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This paper argues that the existing finance literature is inadequate with respect to its cov-erage of capital structure of small and medium sized enterprises (SMEs). In particular it is argued that the cost of equity (being both conceptually ill defined and empirically non quantifiable) is not applicable to the capital structure decisions for a large proportion of SMEs and the optimal capital structure depends only on the mix of short and long term debt. The paper then presents a model for optimising the debt mix and demonstrates its practical application using an Italian firm’s debt structure as a case study.
|Item Type:||Conference Item|
|Copyright Holders:||2010 Authors|
|Keywords:||capital structure; equity; short-term debt; long-term debt|
|Academic Unit/Department:||Faculty of Business and Law (FBL)
Faculty of Science, Technology, Engineering and Mathematics (STEM) > Mathematics and Statistics
Faculty of Science, Technology, Engineering and Mathematics (STEM)
|Depositing User:||Andre Moro|
|Date Deposited:||23 Nov 2010 15:41|
|Last Modified:||03 Aug 2016 13:30|
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