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Table Of Contents

1. INTRODUCTION
1.1 BACKGROUND
1.2 PROBLEM DISCUSSION
1.3 PROBLEM AND PURPOSE
1.4 CONTRIBUTION
1.5 DELIMITATIONS
1.6 DISPOSITION
2. METHODOLOGY
2.1 SCIENTIFIC APPROACH
2.1.1 Choice of scientific approach
2.2 STRATEGIC APPROACH
2.2.1 Choice of strategic approach
2.3 RESEARCH DESIGN
2.3.1 Choice of research design
2.3.2 Case study design
2.3.2.1 Choice of case study design
2.3.3 Traditional prejudices against the case study strategy
2.4 THE QUALITY OF OUR RESEARCH DESIGN
2.4.1 Construct validity
2.4.1.1 The constructed validity of this thesis
2.4.2 Internal validity
2.4.2.1 The internal validity of this thesis
2.4.3 External validity
2.4.3.1 The external validity of this thesis
2.4.4 Reliability
2.4.4.1 The reliability of this thesis
2.5 ERRORS OF INFERENCE
2.5.1 Interviewer effect
2.5.2 Instrument errors
2.6 COLLECTION OF DATA
2.6.1 Primary data
2.6.2 Secondary data
2.7 RELEVANCE
2.7.1 Practical relevance
2.7.2 Theoretical relevance
3. THEORETICAL FRAMEWORK
3.1 MODIGLIANI AND MILLER’S PROPOSITIONS
3.1.1 M&M proposition I with no taxes
3.1.2 M&M proposition II with no taxes
3.1.3 M&M proposition I with taxes
3.2 THEORETICAL MODELS
3.2.1 The Trade-off Model
3.2.1.1 Financial distress
3.2.1.2 Agency costs
3.2.2 Pecking order hypothesis
3.2.3 Signaling hypothesis
3.3 CONCLUDING COMMENTS ABOUT THE MODELS
3.4 OBSERVED PATTERNS
3.4.1 Cross-sectional studies
3.4.1.1 Country
3.4.1.2 Industry
3.4.1.3 Taxes
3.4.1.4 Assets
3.4.1.5 Profitability
3.4.1.6 Size
3.4.1.7 Growth
3.4.2 Time series studies
3.5 FACTORS DETERMINING CAPITAL STRUCTURE
3.5.1 Making use of the tax shield
3.5.4.2 Debt coverage ratio
3.5.4.3 Financial beta
3.5.4.2 Interest rate sensitivity
3.5.4.3 Financial flexibility
3.5.5 Business and Financial risk
3.5.6 Management attitudes
4. THE REAL ESTATE INDUSTRY
4.1 HISTORY
4.2 TREND OF TODAY
4.3 THE FUTURE
4.4 POLITICAL DECISIONS
4.5 OPERATIONAL DECISIONS
4.6 INDUSTRY KEY FIGURES
4.6.1 Size
4.6.2 Business risk
4.6.2.1 Unlevered beta
4.6.2.2 Percentage of residential and commercial properties
4.6.3 Financial risk
4.6.3.1 Leverage level
4.6.3.2 Equity ratio
4.6.3.3 Debt coverage ratio
4.6.3.4 Interest rate sensitivity
4.6.3.5 Financial beta
4.7 BUSINESS AND FINANCIAL RISK
4.7.1 Business risk and debt coverage ratio
4.7.2 Business risk and leverage level
Business risk and leverage level
4.8 COMPARING KEY FACTORS
4.8.1 Comparing leverage level with debt coverage ratio
4.8.2 Comparing leverage level with borrowing rate
5. THE CASE OF CASTELLUM
5.1 INTRODUCTION
5.2 CASTELLUM’S CAPITAL STRUCTURE
5.2.1 Leverage ratios
5.2.2 Equity ratios
5.3 CAPITAL STRUCTURE IN THE FUTURE
5.4 WACC AND SHAREHOLDER VALUE
5.5 HOW CASTELLUM DETERMINES CAPITAL STRUCTURE
5.6 ANALYSIS OF CASTELLUM’S CAPITAL STRUCTURE
5.6.1 Making use of the tax shield
5.6.2 Limitations to borrowing
5.6.3 Business Risk
5.6.3.1 Industry average
5.6.3.2 Unlevered beta
5.6.3.3 Factors that cause stability or variance in future earnings
5.6.4 Financial risk
5.6.4.1 Leverage level
5.6.4.2 Debt coverage ratio
5.6.4.3 Financial beta
5.6.4.4 Interest rate sensitivity
5.6.5 Coping with financial risk
5.7 CONCLUSIONS
5.7.1 How Castellum determines its capital structure
5.7.2 Improvements in Castellum’s capital structure
6. THE CASE OF WALLENSTAM
6.1 INTRODUCTION
6.2 WALLENSTAM’S CAPITAL STRUCTURE
6.2.1 Leverage ratios
6.2.2 Equity ratios
6.3 CAPITAL STRUCTURE IN THE FUTURE
6.4 STRATEGY REGARDING CAPITAL STRUCTURE
6.5 WACC AND SHAREHOLDER VALUE
6.6 HOW WALLENSTAM DETERMINES CAPITAL STRUCTURE
6.7 ANALYSIS OF WALLENSTAM’S CAPITAL STRUCTURE
6.7.1 Making use of the tax shield
6.7.2 Limitations to borrowing
6.7.3 Business risk
6.7.3.1 Industry average
6.7.3.2 Unlevered beta
6.7.3.3 Factors that cause stability or variance in future earnings
6.7.4 Financial risk
6.7.4.1 Leverage level
6.7.4.2 Debt coverage ratio
6.7.4.3 Financial beta
6.7.4.4 Interest rate sensitivity
6.7.5 Coping with financial risk
6.7.5.1 Strategies for financial flexibility
6.8 CONCLUSIONS
6.8.1 How Wallenstam determines its capital structure
6.8.2 Improvements in Wallenstam’s capital structure
7. THE CASE OF PLATZER
7.1 INTRODUCTION
7.2 PLATZER’S CAPITAL STRUCTURE
7.2.1 Leverage ratios
7.2.2 Equity ratios
7.3 CAPITAL STRUCTURE IN THE FUTURE
7.4 HOW PLATZER DETERMINES CAPITAL STRUCTURE
7.5 ANALYSIS OF PLATZER’S CAPITAL STRUCTURE
7.5.1 Making use of the tax shield
7.5.2 Limitations to debt financing
7.5.3 Business risk
7.5.3.1 Industry average
7.5.3.2 Unlevered beta
7.5.3.3 Factors that cause stability or variance in future earnings
7.7.1 How Platzer determines its capital structure
7.7.2 Improvements in Platzer’s capital structure
8. OVERALL CONCLUSIONS
8.1 SUGGESTIONS FOR FURTHER RESEARCH
9. BIBLIOGRAPHY
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Eriksson_1999_9

Eriksson_1999_9

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Published by Rajneesh Bansal

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Published by: Rajneesh Bansal on Sep 12, 2010
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10/31/2011

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