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Thesis

Equity-based finance for firms

Abstract:

Credit is a vital source of investment financing in most economies. Debt-based contracts allow cash-constrained firms to borrow against future profits without ceding control of their firm, using a relatively simple fixed repayment structure. However, excessive debt can lead to more fragile firms, and a misallocation of investment. While the optimal capital structure for a typical firm is likely to contain a combination of both debt and equity, most tax systems systematically discrimin...

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Department:
University of Oxford
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Grant:
ES/J500112/1 DTC 2013:; 1369598
Funding agency for:
Muhammad Meki
Type of award:
DPhil
Level of award:
Doctoral
Awarding institution:
University of Oxford

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