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	Capital Structure
		Since its last step change in capital management in 2005, HBOS has returned £2.4bn of surplus capital to shareholders via share buybacks and maintained a dividend payout ratio of around 41%, with dividends increasing closely in line with earnings.
		HBOS believes in strong capital ratios and we manage to a Basel I target 8% Tier 1 capital level and a Tier 1 leverage of 25% plus/minus 2%.
		HBOS has a strong capital generation capability as a consequence of returns on equity running above 20%, increased capital generation from our Investment businesses, and the benefits to be derived from the move to Basel II.
	www.hbosplc.com /investors/inv_startegy2.asp (361 words)

	Making Capital Structure Support Strategy - Finance - CFO.com
		In theory, it may be possible to reduce capital structure to a financial calculation to get the most tax benefits by favoring debt, for example, or to boost earnings per share superficially through share buybacks.
		Instead of relying on capital structure to create value on its own, companies should try to make it work hand in hand with their business strategy, by striking a balance between the discipline and tax savings that debt can deliver and the greater flexibility of equity.
		Capital structure affects a company's overall value through its impact on operating cash flows and the cost of capital.
	www.cfo.com /article.cfm/5622276?f=home_featured (693 words)

	Capital Structure
		Capital structure theory deals with decisions regarding the mix of financing sources used by the firm.
		The optimal capital structure is the mix of financing that maximizes the total value of the firm.
		The optimal level of debt in a firm’s capital structure is determined by the balance of the tax shield provided by debt and the present value of the financial distress costs.
	wehner.tamu.edu /finc.www/FINC630-Lee/glossary09.htm (323 words)

	How capital structure affects a company's cost of capital - part 1 (Site not responding. Last check: )
		The term capital structure refers to the mix of different types of funds which a company uses to finance its activities.
		This would be a capital structure which results in a low overall cost of capital for the company1, that is a low overall rate of return that needs to be paid on funds provided.
		If the capital market is perfect, MM argue, then all companies with the same business risk and the same expected annual earnings should have the same total value, regardless of capital structure, because the value of a company should depend on the present value of its operations, not on the way it is financed.
	www.accaglobal.com /students/publications/student_accountant/archive/2000/4/36961 (1844 words)

	The Target Capital Structure
		In the next few sections, we discuss factors that affect a firms capital structure, and we conclude a firm should attempt to determine what its optimal, or best, mix of financing should be.
		But, you will find that determining the exact optimal capital structure is not a science, so after analyzing a number of factors, a firm establishes a target capital structure it believes is optimal, which is then used as a guide for raising funds in the future.
		Therefore, the optimal capital structure is the one that strikes a balance between risk and return to achieve our ultimate goal of maximizing the price of the stock.
	www.zeromillion.com /financial-services/the-target-capital-structure-by-analia-jones.html (768 words)

	multiple capital structure and Stock Trading at TradeStars + Stock Trading (Site not responding. Last check: )
		multiple capital structure and stock trading - the number 1 website about multiple capital structure by the worlds leading with associated offers.
		participants of a multiple capital structure market are many and varied, and range from people like you, trading for themselves, all the way up to billion dollar multiple capital structure funds managed by major corporations.
		Youll stock traders online swear by it of course without any trading safeguards, so multiple capital Statement multiple capital structure (a) Except as provided in paragraph (b), no member that is promoting a day- that you pay on your trades will add to your losses or significantly reduce your earnings.
	www.tradestars.com /content/multiple-capital-structure.asp (154 words)

	Morgan Stanley - The Journal of Applied Corporate Finance
		The author reports that companies tend to manage their capital structure to avoid a downgrade or increase the likelihood of becoming investment-grade.
		The bulk of new capital commitments in the private equity industry have gone to a few mega-funds, although a flood of new smaller entrants has kept the market from appearing too concentrated.
		The authors argue that while larger potential buyout targets and the fee structure provide incentives for bigger funds, buyout firms are now more likely to pursue a strategy of entering new geographic markets and new investments.
	www.morganstanley.com /views/jacf (1138 words)

	Air France-KLM share capital : structure of the share capital of Air France-KLM, capital shareholders of Air ...
		However, when the 40% share capital or voting right threshold has been passed by non-French shareholders, the Board of Directors must decide to reduce this 2% threshold to 10,000 shares.
		When the Company has published a notice informing shareholders and the public that non-French shareholders own, directly or indirectly, 45% of the Company's capital or voting rights, the Board of Directors must decide to make it mandatory for all Company shares to be held in registered form.
		Article 15 of the Company's bylaws stipulates the information that the Company must publish and distribute to inform the public that over 45% of the share capital or voting rights is held by shareholders who are not of French nationality.
	www.airfranceklm-finance.com /share-capital-shareholding.html (362 words)

