El Catálogo Colectivo reúne los registros del material que posee cada una de las
bibliotecas de la Universidad Nacional de Córdoba, pudiendo encontrarse colecciones
especializadas y actualizadas en todas las áreas del conocimiento; lo que permite una
amplia visibilidad y garantiza el acceso al patrimonio documental de la Universidad.
Se encuentra disponible para toda la comunidad académica: estudiantes, docentes,
egresados e investigadores.
Si formas parte de la comunidad de la UNC también podés solicitar préstamos de material,
a cualquier biblioteca universitaria, utilizando el servicio de préstamo interbibliotecario,
independientemente de la facultad a la que pertenezcas, la carrera que curses o la cátedra
que dictes.
Debt or equity? : how firms in developing countries choose
Long stifled by government controls, emerging market (EM) corporate finance is changing dramatically as recent liberalization is revitalizing stagnant domestic capital markets and permitting increased access to overseas markets. This paper examines how EM firms choose between debt and equity in thei...
|a Debt or equity? :
|b how firms in developing countries choose
|c / Jack D. Glen, Brian Pinto
260
|b World Bank
|a Washington, D.C.
|c 1994
300
|a xii, 65 p. :
|b il.
490
|a Discussion paper
|v no. 22
|x 1012-8069
504
|a Incluye bibliografía
505
|a Foreword -- Acknowledgments -- Abstract -- Executive summary -- 1. Introduction -- 2. The capital structure puzzle -- 3. Financial instruments - cost, risk and control -- 4. Capital markets and corporate finance -- 5. A pecking order -- 6. Conclusions -- Annex: Country reports -- References -- List of figures -- List of annex figures.
520
|a Long stifled by government controls, emerging market (EM) corporate finance is changing dramatically as recent liberalization is revitalizing stagnant domestic capital markets and permitting increased access to overseas markets. This paper examines how EM firms choose between debt and equity in their financing decisions. The paper starts with a discussion of the traditional features of EM corporate finance. It then presents a simple framework for the debt-equity choice based on the standard considerations of cost, risk, control and disclosure. The unique manner in which these considerations could be influenced by government control is illustrated with examples from several EM countries. The central conclusion of this report is that, like Western firms, EM firms seek to minimize the cost of capital and retain control in the hands of existing shareholders. But they also face many non-market constraints, which are now disappearing. The concluding section remarks upon a number of interesting empirical regularities across countries as they embark on financial liberalization.