Financial Conservatism, Capital Structure & their impact on Firm Value - Chakravorty, Debjyoti
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This book differentiates financially conservative firms from non-conservative firms and investigates how financially conservative and capital structure policies affect their firm values. A firm is said to be financially conservative if it has high cash holdings as a protection against future financial constraints. Using two samples of UK and Italian firms from 1995 to 2013, I have provided evidence that financially conservative firms, even though are cash rich and / or have low levels of debt, do not have the highest firm values due to the effects of tax shield associated with interest on…mehr

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Produktbeschreibung
This book differentiates financially conservative firms from non-conservative firms and investigates how financially conservative and capital structure policies affect their firm values. A firm is said to be financially conservative if it has high cash holdings as a protection against future financial constraints. Using two samples of UK and Italian firms from 1995 to 2013, I have provided evidence that financially conservative firms, even though are cash rich and / or have low levels of debt, do not have the highest firm values due to the effects of tax shield associated with interest on debt. A detailed comparison has been made between active UK and Italian firms to illustrate this.
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Autorenporträt
Debjyoti Chakravorty graduated from St Xavier's College, Kolkata with Accountancy Honours in 2012 and later obtained M.Sc degree with Distinction in Banking & Finance from Queen Mary, University of London in 2014. He is currently working with Deloitte Touche Tohmatsu India LLP in Strategy & Operations - Finance Transformation Consulting practice.