	Evaluating A Company's Capital Structure
		A company's capitalization (not to be confused with market capitalization) describes the composition of a company's permanent or long-term capital, which consists of a combination of debt and equity.
		A healthy proportion of equity capital, as opposed to debt capital, in a company's capital structure is an indication of financial fitness.
		A healthy capital structure that reflects a low level of debt and a corresponding high level of equity is a very positive sign of investment quality.
	www.investopedia.com /articles/basics/06/capitalstructure.asp (1419 words)

	SSRN-Optimal Capital Structure: Reflections on Economic and Other Values by Marc Schauten, Jaap Spronk
		Despite a vast literature on the capital structure of the firm there still is a big gap between theory and practice.
		From all these studies, one thing is clear: The capital structure decision (or rather, the management of the capital structure over time) has to deal with more issues than the maximization of the firm's market value alone.
		We show that capital structure decisions can be framed as multiple criteria decision problems which can then benefit from multiple criteria decision support tools that are widely available.
	www.ssrn.com /abstract=947820 (399 words)

	Capital Structure of Indian Corporate Sector
		For, the capital structure affects the cost of capital, earnings per share and value of corporate units.
		By considering the different nature of the cost of capital of each source, finance manager has to plan that type of capital structure which minimizes the overall cost of capital and gives the maximum benefits to the owners of the business.
		There are various theories to examine the impact of capital structure on cost of capital, earning per share and valuation of corporate units.
	www.easternbookcorporation.com /moreinfo.php?txt_searchstring=9203 (196 words)

	Essentials of Treasury Management, First Edition
		Capital Structure: A company must decide on a desired capital structure, including the relative proportions of debt and equity.
		For example, a company’s capacity to raise different types of capital is influenced by its perceived risk profile, which in turn influences the company’s existing capital structure.
		A company’s financial organization should be structured to facilitate the achievement of its overall objectives.
	www.afponline.org /pub/store/pubs/0estm1.html (546 words)

	The Target Capital Structure
		In the next few sections, we discuss factors that affect a firm's capital structure, and we conclude a firm should attempt to determine what its optimal, or best, mix of financing should be.
		But, you will find that determining the exact optimal capital structure is not a science, so after analyzing a number of factors, a firm establishes a target capital structure it believes is optimal, which is then used as a guide for raising funds in the future.
		Therefore, the optimal capital structure is the one that strikes a balance between risk and return to achieve our ultimate goal of maximizing the price of the stock.
	ezinearticles.com /?The-Target-Capital-Structure&id=53666 (881 words)

	Session 1: Introduction to Capital Structure
		Additionally, capital structure affects leverage, which, in turn, affects the expected return and risk facing owners and creditors of the firm.
		A firm with a lot of debt in its capital structure is said to be highly levered.
		The capital structure decision and the firm's leverage position are co-determined.
	cbdd.wsu.edu /kewlcontent/cdoutput/TR505r/page22.htm (722 words)

	Recent Trend of Foreign Direct Investment
		The second reason can be found in the government's policy to attract foreign capital to overcome the shortage of foreign currency liquidity and to secure funds needed for corporate and banking sector restructuring.
		The problem is that, with the active advancement of foreign capital into the domestic market, the influence of foreign capital on domestic financial markets, financial institutions and companies is increasing.
		Third, due to foreign investors's strong requirements to enhance the soundness of the capital structure of domestic companies, problems of much too high leverage of domestic companies have been somewhat resolved.
	www.keb.co.kr /english/unit/com_htm/contents-3-5-76.htm (1491 words)

	Capital Structure — www.greenwood.com
		Description: The mix of debt and equity called capital structure, representing major claims against a corporation's assets, has been the subject of a long debate focusing on its determination, evaluation, and accounting.
		Using a bond rating model he looks at the evaluation of capital structure and the resolution of issues pertaining to equity and liabilities and their contribution to the quality of capital structure reports.
		Since the evolution of capital structure rests on the ratings of a corporation's bonds, Riahi-Belkaoui offers a model that can be used for the prediction of industrial bond ratings.
	www.greenwood.com /catalog/Q234.aspx (279 words)

	WorkingCapital.info: The Target Capital Structure
		In the next few sections, we discuss factors that affect a firm's capital structure, and we conclude a firm should attempt to determine what its optimal, or best, mix of financing should be.
		But, you will find that determining the exact optimal capital structure is not a science, so after analyzing a number of factors, a firm establishes a target capital structure it believes is optimal, which is then used as a guide for raising funds in the future.
		Therefore, the optimal capital structure is the one that strikes a balance between risk and return to achieve our ultimate goal of maximizing the price of the stock.
	workingcapital.info /News/73218-The-Target-Capital-Structure.asp (843 words)

