Concept
Market timing hypothesis
Concepts associés (5)
Finance d'entreprise
La finance d'entreprise ou gestion financière, est le champ de la finance relatif aux décisions financières des entreprises. Son objet essentiel est l’analyse et la « maximisation de la valeur de la firme pour ses actionnaires envisagée sur une longue période » . En termes plus précis, l'enjeu consiste à optimiser la valeur de la séquence des profits monétaires futurs (relativement à un horizon de référence) sous la contrainte de la limitation des risques courus.
Théorie de l'ordre hiérarchique financier
La théorie de l'ordre hiérarchique financier (en anglais, pecking order theory) postule que coût de financement augmente en fonction de l'asymétrie d'information. Cette théorie est popularisée par Myers and Majluf en 1984. C'est une des théories les plus importantes de la finance d'entreprise. La théorie de l'ordre hiérarchique financier établit que, des trois formes de financement possibles pour une entreprise (trésorerie interne, la dette, les actions), une entreprise préférera se financer à partir de sa trésorerie interne, puis de la dette, et enfin, en dernier cas, en vendant des actions.
Trade-off theory of capital structure
The trade-off theory of capital structure is the idea that a company chooses how much debt finance and how much equity finance to use by balancing the costs and benefits. The classical version of the hypothesis goes back to Kraus and Litzenberger who considered a balance between the dead-weight costs of bankruptcy and the tax saving benefits of debt. Often agency costs are also included in the balance. This theory is often set up as a competitor theory to the pecking order theory of capital structure.
Capital structure
In corporate finance, capital structure refers to the mix of various forms of external funds, known as capital, used to finance a business. It consists of shareholders' equity, debt (borrowed funds), and preferred stock, and is detailed in the company's balance sheet. The larger the debt component is in relation to the other sources of capital, the greater financial leverage (or gearing, in the United Kingdom) the firm is said to have.
Financial economics
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning the real economy. It has two main areas of focus: asset pricing and corporate finance; the first being the perspective of providers of capital, i.e.