of merging firms (1974)Risk and return: The case of …The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…Studies in the Theory of Capital Markets. (1973)Studies in the Theory of Capi…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…A MEAN‐VARIANCE SYNTHESIS OF CORPORATE FINANCIAL THEORY (1973)A MEAN‐VARIANCE SYNTHESIS OF …DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY (1972)DIVIDEND ANNOUNCEMENTS, SECUR…The Adjustment of Stock Prices to New Information (1969)The Adjustment of Stock Price…Equilibrium in a Capital Asset Market (1966)Equilibrium in a Capital Asse…The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)CORPORATE INCOME TAXES AND TH…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…The bond event study methodology since 1974 (2016)The bond event study methodol…Captive Finance and Firm’s Competitiveness (2012)Captive Finance and Firm’s Co…Captive Financing Arrangements and Information Asymmetry: The Case of REITs (1995)Captive Financing Arrangement…EXTENDING TRADE CREDIT AND FINANCING RECEIVABLES (1994)EXTENDING TRADE CREDIT AND FI…Going Private Buyouts and Determinants of Shareholders' Returns (1993)Going Private Buyouts and Det…Asymmetric Information, Captive Insurers' Formation, and Managers' Welfare Gain (1989)Asymmetric Information, Capti…A Re-Examination of the Wealth Expropriation Hypothesis: The Case of Captive Finance Subsidiaries (1989)A Re-Examination of the Wealt…THE IMPACT OF BOND RATING CHANGES ON COMMON STOCKS AND BONDS: TESTS OF THE WEALTH REDISTRIBUTION HYPOTHESIS (1988)THE IMPACT OF BOND RATING CHA…Excess Asset Reversions and Shareholder Wealth (1986)Excess Asset Reversions and S…Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation (1982)Changes in the Financial Mark…Evidence on the Impact of Exchange Offers on Security Prices: The Case of Income Bonds (1981)Evidence on the Impact of Exc…Sale-and-Leaseback Agreements and Enterprise Valuation (1978)Sale-and-Leaseback Agreements…A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)The Behavior of Stock-Market Prices (1965)The Cross-Section of Expected Stock Returns (1992)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Determinants of corporate borrowing (1977)The theory and practice of corporate finance: evidence from the field (2001)An Intertemporal Capital Asset Pricing Model (1973)Option pricing when underlying stock returns are discontinuous (1976)Common risk factors in the returns on stocks and bonds (1993)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)On Persistence in Mutual Fund Performance (1997)Law and Finance (1998)
this work references cited by second hop

References

  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008The cost of capital, corporation finance and the theory of investment8,614 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]6,743 cited
  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 1963

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CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION
5,951 cited
  • 1966Equilibrium in a Capital Asset Market4,896 cited
  • 1969The Adjustment of Stock Prices to New Information3,625 cited
  • 2003The Adjustment of Stock Prices to New Information3,063 cited
  • 1974Risk and return: The case of merging firms869 cited
  • 1973Studies in the Theory of Capital Markets.737 cited
  • 1972DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY690 cited
  • 1973A MEAN‐VARIANCE SYNTHESIS OF CORPORATE FINANCIAL THEORY538 cited
  • Cited by

    • 1982Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation129 cited
    • 1988THE IMPACT OF BOND RATING CHANGES ON COMMON STOCKS AND BONDS: TESTS OF THE WEALTH REDISTRIBUTION HYPOTHESIS93 cited
    • 1994EXTENDING TRADE CREDIT AND FINANCING RECEIVABLES59 cited
    • 1993Going Private Buyouts and Determinants of Shareholders' Returns55 cited
    • 1986Excess Asset Reversions and Shareholder Wealth47 cited
    • 1978Sale-and-Leaseback Agreements and Enterprise Valuation32 cited
    • 1981Evidence on the Impact of Exchange Offers on Security Prices: The Case of Income Bonds31 cited
    • 2016The bond event study methodology since 197431 cited
    • 1995Captive Financing Arrangements and Information Asymmetry: The Case of REITs28 cited
    • 2012Captive Finance and Firm’s Competitiveness27 cited
    • 1989A Re-Examination of the Wealth Expropriation Hypothesis: The Case of Captive Finance Subsidiaries20 cited
    • 1989Asymmetric Information, Captive Insurers' Formation, and Managers' Welfare Gain19 cited