	Capital structure
		The capital structure of a company is the particular combination of debt, equity and other sources of finance that it uses to fund its long term financing.
		The key division in capital structure is between debt and equity.
		This simple division is somewhat complicated by the existence of other types of capital that blur the lines between debt and equity, as they are hybrids of the two.
	moneyterms.co.uk /capital-structure (182 words)

	Capital Markets - Credit Fundamentals - ADB.org
		Paid-in capital constitutes the equity portion of capital available for ADB’s OCR lending operations.
		Callable capital is available only for the protection of ADB’s creditors - mainly investors in ADB bonds and holders of ADB guarantees - in the unlikely event of a wide scale default by ADB’s borrowers.
		ADB has raised its capital base 4 times since 1966 and has had full support from shareholders with each capital increase.
	www.adb.org /Bond-Investors/cf-capital-structure.asp (175 words)

	Excellence in Financial Management
		The theory behind capital structure is to find the right mix of long-term funds that minimizes the costs of capital and maximizes the value of the organization.
		It can be argued that an optimal capital structure really doesn't exist since changing the mix of capital will not change values.
		The NOI approach holds that costs of capital is relatively the same regardless of the degree of leverage.
	www.exinfm.com /board/messages/9/26.html?FridayNovember520041050am (257 words)

	General Electric : GE Capital Bonds (Site not responding. Last check: )
		GE Capital InterNotes are unsecured senior debt obligations of General Electric Capital Corporation that are expected to be offered on a weekly basis specifically to individual investors.
		These securities include short-term and long-term debt, in the form of notes or bonds.GE Capital is focusing more of its bond issuance on the retail market in response to the increasing demand from individual investors for high quality fixed income debt.
		"Callable" means that GE Capital will have the right but not the obligation to return the investor's principal and retire the note prior to the maturity date, as outlined in the related prospectus.
	www.ge.com /en/gecapital/faqs.htm (300 words)

	Micronas Capital structure
		Taking into account the options exercised, the share capital of the Company is CHF 1 632 446.50 divided into 32 648 930 fully paid registered shares with a nominal value of CHF 0.05 each.
		According to its Articles of Incorporation, the Company has a conditional capital of a maximum of CHF 39 893.50.
		Taking into account the options exercised, the conditional capital of the Company as at December 31, 2006 is CHF 39 233.50 divided into 784 670 fully paid registered shares with a nominal value of CHF 0.05 each.
	www.micronas.com /investor/capitalstructure/index.html?backurl=%2Finvestor%2Fboardofdirectors%2Findex.html&l=71718 (198 words)

	USDA Telecommunications Program
		A Board of Directors was appointed to manage the operations of the Bank and the employees of REA (now USDA Rural Development Utilities Programs) performed the Bank's day to day operations.
		By establishing a capital structure which provided for a mixed Federal and private ownership, the Bank was designed to assure rural telephone systems access to private sources of capital by establishing a supplemental credit mechanism to which borrower systems may turn for all or part of their future capital requirements.
		The capital structure of the Bank consists of three classes of stock: Class A, Class B, and Class C. Class A stock was issued by the Bank in exchange for approximately $600 million of capital provided by the taxpayers.
	www.usda.gov /rus/telecom/rtb/index_rtb.htm (675 words)

	Capital Structure - Finance - Gaz de France
		The capital stock of Gaz de France is 983,871,988.
		On January 1, 2005, the capital stock consisted of 451,500,000 shares with a par value of 2 each.
		From that date, and until the IPO, Gaz de France’s capital stock consisted of 903 million shares with a par value of 1 each.
	www.gazdefrance.com /EN/D/1223/capital-structure.html (240 words)

	Capital Structure
		The capital structure is how a firm finances its overall operations and growth by using different sources of funds.
		Short-term debt such as working capital requirements is also considered to be part of the capital structure.
		When people refer to capital structure they are most likely referring to a firm's debt-to-equity ratio, which provides insight into how risky a company is. Usually a company more heavily financed by debt poses greater risk, as this firm is relatively highly levered.
	www.investopedia.com /terms/c/capitalstructure.asp (346 words)

	UBS - Capital structure
		UBS is committed to capital management that is driven by shareholder value considerations.
		Conditional capital was created in 2000 in connection with the acquisition of PaineWebber Group Inc. to cover option rights granted by the PaineWebber Group to its employees.
		In addition, at the 2006 AGM, shareholders approved conditional capital in the amount of 150 million UBS shares to be used for employee option grants limited to a period of three years.
	www.ubs.com /1/e/investors/annual_reporting2006/handbook/0029.html (918 words)

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